Net sales volumes for the quarter ended September 30, 2007 were 4,554 million cubic feet equivalent (mcfe), up 37% from the same period in 2006.
The company charged $6.24 per cubic foot of gas, compared to $5.67 per cubic foot in the third quarter of 2006. The company’s plan to connect more gas wells led to the surge in profits. It drilled 192 wells in the third quarter of 2007, compared to 149 wells in the third quarter of 2006.
Jerry Cash, CEO of Quest Resource, said: We have continued with our development program and connection of our wells through Quest Midstream in the third quarter, and the successful execution of this development program drove a 37% increase in our net sales volumes from the year ago quarter to 4,554 mcfe from 3,331 mcfe.
This is an average of 49.5 mcfe per day for the third quarter of 2007 as compared to 36.2 mcfe per day for the third quarter of 2006. We expect to continue our active drilling and completion program for the remainder of the year and are on track to achieve our goal of 558 well connections for the year.
