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Executives

Marty Beskow – Vice President of Finance and Capital Markets

McAndrew Rudisill – Chief Executive Officer

Analysts

Ryan Oatman – SunTrust Robinson Humphrey

Ronald E. Mills – Johnson Rice & Co. LLC

Steve F. Berman – Canaccord Genuity, Inc.

Paul Grigel - Macquarie Research Equities

Blaise M. Angelico – Howard Weil

Curtis R. Trimble – Global Hunter Securities LLC

Jared R. Lewis – Northland Securities, Inc.

Jason A. Wangler – Wunderlich Securities, Inc.

Emerald Oil, Inc. (EOX) Q1 2013 Earnings Conference Call May 9, 2013 11:00 PM ET

Operator

Greetings and welcome to the Emerald Oil Incorporated First Quarter 2013 Financial and Operational Results Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator instructions) As a reminder this conference is being recorded.

It is now my pleasure to introduce your host Marty Beskow. Thank you Mr.Beskow, you may begin.

Marty Beskow

Good morning. This is Marty Beskow, Vice President of Finance and Capital Markets. Welcome to our Emerald Oil first quarter earnings conference call. Yesterday afternoon we issued a press issue and we will issue a Form 10-Q by this Friday to report our financial and operational results for the first quarter ended March 31, 2013.

On the call with me today is McAndrew Rudisill, Director and CEO. Please be advised that our remarks, including answers to your questions may include statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently disclosed in our earnings release and conference call.

Those risks include, among others, matters we have described in our earnings release, as well as in our filings with the Securities and Exchange Commission including the Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. We disclaim any obligation to update these forward-looking statements.

During this conference call, we will also make reference to adjusted EBITDA, adjusted cash flow and adjusted income or loss, which are non-GAAP financial measures. Reconciliation of these amounts to GAAP measures can be found in our earnings release.

I will now turn the call over to McAndrew.

McAndrew Rudisill

Thank you, Marty. Good morning. We will begin with some general comments and then we will open the call for questions. I'm excited to announce our first operated Bakken well, the Pirate. We successfully competed in late March that has produced 30,485 BOE per day during the first 30 days of production or an average of 1,025 BOE per day with an initial peak 24 hour rate of 1,801 BOE per day. We are very pleased with the initial results for this well.

The experience and technical capabilities of our operations team are commendable. We look forward to completing additional operated Bakken wells and we will communicate the results of the well after we have at least 30 days of production. We do not plan to make separate announcements for each well, but more likely we’ll announce results after we have two or more wells producing for at least 30 days.

We are currently fracture simulating the Arsenal well, and once it’s competed, plan to immediately frac the Caper well, followed by the Mongoose and the Slugger well. We have recently finished drilling the Slugger and we’ll soon begin drilling our sixth operated well, the Talon.

Due to operating efficiencies, we now estimate that we can drill our operating wells in McKenzie in less than 30 days versus our previous estimates of 30 days to 40 days. We’ve also been successful controlling our cost during our well completions. As a result, we now estimate you can drill and complete wells for approximately $10 million versus previous guidance of $11 million.

Due to our operating efficiencies we estimate we will be able to drill 11 gross or 8.2 net operated wells in 2013 versus our previous estimate of 10 gross or 7.5 net operated wells. The design of our operated wells has not changed, but we’ve been successful in completing our wells under budget and managing costs. We will continue to implement best practices to improve EURs from both efficiencies and try to drive cost down even further.

Since the beginning of the year, we’ve been adding acreage to our operating area in McKenzie County North Dakota and increasing our working interest totaling average of about 75%. We recently purchased an additional 6,000 net acres in McKenzie County. We now have approximately 12,500 net operable acres and 15 operable drilling spacing units in our Low Rider Area of McKenzie County.

While we have budgeted to spend approximately $10 million in 2013 on the operable acreage purchases, we expect only about $7 million in cash. This has been more than offset by the $16 million that we have received from the sale of non core assets in the Sand Wash Basin and the sale of non-operated acreage with AFEs.

