Earnings per share for the third quarter of fiscal 2008 were $0.12 per diluted share, compared to $0.04 per diluted share in the same period of fiscal 2007. Operating revenues increased $291,882 or 44% to $955,080 in the third quarter of fiscal 2008 from $663,198 for the same period of fiscal 2007.
The average sales price received of $8.23 per million cubic feet (Mcfe) was up 37%. Oil production increased 7% and gas production increased by 4% during the third quarter of fiscal 2008 as compared to the third quarter of fiscal 2007.
The company said that it continues to focus a substantial portion of its efforts on the acquisition of royalties in areas with significant development potential.
For the three-month period ended December 31, 2007, revenues from oil and gas royalty interests accounted for approximately 21% of the company’s revenues, compared to approximately 24% for the three-month period ended December 31, 2006.
