Adjusted net income was $73.6 million or $1.15 per diluted share for the first quarter versus $45.5 million or $0.71 per diluted share for the same period of 2007. Revenues for the quarter were $362.1 million, compared to $221 million for the same period of 2007.
Reported daily oil and gas production for the quarter increased 10% year over year to an average of 311.5 million cubic feet equivalent per day (MMCFED) in the first quarter of 2008 from 283.1MMCFED in the first quarter of 2007.
Tony Best, president and CEO of St Mary, said: St Mary had a successful first quarter of 2008. We performed well operationally, as evidenced by our better than anticipated production and lease operating cost results. Our divestiture of non-core properties was successfully executed, which allows us to focus on key growth projects and helps improve our cost structure.
We have posted strong earnings and cash flow numbers, which are a result of our execution on our business plan, the growth and improvement of our portfolio, and strong commodity prices.
