American Eagle Energy Corp. (NYSE MKT: AMZG) detailed its second-quarter 2014 financial results, the company said Aug. 4. The quarter ended June 30, the company added.

Oil and gas sales totaled $16.5 million, the company said, noting the 59% increase over second-quarter 2013’s $10.4 million, and the 31% over first-quarter 2014’s $12.5 million. The increases were due to higher production in the Bakken/Three Forks Formations during this year’s second quarter, American Eagle Energy added. Oil comprised 99% of total oil and gas sales revenue, and 96% of total production, for the quarter, the company said.

The adjusted EBITDA was $9.6 million, 49% higher than second-quarter 2013’s $6.4 million, and 29% higher than first-quarter 2014’s $7.4 million, the company said. Higher oil and gas sales from increased production contributed to the increases, American Eagle Energy added. The quarter’s lease operating expense was $18.15 per barrel of oil equivalent, the company said.

Regarding production, the company estimated that about 28 gross (18 net) operated wells will be drilled over the remainder of the year, for about $113 million. Developing some nonoperated Spyglass interests will cost about $2 million. The full well development budget totals about $115 million, the company said.

Looking ahead, about 30 gross (20 net) operated wells, costing about $120 million, are planned to be drilled for 2015, the company added.

Regarding liquidity, there was about $22.2 million in cash, $108 million of total outstanding debt and 30.4 million outstanding common shares at the end of the quarter, the company said. Over the quarter, drilling efficiencies and significant weather contributed to about $20.8 million in negative working capital, the company noted. Also, the credit agreement was amended, the company added.

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