For the 12 months ended December 31, 2007, Gastar reported a net loss of $30.5 million, or $0.15 per share compared to a net loss of $84.8 million, or $0.50 per share in 2006.
Revenues for the fourth quarter of 2007 increased 37% to approximately $9.3 million, compared to revenues of $6.8 million for the comparable period in 2006. Revenues for 2007 increased 29% to $34.6 million, compared to revenues of $26.8 million in 2006.
The increase in revenues was the result of an increase in natural gas production primarily in east Texas, which was partially offset by an 8% decrease in realized natural gas prices.
Russell Porter, chairman, president and CEO of Gastar Exploration, said: In 2007, we achieved solid growth as we significantly improved the economics of our drilling in the Bossier play, established independently certified SPE coal bed methane reserves in southeastern Australia and became the first company to achieve commercial production from the Knowles limestone formation in east Texas.
