GeoMet Reports Higher Losses in Q1
Posted on: Tuesday, 13 May 2008, 09:00 CDT
GeoMet, which is engaged in the exploration and production of natural gas, has reported a net loss of $2.1 million, or $0.05 per fully diluted share for the first quarter of 2008, compared to a net loss of $1 million, or $0.03 per fully diluted share, for the same period of 2007.
Adjusted EBITDA for the first quarter increased 51.1% to $9.3 million from $6.2 million in the same period of 2007. EBITDA was $0.4 million for the quarter as compared to $1.5 million for the same period of 2007.
Gas sales for the quarter were $15.6 million, a 31.5% increase from the first quarter in 2007. The average natural gas price, adjusted for realized hedging gains, was $8.79 per million cubic feet (mcf) during the first quarter of 2008 versus $7.68 per mcf for the same period of 2007.
Darby Sere, chairman and CEO of GeoMet, said: "We are pleased with these record quarterly results, particularly in light of reduced capital expenditures over the last few quarters. In this strong natural gas price environment, we have opportunities in all five of our projects to increase capital expenditures which we believe will lead to continued record results."
Source: Datamonitor
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