The company reported a loss before provision for taxes of $12 million for the first quarter of 2008, compared with a net loss of $5 million for the first quarter of 2007.
EBITDAX was $8.7 million in the first quarter of 2008. This represented an increase of 67.1% over the same quarter of 2007, and an increase of 20.8% over the fourth quarter of 2007. Production volumes were 257,370 barrels of oil equivalent (boe), up 3.3% from the same period in 2007.
Benjamin Hulburt, president and CEO of Rex Energy, said: This was a solid quarter with both revenue and EBITDAX experiencing strong growth over the first quarter of 2007. We were able to continue a trend of steady production growth despite experiencing record levels of flooding in the Illinois Basin, which caused us to shut-in some of our oil fields for periods during the quarter.
