Aurora Increases Revenue in 2007 by 27%
Aurora Oil & Gas Corporation reported revenues of $28.5 million for the year ended December 31, 2007, representing a 27% increase from the same period in 2006.
William W. Deneau, Chairman and Chief Executive Officer, commented, "This proved to be another year of growth for Aurora. Our revenues are at an all- time high; our South Knox project is online and producing our first operated New Albany shale gas; we announced a very viable acreage position in the Woodford shale; and we met all of our bank covenants for year-end. We believe 2008 offers some exciting catalysts that continue those themes -- increased revenues, increased drilling and production on our New Albany shale properties, and our first exploratory drilling on our Woodford shale acreage."
Expenses totaled $32.8 million, a 35% increase from 2006. The largest driver of the increase, other than expanded operations, was a one-time expense of $3.4 million recognized as a result of the early termination of the Company's mezzanine debt. Excluding this item, 2007 expenses increased only 21% over the $24.3 million reported in 2006.
Production and lease operating expenses ("LOE") increased from $6 million in 2006 to $8.8 million in 2007. On a per Mcfe basis, Aurora again proved its abilities as a cost-efficient operator in 2007. Operated LOE was $2.64 per Mcfe in 2007. Non-operated LOE was $2.91 per Mcfe. In addition, a selection of Aurora's operated properties continued dewatering which increased LOE on a per Mcfe basis. Excluding those properties, specifically Arrowhead and Chandler, Aurora's operated LOE was $2.51 per Mcfe in 2007.
For the year ended December 31, 2007, the net loss totaled $4.4 million or ($0.04) per basic and diluted share, as compared to a net loss of $1.9 million or ($0.02) per basic and diluted share in 2006. Though considered a non-GAAP measure, excluding the one-time expense of $3.4 million and stock-based compensation of $2.2 million, the net income for the full year 2007 would have reached $1.25 million or $0.01 per basic and diluted share.
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