Toreador reported earnings before interest, taxes, depreciation, amortization and exploration expense (EBITDAX) of $5.9 million for the fourth quarter of 2007, an 84% increase, compared to $3.2 million for the fourth quarter of 2006. The company recorded an operating loss in the fourth quarter of 2007 of $22.3 million, compared to an operating loss of $3.2 million in the corresponding period of 2006.
For full year 2007, revenues increased to $41.7 million, compared to $33.3 million for 2006, primarily due to new natural gas production in Turkey and oil price increases in France.
In the 12 months ended December 31, 2007, EBITDAX was $21.7 million, compared to $18.9 million for the 12 months of 2006. An operating loss of $57.4 million was recorded in 2007, compared to a $3.6 million operating gain in 2006.
