Black Ridge Oil & Gas Inc. (OTC: ANFC), a Minnetonka, Minn.-based growth-oriented exploration and production (E&P) company focused on non-operated Bakken and Three Forks properties, has announced financial results for the quarter ended June 30, 2014.

"The second quarter of 2014 was our strongest in the history of the company," Black Ridge's CEO Ken DeCubellis said in a release. "Our disciplined focus on identifying and developing acreage in the core of the Williston Basin resulted in robust production growth, particularly from our Stockyard Creek prospect. Across the basin, we see operating partners hone in on best practices for completion design, leading to stronger well economics. As we look to the remainder of 2014 and into 2015, we are excited about the quality of wells in our development pipeline, highlighted by a five gross (0.63 net) well Mandaree prospect in the prolific Antelope area of McKenzie County that we expect to begin producing in the fourth quarter of 2014."

The company recorded adjusted EBITDA of $3.6 million in the second quarter of 2014, an increase of 194% compared to adjusted EBITDA of $1.2 million in the second quarter of 2013 and an increase of 52% compared to $2.4 million in the first quarter of 2014, according to the release.

Black Ridge ended the second quarter of 2014 with $44.1 million drawn on its senior and subordinate credit facilities. As of June 30, 2014, total availability under the two facilities was $55 million. The company expects a redetermination of the senior credit facility borrowing base in August 2014. The company expects to fund future development through operating cash flow and additional borrowings from the existing credit facilities.