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Exhibit 99.1
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For Immediate Release For Further Information Contact: Roy A. Fletcher, Investor Relations Crusader Energy Group Inc. (405) 241-1847 |
CRUSADER ENERGY GROUP THIRD QUARTER 2008 FINANCIAL UPDATE
OKLAHOMA CITY, OKLAHOMA, November 10, 2008: Crusader Energy Group Inc. (AMEX:KRU) today
reports financial results for the third quarter of 2008. For operational results for the third
quarter of 2008, Crusader issued a press release on November 6, 2008. Crusader’s results include
the activity of the Westside Transaction for the three months ended September 30, 2008. Crusader’s
results for the nine months ended September 30, 2008 include the operations of Knight Energy Group,
LLC for the complete period and ninety-six days of activity (June 27, 2008 through September 30,
2008) of the acquired parties (see Westside Transaction below). Certain pro-forma information has
been presented as if the acquisitions had occurred on January 1, 2007. Reconciliations of the
non-GAAP measures of EBITDA, adjusted EBITDA, pro-forma EBITDA, pro-forma adjusted EBITDA and
adjusted earnings per share are presented in Exhibits C and D. Analysts and investors regularly
use these or similar metrics when comparing to other oil and gas companies.
FINANCIAL HIGHLIGHTS
| • | Net income of $16.4 million for the third quarter of 2008 as compared to net income of $3.6 million for the third quarter of 2007 |
| • | Net income (loss) per share of $.08 and $(0.77) for the three and nine months ended September 30, 2008, respectively |
| • | Adjusted earnings per share of $.02 and $.11 for the three and nine months ended September 30, 2008, respectively |
| • | Adjusted EBITDA increased 164% in the third quarter of 2008 to $25.5 million as compared to $9.6 million in the third quarter of 2007 |
| • | Pro-Forma adjusted EBITDA increased 182% in the third quarter of 2008 to $25.5 million as compared to $9.0 million in the third quarter of 2007 |
| • | Adjusted EBITDA increased 143% in the nine months ended September 30, 2008 to $57.0 million as compared to $23.5 million in the nine months ended September 30, 2007 |
| • | Pro-Forma adjusted EBITDA increased 152% in the nine months ended September 30, 2008 to $68.0 million as compared to $27.0 million in the nine months ended September 30, 2007 |
| • | The Company has significant oil and gas hedges in place to mitigate a portion of the effect of a prolonged downturn of oil and gas prices: |
Natural Gas Production
| Collars | Swaps | Puts | ||||||||||||||||||||||||||||||
| Year | Month | MCF | Floor | Ceiling | MCF | MCF | Floor | |||||||||||||||||||||||||
2008 |
Oct - Dec | 937,000 | $ | 8.10 | $ | 10.58 | 30,000 | $ | 7.45 | 45,450 | $ | 8.00 | ||||||||||||||||||||
2009 |
Jan - Mar | 678,500 | $ | 8.13 | $ | 10.12 | — | $ | — | 259,131 | $ | 8.00 | ||||||||||||||||||||
2009 |
Apr - Jun | 441,000 | $ | 8.00 | $ | 9.56 | — | $ | — | 259,131 | $ | 8.00 | ||||||||||||||||||||
2009 |
Jul - Dec | 882,000 | $ | 8.00 | $ | 9.56 | — | $ | — | 518,262 | $ | 8.00 | ||||||||||||||||||||
2010 |
Jan - Dec | — | $ | — | $ | — | — | $ | — | 2,144,988 | $ | 8.00 | ||||||||||||||||||||
The following information was filed by Crusader Energy Group Inc. on Monday, November 10, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Crusader Energy Group Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Crusader Energy Group Inc..
1024109 Quarterly Reports
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10-Q Quarterly Report November 2008
- 10-Q Quarterly Report August 2008
- 10-Q Quarterly Report May 2008
