VAALCO sold 472,000 net barrels of crude oil equivalent at an average price of $73.79 per barrel during the third quarter of 2007, compared to 391,000 barrels of crude oil equivalent and an average price of $65.50 per barrel in the third quarter of 2006.
For the nine months ended September 30, 2007, the Company earned $17.1 million, or $0.28 per diluted share, compared to $35.1 million or $0.58 per diluted share in the nine months ended September 30, 2006.
Crude oil sales for the nine months ended September 30, 2007 were 1,334,000 barrels of oil equivalent at an average price of $66.05 per barrels compared to 1,278,000 barrels of oil equivalent at an average $64.54 per barrel of oil equivalent for the nine months ended September 30, 2006.
Net cash provided by operating activities was $21.7 million in the nine months ended September 30, 2007 compared to $39.9 million in the nine months ended September 30, 2006.
Robert L. Gerry, III, Chairman and CEO stated, "Helped by robust commodity prices our gross revenues were the highest of any quarter in the Company's history and our net income exceeded the combined income of our last two quarters. On a year to year comparison a higher tax rate and higher depletion prevented us from surpassing the third quarter 2006.
We will spud our well in the North Sea within a few days and should reach total depth by mid-December. Our scientists continue to evaluate seismic data from Gabon and Angola to locate drillable prospects for the second half of 2008. Current production from the Etame concession is now approximately 21,000 barrels of oil per day as we begin to ramp up production as a result of our new FPSO contract."
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