Financial results for the first nine months of 2007 reflected revenues of $121.6 million as compared to $22.8 million for the same period of 2006. EBITDA increased from a negative $1.1 million in the nine months in 2006 to $92.3 million in the nine months of 2007. Discretionary cash flow was $79.4 million in the first nine months as compared to $1.3 million for the same period in 2006.
"In the third quarter, our assets continued to generate strong cash flow from production of 9,700 barrels of oil equivalent per day," said William L. Transier, chairman, chief executive officer and president. "During the first three quarters, we have decreased our debt by $40 million while spending $63 million on the development of our producing assets and exploration projects. Importantly, our executive team is completely in place with the addition of two highly experienced professionals during the quarter. We now have the team, the base of operations and the opportunity to grow our company to the next level."
On a GAAP basis, the company reported a net loss to common stockholders for the 2007 third quarter of $11.7 million or $0.09 per diluted share as compared to income of $15.2 million or $0.17 per diluted share for the same quarter in 2006. Net loss for the third quarter 2007 would have been $0.6 million or breakeven per share without the effect of derivative transactions and currency impacts on balance sheet items.
Significant events for the second half of the year include:
Guidance on Year 2007 Estimates Remains Unchanged
The table below sets forth estimates of the company's operating statistics for the full year ending December 31, 2007, in which Endeavour expects production of 9,000 - 9,400 BOEPD for the year. This reflects the full year impact of the acquisition of United Kingdom producing assets at the end of 2006 and sales of production from the Enoch field. Gas production is expected to represent 40 percent of total production. For the nine months ending September 30, 2007 production averaged 9,200 BOEPD.
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