Petro and Gas Revs Jump 57% for ProEx in 2007

ProEx Energy reported that petroleum and natural gas revenue increased 57 percent to $132.2 million for the year compared to $84.0 million during the prior year.

Average natural gas prices for 2007 were $6.64 per mcf down from $6.84 per mcf in 2006.

Funds generated from operations increased 70 percent to $73.8 million ($1.40 per diluted share) for the year compared to $43.5 million ($1.04 per diluted share) during the prior year resulting in a 35 percent increase to funds generated from operations per diluted share.

Net earnings for the year was $20.1 million ($0.38 per diluted share) a 32 percent increase over the $15.2 million ($0.36 per diluted share) recorded in the prior year.

Capital investment for 2007, excluding net property acquisitions (dispositions), was $150.2 million, slightly lower than the prior year at $151.5 million. Total capital investment, including the two strategic Foothills acquisitions during the year was $302.7 million compared to $152.2 million in 2006.

Bank debt and working capital deficiency was $111.0 million at December 31, 2007 on a $185 million demand revolving operating credit facility available at year end.