Emerald Oil Reports Second Quarter 2015 Financial and Operational Results, Guidance Increase, Credit Facility and Term Loan Facility Update
DENVER, CO -- (Marketwired) -- 08/04/15 -- Emerald Oil, Inc. (NYSE MKT: EOX) ("Emerald" or the "Company") today announced financial and operational results for the quarter ended June 30, 2015, 2015 guidance increase, and Revolving Credit Facility ("Credit Facility") and Senior Secured Second Lien Term Loan Facility ("Term Loan Facility") updates.
Highlights
- Second quarter production of 453,495 BOE increased 33% as compared to 340,320 BOE in the second quarter of 2014. Daily production averaged 4,983 BOEPD, 7% above the midpoint and 4% above the high end of Emerald's second quarter 2015 guidance range;
- 2015 third and fourth quarter production guidance raised 400 Boe/d and 200 Boe/d, to 4,700-5,000 Boe/d and 4,200-4,500 Boe/d, respectively;
- Second quarter oil and gas revenue of $21.8 million;
- Second quarter Adjusted EBITDA of $5.0 million;
- Fall 2015 Credit Facility borrowing base redetermination resulting in an elected commitment of $135 million and a new covenant structure; and
- $100 million Term Loan Facility, with a $75 million initial draw, provided by Angelo, Gordon Energy Capital, LLC and affiliates ("Angelo Gordon"), expected to close in the third quarter in conjunction with the borrowing base redetermination.
Second Quarter 2015 Production
For the second quarter of 2015, Emerald's total production volumes on a BOE basis increased 33% as compared to the second quarter of 2014. During the second quarter of 2015, Emerald realized a $48.60 average price per Bbl of oil (including settled derivatives) compared to an $87.42 average price per Bbl of oil during the second quarter of 2014.
Quarter Ended June 30,
----------------------
2015 2014
---------- ----------
Sales Volume (Total)
Oil (Bbls) 419,461 324,617
Gas (Mcf) 204,203 94,217
---------- ----------
Sales volumes (Boe) 453,495 340,320
Average Daily Sales
Oil (Bbls) 4,609 3,567
Gas (Mcf) 2,244 1,035
---------- ----------
Sales volumes (Boe) 4,983 3,740
Average Sales Prices
Oil (Bbl) $ 51.44 $ 93.30
Effect of Settled Oil Derivatives (2.84) (5.88)
---------- ----------
Oil Net of Settled Derivatives (Bbl) $ 48.60 $ 87.42
Gas (Mcf) $ 1.30 $ 10.26
Barrel of Oil Equivalent with Settled Derivatives $ 45.53 $ 86.23
Financial Results
Revenues from sales of oil and natural gas for the second quarter of 2015 were $21.8 million compared to $31.3 million for the same period in 2014. The decrease was due to lower realized crude oil prices during the second quarter of 2015. Crude oil revenue accounted for approximately 99% of oil and natural gas sales.
Lease operating expenses for the second quarter of 2015 were $8.5 million compared to $3.4 million for the same period in 2014. On a per unit basis, lease operating expenses were $18.68 per BOE in the second quarter of 2015 compared to $9.90 per BOE in the second quarter of 2014. This increase on a per unit basis compared to 2014 was primarily due to regulatory and compliance related costs associated with gas capture and air emissions, and costs associated with increased production water hauling from new pads that were brought online further from disposal facilities. These two items that drove LOE higher in the second quarter are no longer relevant to our business due to the completion of the Low Rider midstream system. Emerald also incurred workover expenses for the second quarter of 2015 of $1.6 million, or $3.47 per BOE.
General and administrative expenses for the second quarter of 2015 were $3.9 million compared to $7.6 million for the same period in 2014. On a per unit basis, G&A expenses (excluding non-cash stock-based compensation) were $7.38 per BOE in the second quarter of 2015 compared to $13.66 per BOE in the second quarter of 2014. Share-based compensation expenses, which are included in G&A expense, totaled $0.5 million in the second quarter of 2015 compared to $3.0 million for the same period in 2014.
