Quest Resource Announces Second Quarter 2007 Results
10 August 2007 - 2:30PM
PR Newswire (US)
OKLAHOMA CITY, Aug. 10 /PRNewswire-FirstCall/ -- Quest Resource
Corporation (NASDAQ:QRCP), the largest operating company in the
Cherokee Basin, provided today an update on its financial results
for the quarter-ended June 30, 2007. The Company provided selected
financial and operating data below in a comparative format for the
quarters ended June 30, 2006 and 2007. SELECT FINANCIAL AND
OPERATING DATA For The Quarters Ended June 30, 2006 and 2007
(Dollars in thousands, except per share data) Quarters Ended June
30, 2006 2007 (unaudited) Total Revenue $16,544 $29,640 Net Income
(Loss) Before Minority Interest (5,780) (3,837) Minority Interest
-- (650) Net Income (Loss) (5,780) (4,487) Net Income (Loss) Per
Share Basic (0.26) (0.20) Net Income (Loss) Per Share Diluted
(0.26) (0.20) Operating Income (Loss) (381) 3,689 EBITDA(1) 6,488
12,160 Weighted Average Shares Outstanding Basic 22,074,631
22,217,048 Weighted Average Shares Outstanding Diluted 22,074,631
22,217,048 Net Sales Volumes (MMcfe) 2,907 4,907 Average Price
Received per Mcfe (including hedges) $4.29 $6.80 Wells Drilled 189
136 Wells Recompleted 44 25 Wells Connected 178 138 Pipeline Miles
Constructed 146 73 Well Completion % 99% 99% Total Expenditures(2)
$54,024 $30,826 1 - A reconciliation of Net Income to EBITDA
follows this news release. 2 - Capital expenditures represent cash
transactions Management Comments David Grose, Chief Financial
Officer of Quest Resource said, "We are continuing with our
development program and connection of our wells through Quest
Midstream in the second quarter, as indicated by our results. Our
net sales volumes for the second quarter of 2007 increased 68.8% to
4,907 MMcfe as compared to 2,907 MMcfe for the second quarter of
2006. This is an average of 53.9 MMcfe per day for the second
quarter of 2007 as compared to 32.0 MMcfe per day for the second
quarter of 2006. We expect to continue our active drilling and
completion program for the remainder of the year." Conference Call
Quest will host a conference call to discuss 2007 second quarter
operating and financial results on Monday, August 13, 2007 at 10:00
a.m. Eastern time. There will be a question and answer period
following the presentation. Call: 866-322-9730 (US/Canada) and
706-679-6054 (International) Passcode 12699365 Internet: Live and
rebroadcast over the Internet: simply log on to
http://www.qrcp.net/ Replay: Available through August 15, 2007 at
800-642-1687 (US/Canada) and 706-645-9291 (International) using
passcode 12699365 and at http://www.qrcp.net/ About Quest Resource
Corporation 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 1,800 producing wells which produce
into its controlled 1,800+ 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. For more information, visit
the Quest Resource website at http://www.qrcp.net/. Forward-Looking
Statements Opinions, forecasts, projections or statements other
than statements of historical fact, are forward-looking statements
that involve risks and uncertainties. Forward-looking statements in
this announcement are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Although
Quest believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to be correct. Actual results may
differ materially due to a variety of factors, including without
limitation: the uncertainty involved in exploring for and
developing new natural gas reserves, the sale prices of natural gas
and oil, labor and raw material costs, the availability of
sufficient capital resources to carry out the Company's anticipated
level of new well development and construction of related
pipelines, environmental issues, weather conditions, competition,
general market conditions, and other risks detailed in Quest's
filings with the Securities and Exchange Commission. You can find
Quest's filings with the Securities and Exchange Commission at
http://www.qrcp.net/ or at http://www.sec.gov/. By making these
forward-looking statements, Quest undertakes no obligation to
update these statements for revisions or changes after the date of
this release. Reconciliation of Net Income to EBITDA EBITDA, which
is Earnings before interest, income taxes and depreciation,
depletion and amortization expense, is presented because it is used
by us for, among other things, determining compliance with certain
bank covenants, and we believe it is frequently used by securities
analysts, investors and other interested parties, in addition to
and not in lieu of GAAP results, to compare the performance of
companies. EBITDA is not a measurement of financial performance
under generally accepted accounting principles and should not be
considered as an alternative to cash flow from operating activities
or as a measure of liquidity or an alternative to net income as
indicators of our operating performance or any other measures of
performance derived in accordance with generally accepted
accounting principles. Reconciliation of Net Income to EBITDA For
the Quarters Ended June 30, 2006 and 2007 (in thousands) Quarters
Ended June 30, 2006 2007 (unaudited) Net Income (Loss) $(5,780)
$(4,487) Minority Interest -- 650 Interest Expense, Net 4,954 7,805
Income Tax Expense -- -- Depreciation, Depletion & Amortization
Expense 6,869 8,471 Change in Derivative Fair Value 445 (279)
EBITDA 6,488 12,160 DATASOURCE: Quest Resource Corporation CONTACT:
Jerry D. Cash, Chairman and Chief Executive Officer, or David E.
Grose, Chief Financial Officer, +1-405-488-1304, both of Quest
Resource Corporation Web site: http://www.qrcp.net/
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