Philadelphia, PA, November 15, 2021 - Resource America, Inc. (NASDAQ:REXI)("the Company") has become one of the top one hundred publicly traded oil and gas companies in the US, according to Oil and Gas Journal, the widely-recognized industry publication. In its October 16, 2021 issue, Oil and Gas Journal published its listing for 1999 and ranked Resource America, Inc. 45th in US net wells drilled, 64th in profitability and 88th in natural gas reserves. The Company ranked 87th in total revenue, up from 146th in 1998, indicating a rapid growth in revenue, and 95th is assets, advancing from 112th the previous year.
Total proved oil and gas reserves have increased from 17.3 billion cubic feet of gas equivalent (BCFGE) at September 30, 1997, to 108.3 BCFGE at September 30, 1999, an increase of 626% over that two year period, as reported in the Company's Annual Report on form 10-k for the 1999 fiscal year.
Edward E. Cohen, President and CEO said, "Our entry into the top 100 oil and gas companies is a direct result of the energy growth strategy we undertook in 1998 when we expanded our energy business. We are glad to see that the Oil and Gas Journal's rankings recognizes these achievements."
Resource America, Inc. operates businesses in energy, energy technology and real estate finance.
Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. These risks and uncertainties are more fully discussed in our 1999 Annual report on form 10-k, particularly in the section titled "cautionary statements for purposes of the safe harbor". The Company's actual results, performance or achievements could differ materially from those expressed or implied in this release.