Adjusted EBITDA was $5.0 million for the second quarter of 2015, as compared to $17.4 million for the same period in 2014. Adjusted Net Income (Loss) was $(8.7) million for the second quarter of 2015. Emerald recognized a $61.4 million non-cash impairment expense for the quarter ended June 30, 2015 due primarily to the substantial declines in commodity prices. Adjusted EBITDA and Adjusted Net Income (Loss) are non-GAAP financial measures. For additional information please refer to the reconciliation of these measures at the end of this news release.
Updated 2015 Production and CAPEX Guidance
Assumes Emerald's variable one rig program for 2015.
Previous Boe/d Range Updated Boe/d Range
---------------------
Low End High End Low End High End
----------
1Q 2015 Average 4,000 4,300 4,715 4,715
2Q 2015 Average 4,500 4,800 4,983 4,983
3Q 2015 Average 4,300 4,600 4,700 5,000
4Q 2015 Average 4,000 4,300 4,200 4,500
2015 Average 4,200 4,500 4,650 4,800
Year over year average
production growth 18% 27% 24% 35%
2015 Capital Expenditures Range ($mm)
-------------------------------------------
Previous Range Updated Range
---------------------
Low End High End Low End High End
----------
2015 Drilling and Completion
Budget* $52.0 $71.0 $62.0 $81.0
2015 Land Budget $1.0 $5.0 $1.0 $5.0
* Drilling and Completion CAPEX through June 30, 2015 was $61.9 million.
Credit Facility, Term Loan Facility and Liquidity Update
Upon closing of the Term Loan, Emerald's lending syndicate has approved an amendment to the Company's Credit Facility. The amendment will include an updated senior secured debt to EBITDA covenant of 2.5x through March 31, 2016, and 1.5x for the remainder of 2016, a new total secured debt to EBITDA covenant of 4.5x through December 31, 2015, 4.0x through June 30, 2016, and 3.0x through the remainder of 2016, a new interest coverage covenant of 2.5x through 2016, and eliminated the total debt to EBITDA covenant through 2016. Additionally, as part of the Fall 2015 borrowing base redetermination, the banks approved a $135 million borrowing base. The next scheduled redetermination is Spring 2016.
In conjunction with the lending syndicate's new covenant structure and borrowing base redetermination, a $100 million delayed draw Term Loan Facility, provided by Angelo Gordon, is expected to close during the third quarter, subject to customary closing conditions. At closing, $75 million in proceeds shall be used to repay borrowings under Emerald's Credit Facility, and an additional $25 million in funds may be made available to meet future requirements. The Term Loan Facility has a three year maturity and bears interest at LIBOR plus 8.25 percent with a one percent LIBOR floor.
As of June 30, 2015, the Company has classified the balance of both the Credit Facility and the Convertible Notes as current liabilities. Upon closing the amendment to the Credit Facility during the third quarter of 2015, the Company expects to reclassify both the Credit Facility and the Convertible Notes back to long term liabilities.
6/30/2015 ($mm) Pro Forma
Secured Debt & Liquidity Overview Balance* ($mm)
-------------------------------------------- --------------- ---------------
Cash and Cash Equivalents** $19.1 $10.0
Revolving Credit Facility $159.7 $51.2
Second Lien Term Loan N/A $75.0
* Pro Forma for Koch Exploration transaction of approximately $24.4 million
and $75.0 million Second Lien Term Loan
** Cash swept into revolving credit facility
Conference Call
Emerald will host a conference call on Wednesday, August 5, 2015 at 10:00 a.m. Eastern Time (8:00 a.m. Mountain Time) to discuss financial and operational results for the quarter end.