We believe the efficient use of capital to add to our operated drilling inventory is a testament to the strength of our land team led by J.R. Reger. We estimate we have approximately 54,000 net acres in the Williston Basin, with approximately 23,500 net operable acres and the remaining 30,500 as non-operated acreage.

During the first quarter, we produced an average of 1,065 BOE per day from our non-operated wells, which produced $8.2 million of revenue and $2.2 million of EBITDA. As we ramp our operated well program we expect production to grow significantly as 2013 progresses.

During the second quarter, we expect average production to be approximately 1,400 BOE per day. We are comfortable with the current consensus forecast for total year 2013 production with 1,680 BOE per day and of course our previous guidance to exit 2013 at 2,600 BOE per day.

Our focus in 2013 is on execution. We are pleased with the results to date, but know that we have a lot of work ahead of us. We are focused on best practices and making sure that each operated well we drill and complete produces the highest possible EUR. We are building our optimal inventory in the core Williston Basin, to give us years of future well development opportunities. We look forward to sharing results with you in the near future.

I will now turn the call over to Marty to review our financial plans.

Marty Beskow

Thank you, McAndrew. We ended first quarter of 2013 with $35.8 million in cash and $15.2 million drawn on a revolving credit facility with an additional $12.3 million available. On a pro forma basis, for the April non-op acreage and AFE sale were up approximately $42 million of cash.

We believe that our cash on hand combined with our cash flow from operations proceeds from sale of non-core assets and additional availability under credit facility will adequately fund our continuous one-rig drilling program. We are modestly increasing our previously stated 2014 capital budget for well development from $86 million to $90 million, as we now expect to drill 11 drills operated wells in 2013 versus our previous estimate of 10.

We are drilling our wells in less time, allowing us to drill more wells and bring our estimated cost down to $10 million per well versus our previous estimate of $11 million.

We are maintaining our estimates of participating in 0.8 net non-op wells during 2013 and spending approximately $10 million to acquire operating acreage in the core of Williston Basin. Our entire capital budget continues to be focused exclusively on the Williston Basin.

During the first quarter, our average sale price for crude oil was $89.71 per barrel which is a differential discount of $4.57 per barrel relative to WTI over the same time period, with our casual swap at $90 and $91 per barrel. Our credit facility with Wells Fargo allows us to hedge a portion of our existing production and we’re near the maximum allowance. We plan to continue adding that hedges as our production grows.

At this time we would like to open the call for questions. I will turn the call over to (inaudible) our moderator.

Question-and-Answer Session

Operator

Thank you (Operator Instructions) Our first question comes from the line of Ryan Oatman with SunTrust. Please proceed with your question.

Ryan Oatman – SunTrust Robinson Humphrey

Hi, good morning gentleman.

McAndrew Rudisill

Hi good morning, Ryan.

Marty Beskow

Good morning.

Ryan Oatman – SunTrust Robinson Humphrey

On this first Pirate well, it does look stronger than the nearby (inaudible) wells I think the best two are little under 700, a little more than 900 barrels a day. Could you guys do anything a little bit differently on those wells and does that inform your decisions moving forward with your operated progress?

McAndrew Rudisill

Ryan, we didn’t – we really didn’t make many changes to the well design, many of the offset wells around this and that particular well used 35 stages is probably first 100% (inaudible) cost that will be used and we are just using very high concentration of this (inaudible) and a lot of freshwater to pump it in, which we believe resulted in the good results that sold out the profit concentration per stage.

Ryan Oatman – SunTrust Robinson Humphrey

Okay, very good. And then in terms of increasing the working interest from about 60% in the Low Rider Area towards the goal of 75%, have you seen any changes once these wells have come online and in terms of the ease or difficulty of doing that?

McAndrew Rudisill

Well, we just announced results of our Pirate well yesterday, so we haven’t really had a chance for the market to be able to absorb that. So we really don’t know the answer yet. We do have our line in faith to getting towards 75%, so we did a very good job on our first 90 (inaudible) increasing our working interest, so we are still optimistic that we should be able to execute that going forward.

