Crimson Exploration has reported net income of $6.2 million for the third quarter of 2007, compared to $2.6 million for the same quarter of 2006.
Total operating revenues for the quarter were $38 million, compared to $5.6 million in the prior year quarter. For the first nine months of 2007, total operating revenues were $69.2 million, compared to $16 million for the first nine months of 2006.
Production for Q3 2007 was 4,629,441 million cubic feet equivalent (Mcfe) of natural gas equivalents, or 50,320Mcfe per day, compared with production of 694,793Mcfe, or 7,552Mcfe per day, in Q3 2006. Production for the first nine months of 2007 was 8,462,800Mcfe of natural gas equivalents, or 30,999Mcfe per day, compared with production of 1,924,443Mcfe, or 7,049Mcfe per day, in the first nine months of 2006.
Total operating expenses for Q3 2007 were $22.3 million, compared to $5.7 million in Q3 2006. Exploration expense has increased by $0.6 million versus the third quarter of 2006, primarily due to $0.5 million in dry hole expense. For the first nine months 2007, total operating expenses were $44.2 million, compared to $14.6 million in the first nine months of 2006, with increases similar in type and proportion to those reported for the quarter.