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Radiant Oil & Gas Reports Second Quarter 2014 Results

HOUSTON, Aug. 14, 2014 /PRNewswire/ -- Radiant Oil & Gas, Inc. ("Radiant" or the "Company") (OTC: ROGI), an independent oil and gas exploration and production company focused on the onshore and shallow state waters of the U.S. Gulf Coast area, announced today results for the second quarter ending June 30, 2014.

Highlights

  • Revenues increased 28% year-over-year to $682,672
  • Production increased 30% year-over-year to 6,644 Bbls
  • Received $4,000,000 investment from third party to further develop Coral and Taylor Point Shallow projects
  • Added 780,000 Bbls in proved reserves at Natchez project year-to-date

"We are incredibly pleased with our results this quarter, which reflect the substantial progress we are making in our drilling and development program," said Radiant CEO John Jurasin. "In particular, we continued to see strong performance at our Natchez project. Daily production there has increased 30% year-over-year and we anticipate it will continue to grow now that we have transferred operations in-house and begun to aggressively develop the project's Proved Behind Pipe and Proved Undeveloped reserves. As we ramp up production at Natchez, we continue to move closer to getting the Coral, Ensminger and Taylor Point projects on line. Overall, we are excited about Radiant's future and committed to unlocking shareholder value by exploiting long-lived assets on the Gulf Coast."

Second Quarter 2014 Financial Results

Oil and gas revenues increased 28.1% to $682,672 in the second quarter 2014 compared to $532,871 in the second quarter 2013. Average oil sales price was $102.75 per barrel ("Bbl") in the second quarter 2014 compared to $104.51 per Bbl in the second quarter 2013. Oil sales volume increased 30.3% to 6,644 Bbls in the second quarter 2014 compared to 5,099 Bbls in the second quarter 2013.

Lease operating expenses were $1,059,703 million for the second quarter 2014 compared to $706,619 for the second quarter 2013. Depreciation, depletion, amortization and accretion ("DD&A") expense was $48,362 for the second quarter 2014 versus $12,272 for the second quarter 2013. General and administrative ("G&A") expense for the second quarter 2014 was $1,189,167.

Net loss per diluted share for the second quarter 2014 was ($3,023,040), or ($0.21) per diluted share, as compared to ($186,020), or ($0.15) per diluted share, for the second quarter 2013.

As of June 30, 2014, Radiant's cash and cash equivalents balance totaled $1,413,925 and restricted cash balance was $1,150,427.

Operational Update

Natchez

  • Of the 23 fields purchased in the Natchez acquisition, 18 are operated by Radiant. In-house geological and geophysical and engineering staff has evaluated nine of the 18 operated fields for additional development. Management estimates the Natchez reviews have added over 780,000 Bbls of oil to the Company's proved reserve base as of June 30, 2014, which is an 85% increase over proved reserves for the Natchez properties as of December 31, 2013. Based on the results from the first nine field reviews, management believes additional proven opportunities will be identified when work on the remaining nine fields is completed.
  • Radiant has increased daily production in its Natchez property holdings from the point of take over and management's goal is to perform the remedial work necessary to get all wells capable of production.
  • During the quarter, Radiant transferred operational oversight of the project from contractors to in-house staff. The Company expects this will result in increased production, efficiencies and cost savings going forward.
  • A review in connection with the transition has identified additional owned acreage that Radiant can develop at no cost. The increased acreage position allows for further upside potential.

Coral

  • In June 2014, Radiant sold 35% of its 100% working interest in the Coral project to a third party and received $2,000,000, which included an advance for the third party's share of projected costs on the first well. During the third quarter of 2014, the Company plans to log and test the first well in the project. 

Ensminger

  • Radiant has been successful in acquiring all lands for the project. The Company located the re-entry well, commenced operations and successfully moved downhole into the well to a depth of approximately 9000'. The well is scheduled to a depth of 14,800' at which time the Company will test the proven reserves at the target depth. Operations have been temporarily suspended pending selection of the appropriate rig for the next phase of operations. Management intends to recommence operations on this project prior to the end of 2014.

Taylor Point Shallow

  • In July 2014, the Company received a payment of $2,000,000 from a third party for a working interest participation in the Taylor Point Shallow Project.  Radiant is the operator of the project and has retained a carried 10% working interest.  The Company has added approximately 440,000 Bbls of oil to its proved reserves as of June 30, 2014 related to this project. 

About Radiant Oil & Gas, Inc.

Radiant Oil & Gas is an independent exploration and production company focused on identifying and re-developing existing fields on the U.S. Gulf Coast. The Company's growth strategy is to identify historically-producing projects that still hold significant proved reserves and extract them utilizing the most advanced technology.

Radiant currently owns and operates approximately 5,000 net acres across five projects: Natchez, Taylor Point, Ensminger, Coral and Onyx. The Company is actively seeking additional opportunities to acquire onshore and shallow, state water fields or acreage in mature hydrocarbon-rich areas.

