Cardinal Energy Group Releases Q2 Earnings Report, Revealing Decrease in Net Comprehensive Loss

Cardinal Energy Group (OTCQB:CEGX) released its second quarter earnings report on Tuesday, announcing its best earnings before interest, tazes, depreciation and amortization (EBITDA) quarter since the founding of the company.
According to the press release:

EBITDA for the quarter ended June 30, 2015 was $541,491 compared to a negative $925,898 for the quarter ended June 30, 2014. Operating revenues surged to $660,444 in the current period compared to $59,920 for the comparable period in 2014. The increase in operating revenues primarily reflects increased contract development activities at the Bradford “A” and “B” leases. The increase in operating revenues occurred despite a dip in crude oil sale revenues, which reflect lower crude oil prices (realized prices averaged $48.94 BBL in the second quarter of 2015 versus $91.77 BBL in the second quarter of 2014) and lower production volumes due to mechanical and down-hole issues at some of our recently developed properties in north-central Texas.
[…] The Company’s net comprehensive loss narrowed to $316,847 or $0.01 per share in the second quarter of 2015 compared to a net comprehensive loss of $1,193,172 or $0.03 per share for the comparable period of 2014. The improvement reflects not only the operating factors previously cited but also reflects a reduction in administrative and general costs, as the Company moved to contain home office and public company administrative costs. Higher interest related costs due to the higher level of debt outstanding partially offset these improvements. We will be announcing an earnings call in the near future.

Click here to read the full press release from Cardinal Energy Group.