On May 13, American Eagle Energy Corp. (NYSE MKT: AMZG) detailed its financial results for first-quarter 2014. The quarter ended March 31, the company added.

Oil and natural gas revenue increased 64% from first-quarter 2013, American Eagle Energy said, noting the $12.5 million compared with first-quarter 2013’s $7.6 million. The increase was due to increased production from wells in the Three Forks and Bakken’s Spyglass area, the company added.

Regarding liquidity, on March 31, the company had about $50.1 million in cash, $108 million in total outstanding debt and 30.4 million outstanding common shares, American Eagle Energy said. The cash on hand, combined with operations cash flow and possible use of the credit facility, should support a two-rig drilling program through 2014 and 2015, the company said.

Regarding wells, there are two currently producing in the Spyglass, while in second-quarter 2014, the company will complete four gross operated wells and two additional gross wells, the company said. Throughout the year, American Eagle Energy plans to complete 24 gross wells for about $97 million, the company added. The total well development budget is about $100 million, the company noted.

The company expects to end the year with more than 3,000 barrels of oil equivalent per day (boe/d) produced, it noted. It is currently producing 2,250 boe/d, it added. It might spend about $3 million to participate in less than one nonoperating well, the company said.

Regarding commodity prices at the end of first-quarter 2014, the price per barrel of crude oil was down slightly, the company said, noting the quarter’s $87.10 vs. first-quarter 2013’s $87.23. The price of natural gas, per thousand cubic feet (Mcf), was higher during the quarter, the company said, noting the quarter’s $6.37/Mcf vs. first-quarter 2013’s $5.70/Mcf.

Lease operating expenses, per boe, were up for the quarter, the company said, noting first-quarter 2014’s $15.36/boe vs. first-quarter 2013’s $9.27/boe. Per boe, the adjusted EBITDA was lower—first-quarter 2014’s $50.29/boe vs. first-quarter 2013’s $56.13/boe, the company said. The lease operating expenses were higher due to weather conditions and more workovers, American Eagle Energy said.

Denver-based American Eagle Energy Inc. explores and produces in the Williston Basin.