Ryan Oatman – SunTrust Robinson Humphrey

Okay, very good. And then one final one from me if I may, still the operators I guess has talked a little bit in the second quarter about – it puts you a little bit flatter production growth sequentially just because of word restrictions or weather or what not et cetera, was just curious if you could comment on the weather that you’ve seen quarter to date, I mean kind of the restrictions or what not?

McAndrew Rudisill

Ryan, I think, to us weather did not have that rate of any impact on our operations. We’re so concentrated in this area of Low Rider in McKenzie County. We’re not feeling the impact of Greater Basin restrictions, so our production growth as of right now isn’t going to be affected by what I think is affecting the Greater Basin average overall because of the concentration of the portfolio.

Ryan Oatman – SunTrust Robinson Humphrey

Right, that makes sense. Thanks, I’ll hop back in the queue.

Operator

Thank you. Our next question comes from the line of Ron Mills, with Johnson Rice. Please proceed with your question.

Ronald E. Mills – Johnson Rice & Co. LLC

Good morning, McAndrew.

McAndrew Rudisill

Hey Ron.

Ronald E. Mills – Johnson Rice & Co. LLC

Just moving away from the (inaudible), talk about what you may have done differently from a drilling side?

McAndrew Rudisill

I am sorry, we are getting some readings. The moderator may be talking same time as Ron. Can you please mute on your line.

Ronald E. Mills – Johnson Rice & Co. LLC

Thank you. That question was, you talked about the completion didn’t do very much differently just had prior concentrations of propane and water but cutouts during the drilling days were you targeted to lateral, how you – what you did in your next four wells, if that’s the same or different than what some of the other operators in the area may be doing?

McAndrew Rudisill

Sure. I can’t speak to the other operators in the area just because of the details. But I’ll give you some color as to what our technical team is doing. We’ve got a very focused directional drilling team on each of these wells and in this particular area of the basin, there is a Capstone layer abut 75 to 100 feet above the middle Bakken. What we consider to be the pay therein is putting the lateral between five and 43 above middle Bakken and then fracing below that Capstone layer. So it creates a hard layer to crack again and push the crack into the middle Bakken. So on all of the wells that we are drilling, we are taking a lot of care to steer below this Capstone layer and just above middle Bakken using the newest technology and [WD] tools and we have got values literally getting the well 24 hours a day when we were doing them to make sure that we stay in this, what we can put to be small little pay zones and I think that is one of the reasons why the results of the Pirate was so good as we believe we haven’t done virtually 100% of that.

Ronald E. Mills – Johnson Rice & Co. LLC

And how prevalent is that, Capstone and its relationship to the middle Bakken across, particularly your targeted Low Rider position or does that change throughout the basin just trying to get a sense as you work through this one rig operated program, should we expect similar type drilling targets in terms of lateral replacement?

McAndrew Rudisill

We have seen it in all of the wells that we’ve drilled today. It’s the thickness of that layer between the Capstone and middle Bakken varies over the acreage as you move east to west both across Low Rider and we’ve now drilled from the east side to the west side. We’ve seen a pretty ubiquitous layer of Capstone and then middle Bakken below. So we’re steering to that same pace on those everything well.

Ronald E. Mills – Johnson Rice & Co. LLC

Okay. On the acquisition side, the $6000 an acres for selling some of your non-operated acreage versus the $1,100 that you bought the 6,000 acres forward in Low Rider Area, just comment on a) maybe how J.R. and his team were able go accomplish that and just to clarify on the 6,000 acres, was a lot of that comprised of the incremental working interest in the existing units you are interested and they are operated or was it the combination of that and just new acreage and interest in acreage.

McAndrew Rudisill

Okay. I will start with it. I continue to be very impressed with our J.R and team in billing. They’ve done an incredibly good job of consolidating our position in Low Rider. Some of that acquisition took the working interest up of existing DSUs that we had in the Low Rider Area, the balance was then an addition of new DSUs, they are contiguous to our acreage positioning until the south Low Rider position.

