Thursday, Crusader Energy Group Inc., an Oklahoma-based oil and natural gas company, reported loss for the second quarter, as operating expenses shot up offsetting a more-than-double increase in revenues.
The company posted second quarter net loss of $120.2 million compared to a net income of $4.22 million last year.
Adjusted earnings rose to $6.71 million, or $0.06 per share, in the quarter from $1.85 million, or $0.02 per share, in the prior-year quarter.
Total operating revenues more than doubled to $26.15 million in the quarter from $9.49 million in the comparable period a year ago.
The company reported a loss of $91.81 million from operations compared to income from operations of $3.13 million in the same period last year.