Quest Posts Loss for First Quarter
Quest Resource Corp. on Friday provided an update on its financial results for the quarter ended March 31, 2007. The company reported a net loss of $3,311,000 ($0.15 per share, diluted) on total revenue of $27,078,000 for the first quarter of 2007, compared to net income of $8,717,000 ($0.39 per share, diluted) on total revenue of $12,120,000 in the first quarter of 2006.
David Grose, Chief Financial Officer of Quest Resource said: "We are continuing with our development drilling and re-completing of wells and connection of those wells through Quest Midstream in the first quarter, as indicated by our results. Our net sales volumes for the first quarter of 2007 increased 48.7% to 3,715 MMcfe as compared to 2,498 MMcfe for the first quarter of 2006. This is an average of 41.3 MMcfe per day for the first quarter of 2007 as compared to 27.8 MMcfe per day for the first quarter of 2006. We are continuing this momentum into the second quarter and our net sales volumes for the first 36 days of the second quarter have averaged 44.6 MMcfe per day. We expect to continue our active drilling and completion program for the remainder of the year and we believe the combination of projected production growth and anticipated higher realized prices will yield improved financial results in the coming quarters."
Quest Resource is the largest producer of natural gas in the Cherokee Basin, which is located in southeast Kansas and northeast Oklahoma. The Company is a fully integrated E&P company, operating more than 1,700 producing wells which produce into its controlled 1,700-plus mile gathering pipeline system, and utilizes its own fleet of completion equipment to meet its drilling and completion program. Quest currently has more than 1,700 locations in its drilling inventory.
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