The reason why the price was so good is some of this acreage expires at the beginning of 2014. We will have no problem exiting all the acreage, but due to the short expiry, we were able to negotiate the price down. And then on the sale of non operated acreage, what we’ve done is really on a quarterly basis as we received AFE, we’ve analyzed those AFEs internally and then given that we have a set budget that we have to spend to on op versus non-operated. We put together a sale process that includes a variety of different U.S. corporations, private equity companies and family offices that are taking a look at these AFE portfolios on a regular basis, and we’ll continue to slowly monetize our non-operated acreage positioning as we receive the AFEs.

Ronald E. Mills – Johnson Rice & Co. LLC

And those non-op AFPs, those are wells that are still to be drilled or have they been drilled?

McAndrew Rudisill

Those are wells to be drilled with the AFPs in hand.

Ronald E. Mills – Johnson Rice & Co. LLC

Great, congratulations to your whole team on these initial operating results, I’ll get back in line. Thanks.

McAndrew Rudisill

Thanks.

Operator

Thank you our next question comes from the line of Steve Berman with Canaccord. Please proceed with your question.

Steve F. Berman – Canaccord Genuity, Inc.

Thanks, good morning, and my congrats on the Pirate. McAndrew, just following up on the last comment about AFEs, are you seeing lower AFEs on your non-op structure in terms of cost and if so did that contribute in any way to your confidence in the $10 million well cost supposed to $11 million.

McAndrew Rudisill

The AFEs that we are receiving are non-op, had no influence on our $10 million per operated wells. That was purely based on our own drilling operations and as far as the non-op AFE’s, they’re still been pretty similar to the kind of the range that we’ve seen in the past and it really depends upon the operator and what area that they are drilling and is really kind of more of a driver as to where our acreage is. So we have necessarily seen a huge effect from a decrease in the AFE, or the average AFE, but that might be to come out as the year progresses.

Steve F. Berman – Canaccord Genuity, Inc.

All right. And it may be a little early be asking this question, but I’ll ask it anyway, there has been a lot of more excitement over this Three Forks where you head the second bench, really good well from [EOG] earlier this week. I was wondering what your thoughts are at this stage, looking down the road a little bit about, when you think you might be going after the Three Forks.

McAndrew Rudisill

Steve, our technical team is really excited about it here internally. We’re thinking a lot about it and we’re contemplating when we should drill a Three Forks well. I don’t envision at any time in the next two quarters, but I definitely think it’s on the forefront of our mind here.

Steve F. Berman – Canaccord Genuity, Inc.

All right, terrific that’s it from me. Thanks guys.

McAndrew Rudisill

Thank you, Steve.

Operator

Thank you. Our next question comes from the line of Paul Grigel with Macquarie. Please proceed with your question.

Paul Grigel – Macquarie Research Equities

Hi good morning McAndrew and Marty.

McAndrew Rudisill

Good morning.

Marty Beskow

Good morning, Paul.

Paul Grigel – Macquarie Research Equities

Just touching back on the acreage acquisitions, when you look at the 5,800 acre pick up what are other opportunities exist around the Low Rider area that you can pick up and list in a similar fashion.

McAndrew Rudisill

Paul, without giving too much away, we do think there are more opportunities in the area that we are actively working on. And it took us a while to do this 5,800 acre acquisition, the party that we work with, I think we have got good level of trust and we continue to work with them also in the other acreage positions in the area to continue to core out Low Rider

Paul Grigel – Macquarie Research Equities

Okay. And then on the 970 non-op sale, just broadly speaking would you comment on where that will look at it?

McAndrew Rudisill

Yeah, it was pretty much throughout the basin. As you have seen map of our acreages, you’ll see that we’ve got lot of acreage in the McKenzie, Williams, Richland, Montréal and a number of others. And that’s pretty much were our non-op acreage was, it will spread out. It’s just really a pretty good sampling of our entire non-op portfolio and thus our sales will continue to be. And we only get question on what is non-operated acreage work and I think this funnel starts to put a marker on that.

Paul Grigel – Macquarie Research Equities

Okay, great thank you.

Operator

Thank you. (Operator instructions) And thank you our next question comes from the line of Blaise Angelico with Howard Weil, please proceed with your question.

