The increase in revenue was due primarily to higher average natural gas prices prevailing in the 2008 period as compared the same period of 2007. Total costs and expenses decreased by 6% in the quarter ended March 31, 2008, as compared to same period of 2007.
The company reported net income available to common shareholders for the quarter ended March 31, 2008 of $344,126, or $0.01 per basic and diluted share, compared to a net loss available to common shareholders of $182,614, or $0.01 per basic and diluted share, in the same period of 2007.
Stuart Doshi, chairman, president and CEO of GeoPetro Resources, said: We are pleased with our financial and operating results. As our numbers suggest, we are benefiting from higher commodity prices despite the delays associated with the expansion of the Madisonville gas treatment plant.
