Edge Petroleum has reported financial and operating results for the first quarter of 2009 as follows:
First quarter production for 2009 was 3.1 Bcfe as compared to 5.4 Bcfe for the same period in 2008. Normal production declines, asset sales completed during early 2008 and decreased capital re-investment in replacing production as compared to historical levels contributed to our overall production decline in the first quarter of 2009. We have been operating under a reduced reinvestment program while we have been engaged in our financial and strategic alternatives evaluation process.
We reported an increase in total revenue for the first quarter period of 2009 compared to the same period in 2008. Total revenue for the three months ended March 31, 2009 was $24.1 million compared to $17.7 million in the first quarter of 2008, an increase of 36%. Falling commodity prices in the first quarter of 2009 resulted in net gains on derivatives of $11.1 million to partially offset the losses experienced from our physical commodity sales. In the first quarter of 2008, however, we reported a loss on derivatives of $29.4 million.
Oil and gas operating expenses for the three months ended March 31, 2009 totaled $3.8 million compared to $4.5 million for the same period in 2008. Depletion costs for the first quarter of 2009 totaled $9.8 million and averaged $3.16 per Mcfe compared to $27.1 million and an average of $4.99 per Mcfe for the first quarter of 2008. At December 31 and September 30, 2008 we recorded non-cash full-cost ceiling test impairments on our oil and natural gas properties in the amounts of $233.3 million ($215.8 million net of tax) and $129.5 million ($84.2 million net of tax), respectively. If the 2008 impairments had not been taken, our depletion rate would have been approximately $6.40 per Mcfe at March 31, 2009 as compared to $3.16 per Mcfe. We recorded a net non-cash full-cost ceiling test impairment at March 31, 2009 of approximately $78.3 million, which we expect to impact our depletion rate in the second quarter of 2009. General and administrative (``G&A'') costs, which include share-based compensation costs, for the first quarter of 2009 were $4.6 million, 13% higher than the comparable prior year period, primarily because of the costs of our ongoing financial and strategic alternatives process.
First quarter 2009 net loss to common stockholders was $76.9 million or $2.74 basic and diluted loss per share. The same period a year ago we reported a net loss to common stockholders of $18.2 million, or $0.64 basic and diluted loss per share. Basic weighted average shares outstanding increased to approximately 28.8 million for the three months ended March 31, 2009 from 28.6 million in the comparable 2008 period. The increase in shares outstanding was due primarily to the vesting of restricted stock units during 2008 and 2009.
For the three months ended March 31, 2009, net cash flow provided by operating activities was $9.8 million and net cash flow provided by operating activities before working capital changes was $7.4 million. For the three months ended March 31, 2008, net cash flow provided by operating activities was $21.4 million and net cash flow provided by operating activities before working capital changes was $28.5 million. See the attached schedule for a reconciliation of net cash flow provided by operating activities to net cash flow provided by operating activities before working capital changes.
Debt at March 31, 2009 was $234.0 million as compared to $239.0 million at December 31, 2008. Debt at March 31, 2009 and December 31, 2008 is presented as current due to changes in our maturity date as a result of our entering into the Amended Consent in connection with the borrowing base deficiency of $114 million created by the recent redetermination of our borrowing base.
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