Blaise M. Angelico – Howard Weil

Hi, good morning guys. Thanks for taking my question. Most of these have been answered so far, but just real quick, do you guys have firm contract and conversion services to the wells has been drilled to-date, are you planning on using the spot market for this?

McAndrew Rudisill

Blaise, on the first three wells we’re contracted with the same service company. After that rolls off, I think our interim team is entirely capable of managing our own frac jobs and they are going to analyze which service provider to work with going forward. We are going to focus on and do have the best equipment as the most reasonable prices and we just need them to be comfortable with the team that we bring on to do at fracs. The style of the fracs is not going to change, we’re just going to change the service provider. We are evaluating that right now.

Blaise M. Angelico – Howard Weil

Perfect, thanks guys.

Operator

Thank you. Our next question comes from the line of Curtis Trimble with Global Hunter. Please proceed with your questions.

Curtis R. Trimble – Global Hunter Securities LLC

Thank you, good morning everyone. Previous discussions addressed the central processing facility, water handling et cetera in that Low Rider area, could you give some update on what’ still on the dock head or has it been scheduled for the time being because of better options?

McAndrew Rudisill

Okay Curtis, good questions. We’ve been active in sourcing fresh water in the area. So what we have done is, we currently have three sources of fresh water that are available to us in the area that we have contracted and we guided a form as a backup, two of the sources are private sources and one is a commercial provider of the fresh water. We are in the process of constructing the central facility. It will have a fresh water holding pond, as well as the central package. The pond is not necessary, but we’re going to do it anyway, so that we have extra water that we control in the area. We think that this central facility will be done sometime in the middle of the summer.

Curtis R. Trimble – Global Hunter Securities LLC

Okay, that’s still around [$20 million] cost level and is there any opportunity for maybe third-party revenue generations for some of the new operators as well.

McAndrew Rudisill

I don’t think that we are going to use it for a revenue generation opportunity. We are just going to use the facilities for our own benefit. And I don’t think the cost of it is $10 million. I have to get back to on that at this substantially less drilling actually.

Curtis R. Trimble – Global Hunter Securities LLC

Thank you. I appreciate it

.

McAndrew Rudisill

Yeah.

Operator

Thank you. Our next question comes from the line of Jared Lewis of Northland Securities. Please proceed with your question.

Jared R. Lewis – Northland Securities, Inc.

Good morning guys, congrats on the Pirate.

McAndrew Rudisill

Thank you.

Marty Beskow

Thanks Jared.

Jared R. Lewis – Northland Securities, Inc.

Couple of quick question on the three wells, post the Arsenal, what kind of – I know you are doing it as soon as possible, what can we kind of think of timing and are any of those wells on the same path?

McAndrew Rudisill

Well, right now we’re completing the Arsenal and after that, followed up with the Caper and soon after the Mongoose, and eventually the Slugger. So I mean it takes probably about 7 days to 10 tens to look at the well start and then a number of days to get it down to production. So we’re just going to be following in that order and then we’ll have at least 30 days of production before we’d announce the results. And most likely we will be announcing results of maybe a couple of wells at a time not on an individual basis.

Marty Beskow

From here on now, it’s basically drilling track with a couple of days in between.

Jared R. Lewis – Northland Securities, Inc.

Okay. So we can expect it probably in July to see something on those?

McAndrew Rudisill

Well, first to – yeah late June is what we’re thinking.

Jared R. Lewis – Northland Securities, Inc.

Yeah, perfect. And just a question on the non-op acreage, there is roughly 19,000 that’s not held by production, just kind of what your thoughts are regarding that given the success on the operated side?

McAndrew Rudisill

Yeah, we are going to continue to evaluate what the benefits of that non-operated acreage is and potentially monetizing – slowly monetizing non-operated acres of AFEs come in and we believe that all of that non-operated acres will ultimately be [HBPs] over the course of the next two to three years. So I think you will continue to just do more of the same, slowly sell the non-op and continue to acquire operating acreage.

Jared R. Lewis – Northland Securities, Inc.

Perfect. Again congrats and thanks for taking my question.

McAndrew Rudisill

Thank you.

