Record oil production and revenues helped Voyager Oil & Gas Inc. sharply decrease its losses year over year, but the company still failed to turn a profit in the first quarter.
The Billings, Mont.-based independent reported a net loss of $256,370 during the first quarter, down from a net loss of $889,774 in the first quarter of 2011. The company also reported adjusted quarterly earnings before interest, taxes, depreciation and amortization (EBITDA) of $3.48 million, up from $271,476 during the first quarter of 2011.
Voyager produced 56,865 net barrels of oil equivalent during the quarter, up 554 percent year over year and 56 percent quarter over quarter, on the back of increased activity.
Voyager is currently participating in 160 gross (7.05 net) wells in the Williston basin, up from 46 gross (1.72 net) wells through the end of the first quarter of 2011. Of those gross wells, 118 gross are currently online and another 42 are drilling or awaiting completion.
Because of that additional activity, Voyager reported oil and natural gas sales of more than $5 million during the quarter, up from $832,621 during the first quarter of 2011.
Voyager is partnering on wells operated by more than two dozen companies, including Marathon Oil Co., Hess Corp., EOG Resources Inc. and Denbury Resources Inc.
The company holds around 33,000 net acres in the Bakken and Three Forks of North Dakota and Montana, as well as acreage in the Niobrara and several plays in Montana.
—Eric Lidji
