CNX Gas has reported a net income of $57.5 million, or $0.38 per diluted share, for the fourth quarter ended December 31, 2008, compared to a net income of $29.9 million, or $0.20 per share, for the same quarter of 2007.
For the year ended December 31, 2008, the company has reported a net income of $239.1 million, or $1.58 per share, compared to $135.7 million, or $0.90 per share, in 2007.
According to the company,it has reported production of 22.2 billion cubic feet (bcf), or an average of 241.8 million cubic feet (mmcf) per day, for the fourth quarter ended December 31, 2008, or 53% higher than the 14.5bcf, or 157.8mmcf per day, for the same quarter of 2007.
CNX Gas has reported production of 76.6bcf for the year 2008, or 32% higher than the 57.9bcf produced in 2007.
Brett Harvey, chairman and CEO of CNX Gas, said: CNX Gas gained production momentum in the fourth quarter. We achieved good production from each coalbed methane development play. In the Marcellus Shale, we achieved a daily flow rate of 6.5mmcf from our first horizontal well. This flow rate was achieved after the well had already produced more than 100mmcf.