Operator

Thank you. Our next question comes from the line of Jason Wangler with Wunderlich Securities. Please proceed with your questions.

Jason A. Wangler – Wunderlich Securities, Inc.

Good morning guys. Just I had one as far as you are doing pretty nice job and obviously drilling that are getting easier and quicker on all these wells. Would you look at bringing in a second crude anytime or do you like having kind of a backlog and maybe so just kind of what that number would be?

McAndrew Rudisill

Well, Jason, we’ve talked about adding a second rig in the past. It’s always a great way for us to organically grow our production. We’ve continued to evaluate the options and there is plenty of equipment available out there if we ever want to do it. At this point in time, we feel comfortable with the one rate for running and exiting acreage that we have. So we will address it as we move forward.

Jason A. Wangler – Wunderlich Securities, Inc.

Well, I was looking more from the competition side, as you kind of get a backlog built-up, is there a number of drilled wells that you would like to have ready for the completion crew and then would you even look to maybe go to the spot market and grab and trying to get a few more wells online maybe that was kind of what I was curious about.

McAndrew Rudisill

On the fracture stimulation side, I think from a personal perspective, we like to have our entire technical team focused on one well at a time as we are fracing right now. The equipment is definitely available that we could fracture simulate, simultaneously but because we are so focused on these EURs of these wells, I think from now, we’re going to continue to frac one well at a time.

Marty Beskow

That can obviously change in the future. There is ample availability of those drilling rigs and fracture stimulation equipment in the basin if we wanted to scale-up.

Jason A. Wangler – Wunderlich Securities, Inc.

Certainly. That’s why I asked. But it makes sense. I appreciate it. Thank you.

Operator

Thank you. (Operator Instructions) Thank you, our next question is a follow-up from the line of Ron Mills with Johnson Rice. Please proceed with your question.

Ronald E. Mills – Johnson Rice & Co. LLC

Hey, can you just follow up on the completion, one of completion questions, see, provided that your contracted flow for the first three, I know you’re doing just the quarter fracs, is that – just to confirm that, you do plan on continuing that style of frac even if you do evaluate other completion parties, correct?

McAndrew Rudisill

Not definitely. We’re not going to change the style of our frac at all. There is nothing technically that we can do internally with an exact same piece of frac equipment from someone else. I mean it’s what fracs are done in all over the U.S. We viewed our own mixture to it, but it really just comes down to get into the best equipment to do it and we got the guys internally to manage the job now.

Ronald E. Mills – Johnson Rice & Co. LLC

Perfect, thanks, just wanted to confirm that. Thank you.

McAndrew Rudisill

Yes.

Operator

Thank you. There are no further questions at this time. I would like to – I beg your pardon, we have a follow-up from the line of Ryan Oatman from SunTrust. Please proceed with your question.

Ryan Oatman – SunTrust Robinson Humphrey

Better late than never, I am figuring out three quarters here. Real quick on the operating acreage that you are blocking up in other counties outside McKenzie, do you have any update there on how that’s going and then when you guys would plan to first test that acreage as well?

McAndrew Rudisill

Well, in Richland County, our existing lining has been really active. We’ve seen some very good well results from the non-operated side of our portfolio. We are continuing to watch what they are doing, just to see what the best practices are. There is not one defined technique yet that we think is the way to go. We’ve got time to experiment, I mean it’s 2015. So we don’t have to go and drill that acreage right now. I think the best thing for us to do is wait, watch and referring to - it’s all in part of our mine, just to when we would go and drill, but I don’t see it coming in the next two quarters.

As for Dunn, that area around our operated DSUs and there it’s pretty well proved up in the Northern area between Hunt Oil, Marathon and Slawson that’s just the matter of timing until when we go and drill it.

Ryan Oatman – SunTrust Robinson Humphrey

Great, thank you.

Operator

Thank you. There are no further questions at this time. I would now like to hand the floor back over to management for closing comments.

Marty Beskow

All right, well, thank you very much for joining us on our call and thank you for your interest in Emerald Oil.

Operator

Thank you. This concludes today's teleconference. You may disconnect your lines at this time and thank you for your participation.

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