Callon Petroleum, which is engaged in oil and gas exploration and production, has reported net income of $7.6 million, or $0.35 per share, for the first quarter of 2008, a 25% increase, compared to net income of $5.8 million, or $0.27 per share, for the same period of 2007.
First quarter 2008 oil and gas sales totaled $45 million from production of 42.1 million cubic feet of natural gas equivalent per day (mmcfe/d). This corresponds to sales of $45.5 million from production of 60.3mmcfe/d during the same period of 2007.
The average price received per thousand cubic feet of natural gas in the first quarter of 2008 increased to $9.50, compared to $7.97 during the first quarter of 2007, while the average price received per barrel of oil in the first quarter of 2008 increased to $86.66, compared to $55.53 during the same period of 2007.
Discretionary cash flow for the quarter ended March 31, 2008 totaled $29 million compared to $33.5 million for the same period of 2007. Net cash flow provided by operating activities totaled $35.1 million and $32.9 million during the quarters ended March 31, 2008 and 2007, respectively.