The company reported an operating loss of $2.5 million for the first quarter of 2008, compared to an operating loss of $13.9 million for the same period of 2007.
The company’s revenues more than doubled to approximately $14 million for the first quarter 2008 from $6.8 million for the same period of 2007 primarily due to new natural gas production from the south Akcakoca sub-basin natural gas project offshore Turkey and an increase in realized oil prices in France.
For the quarter ended March 31, 2008, Toreador reported EBITDAX of $6 million, compared to EBITDAX of $784,000 for the same period of 2007. Diluted weighted average shares outstanding in the first quarter of 2008 were 19.7 million, compared to 16.1 million diluted weighted average shares outstanding in the same quarter of 2007.
