QRCP Quest Resource (MM)

In the news release, Quest Resource Announces Second Quarter 2007 Results, issued earlier today by Quest Resource Corporation (NASDAQ:QRCP) over PR Newswire, we are advised by the company that there is a numerical error in the first table, "SELECT FINANCIAL AND OPERATING DATA." Under the 2007 column for the line item "Net Sales Volumes (MMcfe)" the number should read "4,107" rather than "4,907." The company reports that this error related only to the table in the 10-Q and was reported correctly in the textual information in the 10-Q. Complete, corrected table follows: 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 4,107 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 DATASOURCE: Quest Resource Corporation Web site: http://www.qrcp.net/

Copyright