Quest Energy Partners reported that total natural gas equivalent production of the Partnership and its predecessor averaged 52.3 million cubic feet equivalents (Mmcfe) per day for fourth quarter 2007, a 33% increase from an average of 39.4 Mmcfe per day from the fourth quarter 2006. The increase was driven by the successful execution of Quest's development program in 2007.
Total production costs, excluding gross production and ad valorem taxes, were $1.27 per Mcfe for 2007 down from $1.29 per Mcfe in 2006. On a quarterly basis, production cost per Mcfe declined from $1.41 in the first quarter of 2007 to $1.19 in the fourth quarter. This decrease was the result of rising production volumes and the benefits from certain cost cutting initiatives. The Partnership expects to continue to benefit from these programs and rising volumes in 2008 and anticipates production costs, excluding gross production and ad valorem taxes, of $1.05 per Mcfe to $1.15 per Mcfe for the full year.
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