Net income for the Q3 period of 2007 was $12.7 million, or $0.25 per diluted share, up 4% compared to $11.9 million of net income, or $0.24 per diluted share, for the third quarter of 2006.
Rosetta’s production for the third quarter of 2007 was 11.6 billion cubic feet equivalent, or an average of 126 million cubic feet equivalent per day. Average realized gas prices for the quarter were $7.39 per million cubic feet, including a $10.3 million benefit from the company’s hedging program, and realized oil prices averaged $75.37 per barrel.
Revenues for the company totaled $252.4 million for the first nine months of 2007. This represents a 27% increase versus $199.1 million of revenues in the first nine months of 2006. Net income for the first nine months of 2007 was $39.8 million, or $0.79 per diluted share, up 27% compared to $31.4 million of net income, or $0.62 per diluted share, for the first nine months of 2006.
Charlie Chambers, executive vice president said: While the third quarter of 2007 represents a high water-mark for production and revenues, we were disappointed that we did not meet our original guidance for the quarter. As discussed earlier, the production shortfall was attributable in large part to factors outside our control, including downstream pipeline bottlenecks and weak prices in the Rockies.