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Emerald Oil, Inc. 2Q2015 Financial and Operational Results Conference Call
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Date: Wednesday, August 5, 2015
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Time: 10:00 a.m. Eastern Time
9:00 a.m. Central Time
8:00 a.m. Mountain Time
7:00 a.m. Pacific Time
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Live and rebroadcast over the Internet at the Emerald
Webcast: Oil website
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Website: www.emeraldoil.com
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877-407-8831 (toll-free) and 201-493-6736
Telephone Dial-In: (international)
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Telephone Replay: Available through Wednesday, August 12, 2015
877-660-6853 (toll-free) and 201-612-7415
(international)
Passcode: 413333
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About Emerald
Emerald is an independent exploration and production operator that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota and Montana, targeting the Bakken and Three Forks shale oil formations and Pronghorn sand oil formation. Emerald is based in Denver, Colorado. More information about Emerald can be found at www.emeraldoil.com.
Forward-Looking Statements
This press release may include "forward-looking statements" within the meaning of the securities laws. All statements other than statements of historical facts included herein may constitute forward-looking statements. Forward-looking statements in this document may include statements regarding the Company's expectations regarding the Company's operational, exploration and development plans; expectations regarding the nature and amount of the Company's reserves; and expectations regarding production, revenues, cash flows and recoveries. When used in this press release, the words "will," "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in oil and natural gas prices, uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and natural gas production, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission.
EMERALD OIL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31,
June 30, 2015 2014
---------------- ----------------
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents $ 19,116,956 $ 12,389,230
Restricted Cash 2,000,000 -
Accounts Receivable - Oil and Natural
Gas Sales 9,107,331 7,203,455
Accounts Receivable - Joint Interest
Partners 14,296,377 31,842,464
Other Receivables 304,624 980,317
Prepaid Expenses and Other Current
Assets 776,292 289,061
Fair Value of Commodity Derivatives - 5,044,125
--------------- ---------------
Total Current Assets 45,601,580 57,748,652
PROPERTY AND EQUIPMENT
Oil and Natural Gas Properties, Full
Cost Method, at cost:
Proved Oil and Natural Gas Properties 678,944,015 593,472,170
Unproved Oil and Natural Gas Properties 149,994,517 166,708,263
Equipment and Facilities 17,223,706 6,086,896
Other Property and Equipment 4,644,900 2,583,372
--------------- ---------------
Total Property and Equipment 850,807,138 768,850,701
Less - Accumulated Depreciation,
Depletion and Amortization (317,035,267) (149,703,417)
--------------- ---------------
Total Property and Equipment, Net 533,771,871 619,147,284
Restricted Cash - 4,000,000
Debt Issuance Costs, Net of Amortization 5,433,819 5,779,125
Deposits on Acquisitions - 140,173
Deferred Tax Assets, Net 1,813,561 1,813,796
Other Non-Current Assets 426,873 430,846
--------------- ---------------
Total Assets $ 587,047,704 $ 689,059,876
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 59,492,828 $ 120,136,903
Revolving Credit Facility 159,683,000 -
Convertible Senior Notes 151,500,000 -
Fair Value of Commodity Derivatives 3,167,271 -
Accrued Expenses 4,546,468 11,267,831
Advances from Joint Interest Partners 2,020,760 2,577,247
Deferred Tax Liability, Net 1,813,561 1,813,796
--------------- ---------------
Total Current Liabilities 382,223,888 135,795,777
LONG-TERM LIABILITIES
Revolving Credit Facility - 75,000,000
Convertible Senior Notes - 151,500,000
Asset Retirement Obligations 3,141,859 2,671,975
Warrant Liability 408,000 2,199,000
Fair Value of Commodity Derivatives 465,945 -
--------------- ---------------
Total Liabilities 386,239,692 367,166,752
--------------- ---------------
COMMITMENTS AND CONTINGENCIES
Preferred Stock - Par Value $.001;
20,000,000 Shares Authorized;
Series B Voting Preferred Stock -
255,732 issued and outstanding at June
30, 2015 and December 31, 2014.
