Total revenues for the 2008 quarter amounted to $13.7 million, as compared to $8.93 million for the 2007 quarter. Net cash provided by operating activities was $7.72 million while additions to properties and equipment for drilling and equipping wells and leasehold acquisitions amounted to $8.72 million.
Production for the first quarter of 2008 increased 37% to 1.83 million cubic feet equivalent (mcfe), as compared to 1.33mcfe for the first quarter of 2007. The average sales price per mcfe increased 19% to $7.22.
Michael Coffman, president of Panhandle Oil and Gas, said: The company is continuing the positive momentum generated in fiscal 2007. The 75% increase in net income resulted from a 37% increase in mcfe production and a $1.16 increase in the average sales price per mcfe of our oil and gas.
