Starboard Resources, Inc.

CIK:0001554970|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract]
Oil, natural gas, and related product sales	$ 1,232	$ 2,757
Expenses
Depreciation and depletion	718	2,507
Lease operating	908	1,126
General and administrative	684	1,342
Professional fees	674	211
Production taxes	59	103
Accretion of discount on asset retirement obligation	63	63
Exploration	0	21
Total expenses	3,106	5,373
Operating loss	(1,874)	(2,616)
Other expenses
Interest	(1,100)	(773)
Realized gain from derivative contracts	732	616
Change in fair value of derivative contracts	(733)	(202)
Loss on sales of assets	0	(2)
Settlement expense	(350)	0
Total other expense	(1,451)	(361)
Loss before income taxes	(3,325)	(2,977)
Deferred income taxes	0	288
Net loss	$ (3,325)	$ (2,689)
Net loss per basic and diluted common shares (in dollars per share)	$ (0.26)	$ (0.22)
Weighted average basic and diluted common share outstanding (in shares)	12,711,986	12,482,711

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net loss	$ (3,325)	$ (2,689)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and depletion	718	2,507
Deferred income taxes	0	(288)
Stock-based compensation	206	506
Accretion of asset retirement obligation	63	63
Change in fair value of derivative contracts	733	202
Loss on asset sales	0	2
Amortization of debt issuance costs	7	54
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Trade receivables	316	631
Joint interest receivables	10	135
Prepaid expenses and other assets	(65)	15
Accounts payable and accrued liabilities	(117)	(2,151)
Joint interest revenues payable	7	(118)
Net cash (used) in operating activities	(1,447)	(1,131)
Cash flows from investing activities
Acquisition and development of oil and natural gas properties	(90)	(316)
Acquisition of other property and equipment	(4)	0
Proceeds from sales of oil and natural gas properties	0	3
Net cash (used) in investing activities	(94)	(313)
Cash flows from financing activities
Proceeds from notes payable	608	0
Repayments of notes payable	(1,042)	(765)
Deferred offering costs	0	(7)
Net cash (used) in financing activities	(434)	(772)
Net decrease in cash	(1,975)	(2,216)
Cash, beginning of period	2,839	3,574
Cash, end of period	864	1,138
Supplemental disclosure of cash flow information
Cash paid during the period for interest	451	270
Supplemental disclosure of non-cash investing transactions
Payables related to oil and natural gas capitalized expenditures	$ 102	$ 298

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash	$ 864	$ 2,839
Trade receivable	785	1,101
Joint interest receivable	162	172
Current derivative asset	0	733
Prepaid expenses	124	59
Total current assets	1,935	4,904
Oil and natural gas properties and other equipment
Oil and natural gas properties, successful efforts method, net of accumulated depletion and impairment	16,366	16,884
Other property and equipment, net of depreciation	63	67
Total oil and natural gas properties and other equipment, net	16,429	16,951
Other assets
Goodwill	960	960
Other	359	359
Total other assets	1,319	1,319
Total assets	19,683	23,174
Current liabilities
Accounts payable and accrued liabilities	4,728	5,564
Going public delay fee	738	738
Joint interest revenues payable	1,025	1,018
Current maturities of related party notes payable	21,718	20,892
Current maturities of notes payable	13,743	14,172
Current asset retirement obligations	400	392
Total current liabilities	42,352	42,776
Long-term liabilities
Asset retirement obligations	3,260	3,204
Other long-term liabilities	30	35
Total long-term liabilities	$ 3,290	$ 3,239
Commitments and contingencies
Stockholders' deficit
Preferred stock, $.001 par value, authorized 10,000,000 shares; none issued and outstanding	$ 0	$ 0
Common stock, $.001 par value, authorized 150,000,000 shares; 12,711,986 shares issued at March 31, 2016 and December 31, 2015	13	13
Additional Paid-in capital	57,251	57,044
Accumulated deficit	(83,223)	(79,898)
Total stockholders' deficit	(25,959)	(22,841)
Total liabilities and stockholders' deficit	$ 19,683	$ 23,174