Atlas Energy Resources, an independent developer and producer of natural gas and oil, has reported net income of $37.5 million for the first quarter of 2008, an 88% increase, compared to net income for the same period of 2007.
The company reported revenues of $194.6 million for the first quarter of 2008, an 85% increase, compared to revenues for the same period of 2007. Adjusted EBITDA was $79 million, a 189% increase, compared to $27.3 million for the same period of 2007.
Net natural gas production in Appalachia increased over 26% to approximately 32.7 million cubic feet equivalents (mmcfe) per day compared to the prior-year first quarter due primarily to the company’s expanding drilling programs and increasing production from the Marcellus Shale.
Gross margin from partnership management fee sources increased approximately 30% in the first quarter of 2008 when compared to the same period of 2007.
At March 31, 2008, the company held a total acreage position of approximately 1.10 million net acres, of which 614,000 are undeveloped, an increase of 87% from the net acreage position at March 31, 2007 and a 12% increase from December 31, 2007.