Triangle Petroleum -- Quarterly Report -- June 9, 2014

Triangle Petroleum beats by $0.04, beats on revs : Reports Q1 (Apr) earnings of $0.15 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 191.0% year/year to $99.78 mln vs the $95.54 mln consensus.

Form 10-Q, June 9, 2014:

Summary of operating and financial results for the three months ended April 30,2014:

• Production volumes totaled 723,518 Boe for the three months ended April 30, 2014 compared to 241,525 Boe for the three months ended April 30, 2013, an increase of 200%
• Oil and natural gas sales were $60.8 million compared to $21.1 million for the three months ended April 30, 2013
• Our average realized oil price increased to $90.88 per barrel compared to $89.69 per barrel in the first three months of fiscal year 2014
• Net income was $14.5 million for the three months ended April 30, 2014 compared to $5.2 million for the three months ended April 30, 2013
• Cash flow provided by operating activities was $39.8 million for the period ended April 30, 2014 compared to $8.3 million for the three months ended April 30, 2013
• Spud 13 gross (9.1 net) operated wells and completed nine gross (6.1 net) operated wells during the three months ended April 30, 2014

Remember: "three months ended April 30, 2014, included two "tough" North Dakota winter months, February, March, and a wet spring month of April.

From a press release, earnings, dated April 16, 2014, for full fiscal year 2014, ending January 31, 2014, for comparison:

1,929 mboe (300% increase; 488 mboe FY13);  net proved reserves, 40MMboe (175% increase); revenues increased 326% ($260 million); net income to $1.07 EPS; downspacing to 600' apart; initial well results from currently producing infill wells indicate an approximate 15% increase in production