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DUMA: First quarter revenue in line with expectations

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DUMA: First quarter revenue in line with expectations

By Ian Gilson, CFA

On December 26, 2012 Duma Energy (OTC BB:) announced its first fiscal quarter 2013 results. Revenue was $2.0 million versus our $2.1 million estimate and lease operating expense was $1.1 million, the same as our estimate. Oil production was slightly below our estimate of 20.0 thousand barrels. Gas production was close to that produced last year but well below the 4Q12 level. Overall pricing increased from 4Q12 levels.




 


Operating earnings per share  were below our estimate of $0.2 million at $0.4 million. Non operating income includes gains and losses on for sale securities, changes in derivative warrant liabilities and acquisition related costs. We adjust the operating EPS by these amounts as well. The net result was a loss of $0.04 per share as compared to our estimate of a loss of $0.01 a share.


The first quarter included a non-cash charge of $37.2 million. When Duma acquired its interest in NEI (and the Namibia concession) the deal included 22.41 million shares to be paid to the sellers when certain  milestones were achieved over the next 10 years. The estimated fair value of these shares was $31.6 million. Other shares included in the NEI charge were valued at $5.6 million. In the 1Q13 a charge of $4.4 million was recognized from the issuance of stock to SPE Navigation. We have treated these charges as non-reoccurring and excluded them from operating earnings per share.

 

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