Encore Energy Partners has reported a net income of $117.3 million, or $3.50 per diluted common unit, for the fourth quarter of 2008, compared to a net loss of $3.99 million, or $0.46 per diluted common unit, for the same period of 2007.
The company has reported a net income of $172.52 million, or $5.21 per diluted common unit, for 2008, compared to a net loss of $7.02 million, or $0.78 per diluted common unit, for 2007.
According to the company, the fourth quarter of 2008 also included a charge of $1.7 million for non-cash compensation expense. Excluding non-cash derivative gain and non-cash compensation expense, net income for the quarter was $4.5 million ($0.11 per diluted common unit). Net income excluding certain items is defined and reconciled to its most directly comparable GAAP measure in the attached financial schedules.
For the fourth quarter of 2008, Encore Energy Partners has reported total revenues of $24.83 million, compared to $38.34 million for the same period of 2007.
Encore Energy Partners has reported total revenues of $187.44 million for 2008, compared to $117.41 million for 2007.
Average daily production for the fourth quarter of 2008 was 4,371 Bbls of oil per day and 10,606 Mcf of natural gas per day, for a combined 6,139 barrels of oil equivalent per day (BOE/D).
