MINNETONKA, Minn., May 15, 2012 (GLOBE NEWSWIRE) -- Black Ridge Oil & Gas, Inc. (formerly known as Ante5, Inc.) (OTCBB:ANFC) today announced reported revenues of $666,206 and EBITDA of $239,516 for the quarter ended March 31, 2012. The revenue is driven by oil & gas production from Black Ridge's 37 gross (1.12 net) producing Bakken and Three Forks wells as of March 31, 2012, representing a 65% increase over 24 gross (0.68 net) producing wells as of December 31, 2011.
First Quarter 2012 Highlights
- Quarterly revenue of $666,206.
- Quarterly production of 8,046 barrels of oil equivalent (BOE) and 88.4 of BOE per day (BOEPD).
- Average BOEPD of 95.4 for the month of March 2012.
- 97.7% of quarterly revenue was oil (2.3% gas).
- Positive Adjusted EBITDA of $239,516 in the quarter ended March 31, 2012.
- Acquisition of an additional 803 net mineral acres at an average cost of $1,340 per acre in the quarter ended March 31, 2012.
- As of March 31, 2012, Black Ridge participated in 50 gross (1.7 net) wells in the North Dakota's Bakken and Three Forks formations.
Ken DeCubellis, Black Ridge's Chief Executive Officer, commented, "Black Ridge's net wells in production increased by 65% during the first three months of 2012. Because a large share of this new production came on line at the end of the first quarter, we anticipate a significant increase in production during the second quarter of 2012."
Operational Update
As of March 31, 2012, Black Ridge participated in a total of 50 gross (1.7 net) Bakken & Three Forks wells. Permitting activity on Black Ridge's acreage continues at a high rate.
Producing Wells: The following table sets forth the 37 gross (1.12 net) producing Bakken and Three Forks wells in which Black Ridge holds a participating interest as of March 31, 2012.
| Well | Operator | County | WI % | IP BOPD |
| Christensen 159-102-8-5-1H | Newfield | Williams, ND | 29.99% | 562 |
| Pasternak #1-32-29H | G3 Operating | Williams, ND | 12.50% | TBD |
| Colfax 1X-19H | Continental | Williams, ND | 10.87% | TBD |
| Weyrauch 15-11H | Hess | Williams, ND | 8.28% | 824 |
| A.Tufto 18-19 #1-H | Brigham | Williams, ND | 7.15% | 2,541 |
| Sidonia 15-1102H | EOG | Mountrail, ND | 6.28% | TBD |
| Love 11-2 #1H | Samson | Williams, ND | 6.25% | 343 |
| Erickson 41-25 SWH | Denbury | McKenzie, ND | 5.00% | 1,051 |
| Austin 17-20-158N-99W | Crescent Point | Williams, ND | 4.91% | TBD |
| White 157-100-17B-20-1H | Petro-Hunt | Williams, ND | 1.56% | 411 |
| Revolver 1-35H | Slawson | Mountrail, ND | 1.56% | 1,770 |
| Burke 24-08H | EOG | Mountrail, ND | 1.56% | 673 |
| En-Jorstad-157-94-0904H-1 | Hess | Mountrail, ND | 1.19% | 647 |
| Marshall 1-13H | Continental | Dunn, ND | 1.17% | 844 |
| Miller 157-101-12C-1-1H | Petro-Hunt | Williams, ND | 1.13% | TBD |
| Vanville 22-2623H | EOG | Burke, ND | 1.04% | TBD |
| Vanville 21-2635H | EOG | Burke, ND | 1.04% | TBD |
| Olson 15-36H | Hess | Williams, ND | 1.04% | 1,135 |
| Kannegeiter 160-90-17-P-1H | OXY | Burke, ND | 1.04% | 9 |
| Clearwater 1-24-25H 1 | Hunt | Mountrail, ND | 1.04% | 254 |
| Opedahl 21x-11 | XTO | Williams, ND | 0.98% | 394 |
| Talkington 21-30TFH | Whiting | Stark, ND | 0.80% | 809 |
| Probe 1-19-30HMB | Slawson | Mountrail, ND | 0.77% | 494 |
| Clearwater 1-26-23H 1 | Hunt | Mountrail, ND | 0.69% | 174 |
| Pankowski 4-6H | Kodiak | Williams, ND | 0.65% | 358 |
| En-Charles Wood--157-94-1720H-1 | Hess | Mountrail, ND | 0.64% | 347 |
| EN-Will Trust B-157-94-2635H-3 | Hess | Mountrail, ND | 0.48% | 372 |
| EN-Will Trust B-157-94-2635H-2 | Hess | Mountrail, ND | 0.48% | 412 |
| EN-Will Trust B-157-94-2635H-1 | Hess | Mountrail, ND | 0.48% | 402 |
