Quicksilver Q4 2007 Gas Production Increases 24%
For the fourth quarter of 2007, Quicksilver Resources reported that average daily production was 220 million cubic feet of natural gas equivalent (MMcfe) per day compared to 178 MMcfe per day for the same period in 2006, an increase of approximately 24%. Total production for the fourth quarter of 2007 was 20.3 billion cubic feet of natural gas equivalent (Bcfe), compared to 16.4 Bcfe for the fourth quarter of 2006. Natural gas and natural gas liquids (NGL), comprised 96% of the company's total production in both the fourth quarter and full year of 2007.
Production costs of $35.1 million for the 2007 fourth quarter represent a $5.2 million increase from the prior-year quarter. This increase was primarily due to increased production volumes from Texas coupled with $0.9 million of severance expense associated with the divestment of the company's Northeast Operations. Unit production costs, excluding divestment-related expenses, were $1.53 per Mcfe during the fourth quarter of 2007 as compared to $1.52 per Mcfe in the prior-year quarter and down $.25 per Mcfe sequentially from the third-quarter 2007 level of $1.78 per Mcfe.
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