--(www.USEquityNews.com)-- 05/13/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Dune Energy, Inc. (AMEX: DNE) recently announced financial and operating results for the first quarter, ended March 31, 2008, as summarized below: Revenue for the first quarter totaled $40.8 million. This compares with $2.9 million for the first quarter of 2007. Production volumes for the first quarter totaled 231 Mbbls of oil and 2.14 Bcf of natural gas, or 3.5 Bcfe, as compared with 10 Mbbls of oil and 0.42 Bcf of natural gas, or .50 Bcfe for the first quarter of 2007. For the first quarter of 2008, the average sales price per barrel of oil was $100.58 and $8.22 per Mcf for natural gas, as compared with $59.20 per barrel and $5.54 per Mcf, respectively, in the first quarter of 2007. The primary reasons behind the increase in revenue were higher volumes and higher average sales prices in 2008 versus 2007 primarily associated with our major property acquisition in May of 2007.
Gastar Exploration Ltd. (AMEX: GST) recently reported financial and operational results for the three months ended March 31, 2008. During the first quarter of 2008, the Company achieved record production, revenues and net cash flows and recorded a quarterly net profit from operations. Net income for the first quarter of 2008 was $1.1 million, or $0.01 per basic and diluted share, compared to a net loss of $11.0 million, or $0.06 per basic and diluted share, for the first quarter of 2007. The first quarter of 2008 included a $1.4 million unrealized natural gas hedge loss. The first quarter of last year included a litigation settlement expense of $1.4 million and $3.6 million of allowance for doubtful accounts related to litigation that were included in general and administrative expenses.
BreitBurn Energy Partners L.P. (the "Partnership") (NASDAQ: BBEP), recently announced operating and financial results for its first quarter of 2008 and the filing of its Form 10-Q with the Securities and Exchange Commission. Hal Washburn, Co-CEO of BreitBurn Energy Partners, said, "We are pleased with the strong results achieved during the quarter. We continued to see the benefits of our acquisition-driven growth strategy as we had record results across a number of key operating and financial metrics and the integration of our acquired assets is on track.
Holloman Energy Corporation (OTC BB: HENC) (``HENC'') filed its first consolidated annual financial statements including the assets acquired during November 2007 in a share exchange with Holloman Oil and Gas Limited. In connection with this acquisition, Holloman Oil and Gas, a wholly owned subsidiary of Holloman Corporation, became the largest shareholder of HENC. (See more on Holloman Corporation at http://www.hollomancorp.com.) As of December 31, 2007, HENC reported total assets of $23.796 million and shareholders equity of $14.992 million. During 2007, HENC focused it efforts on asset acquisition. As a result, it generated substantially no revenues and incurred an operating loss of $1.508 million.
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