Liquidation preference value of $256 as
of June 30, 2015 and December 31, 2014. 256 256
STOCKHOLDERS' EQUITY
Common Stock, Par Value $.001;
500,000,000 Shares Authorized,
7,856,325 and 3,891,431 Shares Issued
and Outstanding, respectively 7,856 3,891
Additional Paid-In Capital 504,815,447 455,087,277
Accumulated Deficit (304,015,547) (133,198,300)
--------------- ---------------
Total Stockholders' Equity 200,807,756 321,892,868
--------------- ---------------
Total Liabilities and Stockholders'
Equity $ 587,047,704 $ 689,059,876
=============== ===============
EMERALD OIL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
----------------------------- -----------------------------
2015 2014 2015 2014
-------------- ------------- -------------- --------------
REVENUES
Oil Sales $ 21,575,315 $ 30,288,128 $ 35,631,347 $ 48,722,936
Natural Gas
Sales 264,691 966,280 729,863 1,600,344
Net Losses on
Commodity
Derivatives (4,823,936) (6,663,083) (4,550,761) (7,461,936)
------------- ------------- ------------- -------------
Total
Revenues 17,016,070 24,591,325 31,810,449 42,861,344
------------- ------------- ------------- -------------
OPERATING
EXPENSES
Production
Expenses 10,048,350 3,897,482 17,770,504 6,514,726
Production
Taxes 2,251,080 3,400,874 3,834,375 5,489,610
General and
Administrativ
e Expenses 3,878,473 7,633,559 8,673,998 16,125,563
Depletion of
Oil and
Natural Gas
Properties 10,034,956 8,600,878 20,380,062 14,878,110
Impairment of
Oil and
Natural Gas
Properties 61,361,000 - 146,625,000 -
Depreciation
and
Amortization 167,634 81,497 326,789 147,257
Accretion of
Discount on
Asset
Retirement
Obligations 50,928 20,080 100,507 35,800
Standby Rig
Expense 826,061 - 2,372,665 -
------------- ------------- -------------- --------------
Total
Operating
Expenses 88,618,482 23,634,370 200,083,900 43,191,066
------------- ------------- ------------- -------------
INCOME (LOSS)
FROM OPERATIONS (71,602,412) 956,955 (168,273,451) (329,722)
OTHER INCOME
(EXPENSE)
Interest
Expense (2,616,000) (1,136,377) (4,309,552) (1,308,463)
Warrant
Revaluation
Gain
(Expense) 1,089,000 (1,771,000) 1,791,000 (1,967,000)
Other Income - 371 257 4,047
------------- ------------- ------------- -------------
Total Other
Expense,
Net (1,527,000) (2,907,006) (2,518,295) (3,271,416)
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
LOSS BEFORE
INCOME TAXES (73,129,412) (1,950,051) (170,791,746) (3,601,138)
INCOME TAX
PROVISION - - - -
------------- ------------- ------------- -------------
NET LOSS $ (73,129,412) $ (1,950,051) $(170,791,746) $ (3,601,138)
============= ============= ============= =============
Net Loss Per
Common Share -
Basic and
Diluted $ (11.70) $ (0.59) $ (31.18) $ (1.09)
============= ============= ============= =============
Weighted Average
Shares
Outstanding -
Basic and
Diluted 6,248,310 3,316,161 5,476,843 3,312,582
============= ============= ============= =============
EMERALD OIL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
-----------------------------------
2015 2014
---------------- ----------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss $ (170,791,746) $ (3,601,138)
Adjustments to Reconcile Net Loss to Net
Cash Provided By Operating Activities:
Depletion of Oil and Natural Gas
Properties 20,380,062 14,878,110
Impairment of Oil and Natural Gas
Properties 146,625,000 -
Depreciation and Amortization 326,788 147,257
Amortization of Debt Issuance Costs 1,045,217 377,463
Accretion of Discount on Asset
Retirement Obligations 100,507 35,800
Net Losses on Commodity Derivatives 4,550,761 7,461,936
Net Cash Settlements Received (Paid)
on Commodity Derivatives 4,126,580 (2,462,140)
Warrant Revaluation (Gain) Expense (1,791,000) 1,967,000
Share-Based Compensation Expense 2,163,753 6,678,883
Changes in Assets and Liabilities:
Increase in Trade Receivables - Oil
and Natural Gas Revenues (1,903,876) (636,959)
Decrease (Increase) in Accounts
Receivable - Joint Interest Partners 17,546,087 (4,873,541)
