Lexington-based NGAS Resources announced Tuesday it is exploring moves including the possible sale of the company, as it reported a wider third-quarter loss.
The company also disclosed it is not in compliance with some of its loan covenants, and lenders could call them in. The company said in a statement that it is in discussions to prevent that.
NGAS, which explores for and produces natural gas, reported a net loss of $2.5 million for its third quarter, widening a $1.1 million loss in the same period a year ago. Revenue fell to $11 million from $11.2 million a year ago. Oil and gas production revenue, the bulk of its revenue, was down 10 percent year over year.
The company said average daily production fell 17.3 percent year over year, and the average realized natural gas price fell to $5.98 per thousand cubic feet from $6.31.