For the 12 months ended December 31, 2007, Parallel reported a net loss of $4.7 million, or a loss of $0.12 per diluted share, compared to 2006, when the firm recorded a net income of $26.2 million, or $0.71 per diluted share.
For the fourth quarter of 2007, Parallel’s oil and natural gas sales were 254 thousand barrels (MBbls) of oil and 2,179 million cubic feet (MMcf) of natural gas, or 617 million barrels of oil equivalent (MBOE). For the 12 months ended December 31, 2007, Parallel’s oil and natural gas sales were 1,051MBbls of oil and 7,422MMcf of natural gas, or 2,288MBOE.
When comparing the fourth quarter of 2007 to the fourth quarter of 2006, oil and gas operating revenues increased approximately 51% to $36.1 million and total costs and expenses increased approximately 26% to $18.7 million, which increased operating income approximately 91% to $17.3 million.
When comparing 2007 to 2006, oil and gas operating revenues increased 20% to $116 million and total costs and expenses increased 18% to $67.1 million, which increased operating income approximately by 21% to $49 million.
