Oil and gas sales were $3.8 million for the second quarter ended June 30, 2008, compared to $796,000 in the same period of 2007. Total revenues were $3.8 million for the second quarter 2008, compared to $1.3 million in the same period of 2007.
The company reported a net loss for the first half of 2008 of $10.2 million, or $0.63 per share, compared to $1.3 million, or $0.10 per share, for the same period of 2007.
Oil and gas sales were $5.7 million for the six months ended June 30, 2008, compared to $892,000 in the same period of 2007. Total revenues were $5.7 million for the first half of 2008, versus $1.4 million in the same period of 2007.
Mike Pawelek, president and CEO of South Texas Oil, said: The new management team joined the company at the end of this reporting period, on June 23, 2008. One of our main objectives is to strengthen our financial and operating performance going forward as our management styles and industry experiences become imbued at South Texas.
