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Black Ridge Amends 10-Q and Prior Earnings Release for the Quarter Ending March 31, 2012

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MINNETONKA, Minn., May 18, 2012 (GLOBE NEWSWIRE) -- Black Ridge Oil & Gas, Inc. (formerly known as Ante5, Inc.) (OTCBB:ANFC) previously issued a press release on May 15, 2012 announcing its financial results for the fiscal quarter ended March 31, 2012. Black Ridge subsequently discovered that its Adjusted EBITDA calculation was incorrect in that it failed to exclude amortization of warrant based financing costs from interest expense and should have been stated as being ($29,765) for the quarter ended March 31, 2012. The correction did not have any impact on its financial statements for the quarter ended March 31, 2012 or any other reported information. Black Ridge has also filed an amendment to its Form 10-Q reflecting this correction.

Non-GAAP Financial Measures

Adjusted EBITDA

In addition to reporting net income (loss) as defined under GAAP, we also present Adjusted EBITDA. We define Adjusted EBITDA as net income before (i) interest expense, (ii) income taxes, (iii) depreciation, depletion and amortization, (iv) accretion of abandonment liability, and (v) non-cash expenses relating to share based payments recognized under ASC Topic 718. We believe the use of non-GAAP financial measures provides useful information to investors regarding our current financial performance, however, Adjusted EBITDA does not represent, and should not be considered an alternative to GAAP measurements. We believe this measure is useful in evaluating our fundamental core operating performance. Specifically, we believe the non-GAAP Adjusted EBITDA results provide useful information to both management and investors by excluding certain expenses that our management believes are not indicative of our core operating results. Although we use adjusted EBITDA to manage our business, including the preparation of our annual operating budget and financial projections, we believe that non-GAAP financial measures have limitations and do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP financial measures. A reconciliation of Adjusted EBITDA to Net Income, GAAP, is included below:

Black Ridge Oil & Gas, Inc.
Reconciliation of Adjusted EBITDA
     
  Three Months Ended
  March 31,
  2012 2011
Net Loss $(760,857) $(50,924)
     
Add Back:    
Interest Expense, excluding amortization of warrant based financing costs 83,984 -
Income Tax Provision (154,184) (274,300)
Depreciation, Depletion, and Amortization 293,753 39,270
Accretion of Abandonment Liability 797 120
Share Based Compensation 506,742 133,099
     
Adjusted EBITDA $(29,765) $(152,735)

About the Company

Black Ridge Oil & Gas is an oil and gas exploration and production company based in Minnetonka, Minnesota. Black Ridge's focus is exclusive to the Williston Basin Bakken and Three Forks trend in North Dakota and Montana. Black Ridge Oil & Gas controls, or has under contract, approximately 20,000 net mineral acres in North Dakota. For additional information, visit the Company's website at: www.Blackridgeoil.com

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Statement as to Forward Looking Statements

Certain statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties not known or disclosed herein that could cause actual results to differ materially from those expressed herein. These statements may include projections and other "forward-looking statements" within the meaning of the federal securities laws. Any such projections or statements reflect Black Ridge Oil & Gas current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from those projected. Important factors that could cause the actual results to differ materially from those projected include, without limitation, general economic or industry conditions nationally and/or in the communities in which our Company conducts business, volatility in commodity prices for crude oil and natural gas, environmental risks, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company's operations, products, services and prices and other risks inherent in the Company's businesses that are detailed in the Company's Securities and Exchange Commission ("SEC") filings. Readers are encouraged to review these risks in the Company's SEC filings. 

CONTACT: Black Ridge Oil & Gas Investor Relations:
         Gerald Kieft
         The WSR Group
         772-219-7525
         IR@theWSRgroup.com
Source: Black Ridge Oil & Gas