Empyrean Energy (LON:EME) revealed revenues rose 15% in the year to March 31 to just over US$16mln.
It comes as production from the Sugarloaf field, in the Eagle Ford shale, Texas, increased by 9% due to the addition of new wells. The company's 3% share of production amounted to 366,469 barrels oil equivalent for the twelve month period.
Pre-tax profit meanwhile reduced, down 2%, to US$5.12mln.
"I believe we have made significant progress across many fronts in spite of one of the most challenging periods for all oil producers globally," said chief executive Tom Kelly.
"We have increased revenues, been able to re-finance our participation in the flagship Sugarloaf AMI and are positioned to capitalise on the significant growth in reserves that has evolved from further successful delineation and appraisal of the Austin Chalk formation, which is being co-developed with the Eagle Ford Shale."
The company's proved reserves (1P) increased by 63% to 5.78mln boe, while proved and probable (2P) reserves rose 94% to 12.64mln boe and 3P reserves grew by 134% to 20.9mln boe.
Empyrean said it intends to continue its participation in the ongoing development of Sugarloaf, where the operator Marathon Oil sees the potential for some 500 additional wells in the Upper Eagle Ford shale.
Kelly adds: "From a value perspective, the indicated NPV10 of our 2P reserves has shown a solid increase from December 2013 to December 2014 despite the fall in oil prices and, importantly, we also have significant growth upside to unlock from further appraisal of the Upper Eagle Ford formation."