Oil and gas production increased by 3.1 billion cubic feet equivalent (bcfe) to 8.45bcfe in the first quarter of 2008, an increase of approximately 59% over the same quarter of 2007.
The average sales price for oil and natural gas during the first quarter of 2008 was $8.45 per million cubic feet equivalent (mcfe), an increase of approximately 32% from $6.38 per mcfe for the same quarter of 2007. Total oil and gas sales for the first quarter of 2008 were $71.6 million, an increase of 111% from $34 million in the same period of 2007.
Adjusted cash flow from operations increased by 104% to $40.4 million in the first quarter of 2008, compared to $19.8 million for the same period in 2007.
Steven Williams, chairman and CEO of Petroleum Development, said: We are on track with the company’s 2008 strategy to focus on continued development drilling in our core Colorado projects and our expectation for total annual production of 38.6bcfe.
