Emerald Oil announced its 2014 fourth quarter and year end financial results on Tuesday including huge increases for production and sales.
Fourth quarter production increased 7% over Q3 to average 4,101 BOEPD, with increases of 71% from the same time period in 2013. Throughout 2014, production increased 110% compared to 2013.
Emerald leadership attributes their strong position to the swift spending cuts made during the oil price freefall of the fourth quarter. Theses cuts and more streamlining will help them ride out a continued low price environment.
Revenues from sales of oil and natural gas for the fourth quarter were $22.1 million compared to $17.9 million in 2013. As of December 31, 2014, Emerald had total proved reserves of approximately 26.3 MMBoe, all of which were located in the Williston Basin.
Emerald’s operations primarily targets the Middle Bakken and Three Forks formations for its development drilling. The company holds approximately 125,000 net acres in the Williston Basin in North Dakota and Montana.