| Hodenfield 15-23H | Hess | Williams, ND | 0.47% | 2,042 |
| Tempe #1-29H | Continental | Divide, ND | 0.39% | 338 |
| Go-Soine A-156-97-3229H-1 | Hess | Williams, ND | 0.39% | 870 |
| Mathewson 1-30H | Continental | Williams, ND | 0.36% | TBD |
| Marcy 1-24H | Continental | Williams, ND | 0.31% | 472 |
| Setterlund 159-94-28B-33-1H | Petro-Hunt | Burke, ND | 0.20% | 208 |
| Scanlan 3-5H | Kodiak | Williams, ND | 0.16% | 819 |
| Helstad 158-99-34D-27-1H | Petro-Hunt | Williams, ND | 0.14% | 353 |
| * "IP BOPD" means the initial production ("IP") rate expressed in barrels of oil per day ("BOPD"). The IP rate is the 24-hour "Peak Production Rate." Peak Production Rates may be established following the initial day of production, depending on operator design or well flow-back profiles. The IP rate may be estimated based on other third party estimates or limited data available at this time. The IP BOPD is computed using crude oil production only, without taking into consideration any associated natural gas production. | ||||
"Drilling" Wells: The following table sets forth the 13 gross (0.57 net) of Black Ridge's Bakken & Three Forks wells that are either preparing to drill, drilling, awaiting completion or completing as of March 31, 2012.
| Well | Operator | County | WI % |
| Go-State 157-97-2116H-1 | Hess | Williams, ND | 12.97% |
| Dahl Federal 2-15H | SM-energy | McKenzie, ND | 10.52% |
| Lowe 18-19-158N-99W | Crescent Point | Williams, ND | 8.33% |
| Stromme Family Trust 157-101-11C-2-1H | Petro-Hunt | Williams, ND | 7.91% |
| Pasternak Trust 157-100-18A-19-1H | Petro-Hunt | Williams, ND | 7.82% |
| Defrance 12-1-158N-100W | Crescent Point | Williams, ND | 4.30% |
| Revolver #2-35H | Slawson | Mountrail, ND | 1.56% |
| Berger 156-100-7-6-1H | Liberty | Williams, ND | 1.01% |
| Talkington 41-30PH | Whiting | Stark, ND | 0.80% |
| Lindy 156-100-10-3-1H | Liberty | Williams, ND | 0.67% |
| En-Engebretson 157-94-1003H-1 | Hess | Mountrail, ND | 0.52% |
| Feller 1-22H | Continental | Williams, ND | 0.14% |
| Vig 157-99-10D-3-1H | Petro-Hunt | Williams, ND | 0.07% |
About the Company
Black Ridge Oil & Gas is an oil and gas exploration and production company based in Minnetonka, Minnesota. Black Ridge's focus is exclusive to the Williston Basin Bakken and Three Forks trend in North Dakota and Montana. Black Ridge Oil & Gas controls approximately 20,000 net Bakken and/or Three Forks acres. For additional information, visit the Company's website at www.blackridgeoil.com.
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Statement as to Forward Looking Statements.
Certain statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties not known or disclosed herein that could cause actual results to differ materially from those expressed herein. These statements may include projections and other "forward-looking statements" within the meaning of the federal securities laws. Any such projections or statements reflect Black Ridge Oil & Gas current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from those projected. Important factors that could cause the actual results to differ materially from those projected include, without limitation, general economic or industry conditions nationally and/or in the communities in which our Company conducts business, volatility in commodity prices for crude oil and natural gas, environmental risks, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company's operations, products, services and prices and other risks inherent in the Company's businesses that are detailed in the Company's Securities and Exchange Commission ("SEC") filings. Readers are encouraged to review these risks in the Company's SEC filings.