--(www.USEquityNews.com)-- 05/14/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Quest Resource Corporation (NASDAQ: QRCP) ("Quest Resource") recently reported record financial results for the first quarter of 2008, excluding the impact of the non-cash change in derivative fair value. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA), a non-GAAP measure, rose by 95% from the first quarter 2007. The increase in Adjusted EBITDA was driven primarily by organic production growth, higher realized natural gas prices, a 21% reduction in per unit lease operating expense, and contributions from the KPC interstate pipeline acquired in November 2007 and oil producing properties acquired in February 2008.
Concho Resources Inc. (NYSE: CXO) ("Concho" or the "Company") recently reported first quarter 2008 financial and operating results. Concho's Board of Directors approved a capital budget increase at its May 8th meeting. The new capital budget totals $318 million, a 27% increase over the Company's original $250 million budget that was approved in November 2007. The new budget includes $261 million allocated to the Company's core operating areas ($242 million on the Company's New Mexico Shelf assets) and $57 million allocated to exploration, leasehold and geological & geophysical ("G&G") expenditures.
Noble Corporation (NYSE: NE) recently announced that Lee M. Ahlstrom, Vice President, Investor Relations and Planning, Noble Drilling Services Inc., will present at the UBS Global Oil and Gas Conference in Austin, Texas, on Tuesday, May 20, 2008, at 8:40 a.m. Central Time. A live webcast and presentation slides will be available at the time of the presentation in the "Investor Relations" section of the Company's Web site http://www.noblecorp.com. Participants are encouraged to access the site at least 15 minutes before the scheduled start of the presentation to ensure that minimum software requirements are met. A replay of the presentation will begin three hours after the conclusion of the live presentation and will be available until Monday, June 23, 2008.
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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