Costilla Energy, Inc.
Summary Financial and Other Data
Three months ended Years ended
December 31, December 31,
1996 1995 1996 1995
Production
Oil (MBBLS) 515 366 1,726 950
Gas (MMCF) 3,003 1,856 9,205 4,806
MBOE 1,016 675 3,260 1,751
Average Net Sales Price
Oil (Per BBL) $22.13 $15.52 $19.87 $15.51
Gas (Per MCF) $2.58 $1.51 $2.13 $1.45
Revenues
Oil (thousands) $11,399 $5,676 $34,306 $14,735
Gas (thousands) $7,734 $2,803 $19,614 $6,958
Income (loss) before a
nonrecurring gain and
an extraordinary item $870(A) $(1,314) $(371)(A) $(4,970)
Per share $0.08 -- -- --
Income (loss) before
extraordinary item $1,776 $(1,314) $1,577 $(4,970)
Per share $0.17 -- -- --
Net loss $(1,559) $(1,314) $(4,440) $(4,970)
Per share $(0.15) -- -- --
Cash Flow (B) $7,950 -- -- --
Per share $0.77 -- -- --
Adjusted EBITDA (C) $10,835 -- -- --
Adjusted EBITDA/Interest 3.9 -- -- --
Weighted average shares 10,263 -- -- --
(A) -- Excludes a nonrecurring gain on the sale of substantially all of
the assets of a subsidiary of $906,000, and extraordinary items consisting
of an extraordinary loss resulting from the early extinguishment of debt
of $4,377,000 for the fourth quarter and $6,017,000 for the year and a
deferred tax benefit of $1,042,000 for both periods.
(B) -- Net loss plus deferred taxes, depreciation, depletion and
amortization, exploration and abandonments and extraordinary loss and
excluding a gain on the sale of assets.
(C) -- Net loss plus income taxes, interest, depreciation, depletion and
amortization, exploration and abandonments and extraordinary loss and
excluding a gain on the sale of assets.
Costilla Energy, Inc.
Consolidated Balance Sheets
(in thousands)
Assets
December 31,
1996 1995
Current Assets:
Cash and cash equivalents $ 12,618 $2,866
Accounts receivable:
Trade, net 6,675 3,154
Affiliates 332 507
Oil and gas sales 9,031 3,915
Prepaid and other current assets 1,753 439
Total current assets 30,409 10,881
Property, plant and equipment, at cost:
Oil and gas properties, using the
successful efforts method of accounting:
Proved properties 140,477 79,897
Unproved properties 4,482 2,903
Accumulated depletion, depreciation and
amortization (20,435) (9,413)
Total 124,524 73,387
Other property and equipment, net 2,420 679
Total property, plant and equipment 126,944 74,066
Other Assets:
Deferred charges 4,503 1,736
Note receivable - other 250 --
Note receivable - affiliate 684 684
Total other assets 5,437 2,420
Total $162,790 $ 87,367
Liabilities, Redeemable Members' Capital,
Members' Capital and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt $ 98 $ --
Trade accounts payable 12,718 5,467
Undistributed revenue 3,517 1,227
Other current liabilities 3,756 1,533
Total current liabilities 20,089 8,227
Long-term debt, less current maturities 100,262 71,494
Deferred revenue -- 3,319
Other noncurrent liabilities 1,870 196
Redeemable members' capital -- 11,576
Members' capital and stockholders' equity:
Members' capital -- (7,445)
Preferred stock, $.10 par value (3,000,000 shares
authorized; no shares outstanding) -- --
Common stock, $.10 par value (20,000,000 shares
authorized; 10,475,000 shares outstanding at
December 31, 1996 and no shares outstanding at
December 31, 1995) 1,047 --
Paid-in capital 41,081 --
Retained earnings (1,559) --
Total members' capital and
stockholders' equity 40,569 (7,445)
Total $162,790 $87,367
COSTILLA ENERGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
Three months ended Years ended
December 3l, December 3l,
1996 1995 1996 1995
Revenues:
Oil and gas sales $19,133 $8,479 $53,919 $21,693
Interest and other (56) 105 40 123
Gain on sale of assets 994 -- 1,067 --
Total 20,071 8,584 55,026 21,816
Expenses:
Oil and gas production 7,044 3,948 21,774 10,355
General and administrative 1,298 1,345 5,238 3,571
Compensation related to
option settlement -- -- -- 656
Exploration and abandonments 1,543 415 2,550 1,652
Depreciation, depletion
and amortization 4,357 2,361 12,430 5,958
Interest 2,851 1,825 11,281 4,591
Total 17,093 9,894 53,273 26,783
Income (loss) before federal
income taxes and
extraordinary item 2,978 (1,310) 1,753 (4,967)
Provision for federal
income taxes
Current 160 4 176 3
Deferred 1,042 -- 1,042 --
Income (loss) before
extraordinary item 1,776 (1,314) 535 (4,970)
Extraordinary loss resulting
from early extinguishment
of debt, net of deferred
tax benefit (3,335) -- (4,975) --
Net loss (1,559) (1,314) (4,440) (4,970)
Preferred return and accretion
of redeemable members' capital -- -- (2,456) (2,842)
Net loss applicable to members'
capital $(1,559) $(1,314) $(6,896) $(7,812)
SOURCE Costilla Energy Inc.
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