http://www.sec.gov/Archives/edgar/data/1207029/...600/v132968_10q.htm
Comparison of Three Months Ended September 30, 2008 and September 30, 2007.
Revenue. Revenue for the three months ended September 30, 2008 increased $330,226 to $330,226 from $0 for the same period in 2007. The increase was attributable to successful drilling and completion efforts at our Amberjack and Lake Campo prospects that began production in December 2007 and January 2008, respectively. Production at our Caviar #1 and Caviar #4 wells began in July 2008. In August 2008, the Company’s four producing wells in Louisiana (Caviar #1, Caviar #4, Amberjack and Lake Campo) were shut-in due as ordered by the State of Louisiana for storm preparations. Production facilities at all four wells were damaged during the hurricane. Caviar #1, Caviar #4 and Amberjack were returned into production in late October 2008. When Lake Campo was returned to production, excessive water production created disposal well capacity problems and was shut-in after a few days. A workover on Lake Campo will be performed in November 2008 to perforate the Tex W-5 sand to attempt to return the well to production.
Operating Expenses. Operating expenses for the three months ended September 30, 2008 increased $114,555 (or 15%) to $861,008 from $746,453 for the same period in 2007. The increase was primarily attributable to increased amortization of debt issuance costs and penalties associated with our outstanding debentures.
Other Income (expense). Other income (expense) for the period ended September 30, 2008 decreased $432,226 to $(3,261,141) from $(3,693,367) for the same period in 2007. The increase was attributable to change in fair value of embedded derivatives and associated charges with our convertible debentures and warrants.
Net Income (loss). Net income (loss) for the three months ended September 30, 2008 was $(3,920,058) compared to $(4,439,820) for 2007. The decrease in our net loss was due to the reasons described herein above.
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Comparison of Nine Months Ended September 30, 2008 and September 30, 2007.
Revenue. Revenue for the nine months ended September 30, 2008 increased $745,231 to $745,231 from $0 for the same period in 2007. The increase was attributable to successful drilling and completion efforts at our Amberjack and Lake Campo prospects that began production in December 2007 and January 2008, respectively. Production at our Caviar #1 and Caviar #4 wells began in July 2008. In August 2008, the Company’s four producing wells in Louisiana (Caviar #1, Caviar #4, Amberjack and Lake Campo) were shut-in due as ordered by the State of Louisiana for storm preparations. Production facilities at all four wells were damaged during the hurricane. Caviar #1, Caviar #4 and Amberjack were returned into production in late October 2008. When Lake Campo was returned to production, excessive water production created disposal well capacity problems and was shut-in after a few days. A workover on Lake Campo will be performed in November 2008 to perforate the Tex W-5 sand to attempt to return the well to production.
Operating Expenses. Operating expenses for the nine months ended September 30, 2008 decreased $919,624 (or 27%) to $2,490,184 from $3,409,808 for the same period in 2007. The decrease was primarily attributable to a decrease in investor awareness expenses.
Other Income (expense). Other income (expense) for the period ended September 30, 2008 increased $5,370,673 to $1,654,027 from $(3,716,646) for the same period in 2007. The increase was attributable to change in fair value of embedded derivatives in our convertible debentures and warrants.
Net Income (loss). Net income (loss) for the nine months ended September 30, 2008 was $(386,880) compared to $(7,160,640) for 2007. The decrease in our net loss was due to the reasons described herein above. -----------
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