Decrease (Increase) in Other
Receivables 675,693 (1,022,732)
Increase in Prepaid Expenses and Other
Current Assets (487,231) (328,131)
Decrease in Other Non-Current Assets 3,972 130,437
(Decrease) Increase in Accounts
Payable (2,963,252) 1,888,872
Decrease in Accrued Expenses (5,462,417) (2,474,083)
Increase in Other Non-Current
Liabilities - 209,333
(Decrease) Increase in Advances from
Joint Interest Partners (556,487) 1,518,372
---------------- ----------------
Net Cash Provided By Operating
Activities 13,588,411 19,894,739
---------------- ----------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of Other Property and
Equipment (2,061,528) (754,492)
Restricted Cash Released 2,000,000 11,000,512
Payments of Restricted Cash - (2,648,721)
Increase (Decrease) in Deposits for
Acquisitions 140,173 (178,967)
Proceeds from Sale of Oil and Natural
Gas Properties, Net of Transaction
Costs - 238,069
Investment in Oil and Natural Gas
Properties (136,601,645) (204,113,902)
---------------- ----------------
Net Cash Used For Investing Activities (136,523,000) (196,457,501)
---------------- ----------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Issuance of Convertible
Senior Notes, Net of Transaction
Costs - 166,893,211
Proceeds from Issuance of Common
Stock, Net of Transaction Costs 45,753,027 -
Advances on Revolving Credit Facility 100,000,000 35,000,000
Payments on Revolving Credit Facility (15,317,000) (35,000,000)
Cash Paid for Finance Costs (73,801) (24,605)
Cash Paid for Debt Issuance Costs (699,911) (500,365)
Proceeds from Exercise of Stock
Options and Warrants - 110,750
---------------- ----------------
Net Cash Provided by Financing
Activities 129,662,315 166,478,991
---------------- ----------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 6,727,726 (10,083,771)
CASH AND CASH EQUIVALENTS - BEGINNING OF
PERIOD 12,389,230 144,255,438
---------------- ----------------
CASH AND CASH EQUIVALENTS - END OF
PERIOD $ 19,116,956 $ 134,171,667
================ ================
Supplemental Disclosure of Cash Flow
Information
Cash Paid During the Period for
Interest $ 1,375,758 $ -
================ ================
Cash Paid During the Period for Income
Taxes $ - $ -
================ ================
Non-Cash Financing and Investing
Activities:
Oil and Natural Gas Properties
Included in Accounts Payable $ 50,276,501 $ 86,500,675
================ ================
Stock-Based Compensation Capitalized
to Oil and Natural Gas Properties $ 630,210 $ 1,396,362
================ ================
Asset Retirement Obligation Costs and
Liabilities $ 369,377 $ 515,199
================ ================
In addition to reporting net income (loss) as defined under GAAP, we also present net earnings before interest, income taxes, depletion, depreciation, and amortization, accretion of discount on asset retirement obligations, impairment of oil and natural gas properties, warrant revaluation (gains) and expenses, net gain (loss) from mark-to-market on commodity derivatives, cash settlements received (paid), standby rig expenses and non-cash expenses relating to share based payments recognized under ASC Topic 718 ("Adjusted EBITDA"), which is a non-GAAP performance measure. Adjusted EBITDA consists of net earnings after adjustment for those items described in the table below. Adjusted EBITDA does not represent, and should not be considered an alternative to GAAP measurements, such as net income (loss) (its most directly comparable GAAP measure), and our calculations thereof may not be comparable to similarly titled measures reported by other companies. By eliminating the items described below, we believe the measure is useful in evaluating its fundamental core operating performance. We also believe that Adjusted EBITDA is useful to investors because similar measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies in similar industries. Our management uses Adjusted EBITDA to manage our business, including in preparing our annual operating budget and financial projections. Our management does not view Adjusted EBITDA in isolation and also uses other measurements, such as net income (loss) and revenues to measure operating performance. The following table provides a reconciliation of net loss to Adjusted EBITDA for the periods presented:
