Pressburg (ROAN) Inactive Financial Report Summaries

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From filing 10-Q 2019 Q3

Financial report summary

Risks

Restrictions in our Credit Facility and Term Loan could limit our growth and our ability to engage in certain activities.
The announcement and pendency of the proposed Merger may adversely affect our business, financial condition and results of operations, and, whether or not the Merger is consummated, we have incurred and will continue to incur significant costs, fees and expenses relating to professional services and transaction fees.
Our inability to complete the Merger, or to complete the Merger in a timely manner, including as a result of the failure to obtain stockholder approval to adopt the Merger Agreement, the failure to obtain required regulatory approvals or the failure to satisfy the other conditions to the consummation of the Merger could negatively affect our business, financial condition and results of operations.
The Merger Agreement contains provisions that could discourage a potential competing acquirer of the Company, including the payment of a termination fee.

Management Discussion

Oil sales. Our oil sales decreased by approximately $4.6 million, or 6%, to $70.4 million for the three months ended September 30, 2019 from $75.0 million for the three months ended September 30, 2018. This decrease was due to the decrease in the average sales prices received for produced volumes. The decrease in average sales prices received on our oil production for the three months ended September 30, 2019 reflects the decrease of approximately 19% in the index price for oil in the 2019 period as compared to the 2018 period. The decrease in oil sales from lower sales prices was partially offset by the increase in volumes produced. Our oil production increased during the three months ended September 30, 2019 by 202 MBbls, or 19%, to 1,291 MBbls for the three months ended September 30, 2019 from 1,089 MBbls for the three months ended September 30, 2018. This increase resulted from the new wells brought on line during the last quarter of 2018 and the first nine months of 2019.