Exhibit 99.1

 

Alta Mesa Holdings, LP

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ALTA MESA ANNOUNCES

FOURTH QUARTER & FULL YEAR 2011

FINANCIAL RESULTS AND OPERATIONAL UPDATE

Houston, Texas – March 27, 2012 – Alta Mesa Holdings, LP announced its financial results for the fourth quarter and full-year of 2011 and provided highlights of its recent operations. A conference call to discuss these results is scheduled for today at 2 p.m. Central time.

Financial and operational highlights of note for 2011 include the following:

 

   

EBITDAX totaled $201 million, up 53% from 2010

 

   

Production totaled 41.7 Bcfe, or 114 MMcfe/d, up 35% from 2010

 

   

Oil and liquids production totaled 1.6 million barrels, up 64% from 2010

 

   

Realized gains on hedges totaled $21.5 million for 2011

 

   

Net income totaled $65.2 million, up by $51.0 million from 2010

“Our financial and operational results for 2011 reflect that we are on track with our strategic goals of consistently and profitably growing EBITDAX and reserves, even in the current low natural gas price environment” stated Alta Mesa’s Chief Executive Officer, Hal Chappelle. “In 2011, we demonstrated our ability to re-direct capital into oil and liquids-rich gas projects within our organic portfolio, and we believe that we have structured our development plan, balance sheet and hedges to enhance profitability in 2012.”

EBITDAX

EBITDAX for the fourth quarter of 2011 was $53.4 million, up $12.7 million, or 31%, compared to $40.7 million for the fourth quarter of 2010. EBITDAX for full-year 2011 was $200.5 million, up $69.3 million, or 53%, compared to $131.2 million for full-year 2010. The increase in EBITDAX between the two annual periods is in large part a result of increased average price realizations, increased production and further movement towards higher margin oil production, all offset in part by increased lease operating expense and general and administrative costs. EBITDAX for the first quarter of 2012 is estimated to range between $50 and $54 million. EBITDAX is expected to continue to grow as Alta Mesa sees the results of a progressive shift of near term capital away from dry-gas projects to higher margin oil and liquids-rich natural gas projects located mainly in Weeks Island, the Eagle Ford Shale, Oklahoma and East Texas.

Production

Production volumes for the fourth quarter of 2011 totaled 10.1 billion cubic feet of gas equivalent (“Bcfe”), or an average of 110 million cubic feet of natural gas equivalent per day (“MMcfe/d”), up 10% compared to 9.4 Bcfe or 102 MMcfe/d for the fourth quarter of 2010. Production volumes for full-year 2011 totaled 41.7 Bcfe, or an average of 114 MMcfe/d, up 10.8 Bcfe, or 35%, compared to 30.7 Bcfe or 84 MMcfe/d for full-year 2010. In addition to new production in Weeks Island and Eagle Ford Shale

 

 

15021 Katy Freeway, Suite 400     Ÿ    Houston, Texas 77094    Ÿ     (281) 530-0991    Ÿ     www.altamesa.net


The following information was filed by Alta Mesa Holdings, Lp on Tuesday, March 27, 2012 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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