Three Months Ended June 30, Six Months Ended June 30,
---------------------------- ------------------------------
2015 2014 2015 2014
------------- ------------- --------------- --------------
Net loss $ (73,129,412) $ (1,950,051) $(170,791,746) $ (3,601,138)
Impairment of
oil and
natural gas
properties 61,361,000 - 146,625,000 -
Interest
expense 2,616,000 1,136,377 4,309,552 1,308,463
Accretion of
discount on
asset
retirement
obligations 50,928 20,080 100,507 35,800
Depletion,
depreciation
and
amortization 10,202,590 8,682,375 20,706,851 15,025,367
Stock-based
compensation 530,173 2,983,580 2,163,753 6,678,883
Warrant
revaluation
(gain)
expense (1,089,000) 1,771,000 (1,791,000) 1,967,000
Net losses on
commodity
derivatives 4,823,936 6,663,083 4,550,761 7,461,936
Net cash
settlements
received
(paid) on
commodity
derivatives (1,190,720) (1,908,756) 4,126,580 (2,462,140)
Standby rig
expense 826,061 - 2,372,665 -
------------- ------------- -------------- -------------
Adjusted EBITDA $ 5,001,556 $ 17,397,688 $ 12,372,923 $ 26,414,171
============= ============= ============== =============
In addition to reporting net income (loss) as defined under GAAP, we also present "adjusted income (loss)", which we define as net earnings before the effect of any impairment of oil and natural gas properties, unrealized gain (loss) from mark-to-market on commodity derivatives, mark-to-market on our warrant liability, share-based compensation expense and the other items described in the table below. Adjusted income (loss) is a non-GAAP performance measure. Adjusted income (loss) does not represent, and should not be considered an alternative to GAAP measurements, such as net income (loss), and our calculations thereof may not be comparable to similarly titled measures reported by other companies. By eliminating the items described below, we believe the measure is useful in evaluating our fundamental core operating performance. We also believe that adjusted income (loss) is useful to investors because similar measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies in similar industries. Our management uses adjusted income to manage our business, including in preparing our annual operating budget and financial projections. Our management does not view adjusted income (loss) in isolation and also uses other measurements, such as net income (loss) and revenues to measure operating performance. The following table provides a reconciliation of net income (loss), to adjusted income (loss) for the periods presented:
Three Months Ended June 30, Six Months Ended June 30,
---------------------------- ---------------------------
2015 2014 2015 2014
------------ -------------- -------------- ------------
Net loss $(73,129,412) $ (1,950,051) $(170,791,746) $(3,601,138)
Impairment of
oil and natural
gas properties 61,361,000 — 146,625,000 —
Stock-based
compensation 530,173 2,983,580 2,163,753 6,678,883
Warrant
revaluation
(gain) expense (1,089,000) 1,771,000 (1,791,000) 1,967,000
Net losses on
commodity
derivatives 4,823,936 6,663,083 4,550,761 7,461,936
Net cash
settlements
received (paid)
on commodity
derivatives (1,190,720) (1,908,756) 4,126,580 (2,462,140)
Adjusted net
income (loss) $ (8,694,023) $ 7,558,856 $ (15,116,652) $10,044,541
Net Adjusted
Income (Loss) Per
Common Share –
Basic $ (1.39) $ 2.28 $ (2.76) $ 3.03
============ ============== ============= ===========
Weighted Average
Shares
Outstanding –
Basic 6,248,310 3,316,161 5,476,843 3,312,582
============ ============== ============= ===========
Corporate Contact:Emerald Oil, Inc. Mitch Ayer Vice President - Finance & Investor Relations (303) [email protected]
Source: Emerald Oil, Inc.