Oil and gas production costs excluding depletion increased from $0.06 million in Q3 2006 to $0.25 million for Q3 2007 as a result of higher oil and gas production and an increase in the number of producing properties. Net income for Q3 2007 increased to $0.2 million, up from a net loss of $7 million for the same period in 2006.
For the nine months ended September 30, 2007, the total revenue from the sale of oil and gas increased 214% from $0.6 million in 2006 to $1.8 million in 2007. Sales of crude oil and condensate increased from 8,395 net barrels in 2006 to 21,205 net barrels in 2007. Oil and gas production costs increased from $0.1 million in 2006 to $0.5 million in 2007 as a result of increased number of properties and higher production totals.
Bob Munn, president and CEO of Unicorp, said: The third quarter of 2007 was a particularly exciting one for our shareholders as we demonstrated significant increases in production while holding a tight lid on expenses.
We also completed a very important well on our Catfish Creek prospect located in East Texas. This well not only adds to our daily oil production but sets up many additional drilling locations on the acreage which will show up in our 2008 production totals.
