For the first quarter of 2008, Parallel’s oil and natural gas sales were 247 million barrels of oil and 2,662 million cubic feet of natural gas. For the same period of 2007, oil sales were 273 million barrels of oil at an average price of $51.93 per barrel and natural gas sales were 1.52 billion cubic feet at an average price of $5.86 per million cubic feet at an average price of $43.85 per barrels of oil equivalent.
Larry Oldham, president of Parallel Petroleum, said: As we stated in our February 20, 2008 earnings press release, our focus in 2008 is to increase production and proved developed producing reserves. We have an additional goal to fund our capital investment budget through our net cash provided by operating activities.
Due to record production volumes and high commodity prices, during the first quarter of 2008 our net cash provided by operating activities was $25.5 million, an increase of approximately 43% when compared to the first quarter of 2007.