Forward-Looking Statements

This press release includes certain estimates and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding timing of drilling operations, reserves associated with prospects, oil content of prospects, future production rates and drilling results, ultimate recoveries from wells, ability to fund drilling operations, and the ultimate outcome of such efforts. Words such as "expects", "anticipates", "intends", "plans", "believes", "assumes", "seeks", "estimates", "should", and variations of these words and similar expressions, are intended to identify these forward-looking statements. While we believe these statements are accurate, forward-looking statements are inherently uncertain and we cannot assure you that these expectations will occur and our actual results may be significantly different. These statements by the Company and its management are based on estimates, projections, beliefs and assumptions of management and are not guarantees of future performance. Important factors that could cause actual results to differ from those in the forward-looking statements include the factors described in the "Risk Factors" section of the Company's filings with the Securities and Exchange Commission. The Company disclaims any obligation to update or revise any forward-looking statement based on the occurrence of future events, the receipt of new information, or otherwise.

Company Contact:

Radiant Oil & Gas, Inc.
John M. Jurasin, CEO
C. Scott Wilson. CFO
832-242-6000

Investor Contacts:

KCSA Strategic Communications
Todd Fromer / Brad Nelson
212-896-1215 / 212-896-1217
[email protected] / [email protected]

RADIANT OIL AND GAS, INC.
Consolidated Balance Sheets (Unaudited)








June 30,



December 31,




2014



2013


ASSETS







CURRENT ASSETS







Cash and cash equivalents


$

1,413,925



$

694,582


Restricted cash



1,150,427




2,067,225


Certificates of deposit



325,000




325,000


Accounts receivable – oil and gas



382,885




271,550


Commodity derivative asset



-




33,330


Other current assets



79,803




81,154


Due from related parties



358,226




358,226


TOTAL CURRENT ASSETS



3,710,266




3,831,067











PROPERTY AND EQUIPMENT









Properties subject to amortization, accounted for using the full cost method of accounting,
      
net of accumulated depletion of $131,832 and $44,714, respectively



24,947,061




19,758,681


Property and equipment, net of accumulated depreciation of $4,627 and $1,159, respectively



33,668




25,769


TOTAL PROPERTY AND EQUIPMENT



24,980,729




19,784,450











Commodity derivative asset



-




113,090


Deferred financing costs, net of accumulated amortization of $656,572 and $231,859, respectively



6,416,927




6,841,640











TOTAL ASSETS


$

35,107,922



$

30,570,247











LIABILITIES AND STOCKHOLDERS' DEFICIT









CURRENT LIABILITIES









Accounts payable and accrued expenses


$

4,834,785



$

1,681,423


Cash advances



905,991




35,580


Notes payable, current portion



8,658,935




5,004,834


Convertible notes payable



70,500




142,500


Accrued interest



3,116,054




1,389,047


Commodity derivative liability, current portion



323,250




-


Due to related parties



916,320




917,295


Stock and warrant derivative liabilities, current portion



115,003




474,895


TOTAL CURRENT LIABILITIES



18,940,838




9,645,574











Deferred gain



655,628




900,628


Asset retirement obligations



438,287




455,296


Stock and warrant derivative liabilities



843,875




4,000,817


Commodity derivative liability



708,590




-


Long-term debt, net of unamortized discount of $566,731 and $522,993, respectively



25,710,146




25,475,264


TOTAL LIABILITIES



47,297,364




40,477,579











Commitments and contingencies (Note 14)



50,000




50,000











STOCKHOLDERS' DEFICIT









Common stock, $0.01 par value, 100,000,000 shares authorized, 14,769,039 and 13,784,408
      
shares issued and outstanding, respectively



147,691




137,845


Additional paid-in capital



7,008,190




6,114,133


Accumulated deficit



(19,395,323)




(16,209,310)


TOTAL STOCKHOLDERS' DEFICIT



(12,239,442)




(9,957,332)


TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT


$

35,107,922



$

30,570,247


 

RADIANT OIL & GAS, INC.
Consolidated Statements of Operations (Unaudited)




Successor



Predecessor



Successor



Predecessor




For the Three



For the Three



For the Six



For the Six




Months Ended



Months Ended



Months Ended



Months Ended




June 30, 2014



June 30, 2013



June 30, 2014



June 30, 2013


OIL AND GAS REVENUES


$

682,672



$

532,871



$

1,449,131



$

1,287,326



















OPERATING EXPENSES:

















Lease operating expenses



1,059,703




706,619




1,749,873




1,557,431


Depreciation, depletion, amortization and accretion



48,632




12,272




107,739




21,225


General and administrative expense



1,189,167




-




2,363,557




-


TOTAL OPERATING EXPENSES



2,297,502




718,891




4,221,169




1,578,656



















OPERATING LOSS



(1,614,830)




(186,020)




(2,772,038)




(291,330)



















OTHER INCOME (EXPENSE):

















Unrealized gain on stock and warrant derivative liabilities



817,587




-




2,966,271




-


Net loss on commodity derivatives



(946,180)




-




(1,178,260)




-


Interest expense



(1,279,622)




-




(2,439,664)




-


Other income, net



5




-




237,678




-


Total other expense



(1,408,210)




-




(413,975)




-



















NET LOSS


$

(3,023,040)



$

(186,020)



$

(3,186,013)



$

(291,330)



















NET LOSS PER COMMON SHARE - Basic and diluted


$

(0.21)



$

(0.15)



$

(0.22)



$

(0.23)



















WEIGHTED AVERAGE NUMBER OF COMMON SHARES

















OUTSTANDING - Basic and diluted



14,735,482




1,240,102




14,339,734




1,240,102


Please Note: Effective October 9, 2013, the Company acquired the Natchez properties located in Louisiana and Mississippi. Predecessor references relate to the operations of the Natchez Properties.  

SOURCE Radiant Oil & Gas, Inc.

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