Monty Jennings, CFO
Thanks, Bill and good day to everyone.Turning first to our income statement, I would like to point out that early this morning after we published the press release, we discovered an error in the income statement table attached to the press release. The line for income taxes was inadvertently omitted and we will be filing a current corrected press release later today. The numbers discussed in the body of .
Our revenues totaled $42.5 million in the first quarter of fiscal 2015, an increase of 121% over last year’s first quarter. The year-over-year improvement was due to a 158% increase in production. The increase in production was offset by 14% decrease in our realized average selling price per BOE. During our first fiscal quarter ended November 2014, our average realized sales price was $73.69 per barrel of oil and $4.74 per mcf of gas as compared to $93.06 per barrel of oil and $4.86 per mcf of gas for the first fiscal quarter of 2014.
Overall, the average realized price per BOE decreased to $56.47 compared to $66 a year ago. Commodity prices have continued to decline since the end of the last fiscal quarter and recently the price for oil has traded below $50 per barrel. Price differentials remain higher than what we received one year ago. But, increased pipeline and well capacity has led to a stabilization of differentials at the $9 to $11 per barrel discount to WTI. Our operating income for the quarter increased to $14.8 million from $7.2 million a year ago. Net income increased 247% totaling $21.2 million or $0.27 per basic share and $0.26 per diluted share versus $6.1 million or $0.08 per basic and diluted shares a year ago.
Net income includes an unrealized gain of $16.7 million from commodity price hedges versus an unrealized gain of $2.3 million a year ago and also includes a realized gain on the hedges of $1.4 million compared to our realized loss of $400,000 in the year ago period. Adjusted EBITDA, a non-GAAP term increased to $33.4 million in the first quarter, a 161% increase from the 12.8% million a year ago. Please refer to our more detailed discussion about our use of adjusted EBITDA and its reconciliation to GAAP in the earnings release, which can be found in the news section of our website. We continue our efforts to maintain a low overhead structure. On a BOE basis, we were able to reduce G&A costs by $5.39 per BOE in the first quarter, which is a 50% decrease when compared to costs in the year ago period.
I will now turn briefly to the balance sheet. As of November 30, we have cash and equivalents totaling $47.1 million as compared to $34.8 million at the end of August 2014, our fiscal year end. Since fiscal quarter end, we have had the remaining $6 warrants exercised bringing approximately another $4.6 million in cash to the company. In addition to the commodity derivatives we had in place as of the fiscal year end in August 31, we entered into additional swaps covering a portion of the new production we brought online during the first fiscal quarter. With swaps and collars, we have hedged oil quantities covering 81% of our scheduled future production for December 2015 and 66% of those quantities during calendar year 2016.
Our capital structure remains quite straightforward. There was no high yield debt, preferred or convertible securities burdening the company with high interest or maintenance costs. The current interest rate on our recently amended credit facility remains under 3%. We have approximately $84 million remaining on our $230 million borrowing base to address short-term need should they arise.
Now, I would like to turn the call over to Craig Rasmuson, our Chief Operating Officer, who will provide details of our fiscal 2015 drilling program and the operational aspects of our business. Craig?
