Production volumes during the quarter were 4.4 billion cubic feet equivalent (bcfe), or 48.2 million cubic feet equivalent per day (mmcfe/d), 55% higher than 2.9 bcfe, or 31 mmcfe/d during the third quarter of 2006.
The company’s average natural gas sales price decreased to $6.33 per thousand cubic feet (mcf), compared to $6.39 per mcf in the third quarter of 2006, while the average oil sales price increased 10% to $75.40 per barrel, compared to $68.46 per barrel during the third quarter of 2006.
The company reported net income of $5.4 million, or $0.21 per share, for the third quarter of 2007, as compared to $4.8 million, or $0.19 per share, for the same quarter during 2006. Lease operating expenses increased to $5.8 million during the three months ended September 30, 2007, as compared to $2.9 million for the third quarter of 2006.
