HOUSTON, May 5 /PRNewswire-FirstCall/ -- Bois d'Arc Energy, Inc. ('Boisd'Arc' or the 'Company') (NYSE: BDE) today reported financial and operatingresults for the quarter ended March 31, 2008.
First Quarter 2008 Financial Results
Bois d'Arc reported net income of $38.1 million, or 56 cents per dilutedshare, for the three months ended March 31, 2008 as compared to 2007's firstquarter net income of $11.9 million, or 18 cents per diluted share. The firstquarter 2008 results reflect strong oil and natural gas prices and productiongrowth. Bois d'Arc's production in the first quarter of 2008 increased to10.5 billion cubic feet equivalent of natural gas ('Bcfe'), up 6% as comparedto production of 9.9 Bcfe in the first quarter of 2007. Bois d'Arc had 0.6Bcfe of production deferred in the first quarter due to two platforms beingshut-in. The Company's realized natural gas price averaged $8.85 per Mcf in2008's first quarter which was 25% higher than the $7.10 per Mcf realized in2007's first quarter. Realized oil prices in the first quarter of 2008increased 73% to $101.01 per barrel as compared to the average oil price of$58.33 per barrel for 2007. The higher oil and natural gas prices andproduction increased Bois d'Arc's first quarter oil and gas sales by 49% to$113.3 million as compared to 2007's first quarter sales of $76.2 million.The higher revenues also drove cash flow higher in the quarter. Operatingcash flow (before changes in working capital accounts) of $78.7 million in thefirst quarter was 43% higher than 2007's first quarter cash flow of $55.0million. EBITDAX, or earnings before interest, taxes, depreciation,depletion, amortization, exploration expense and other noncash expenses was$96.2 million, a 56% increase over 2007's first quarter EBITDAX of$61.6 million.
2008 Year to Date Drilling Results
Bois d'Arc has drilled three successful wells (2.6 net) so far in 2008.The OCS-G 24922 #1 at Ship Shoal block 97 was drilled to a depth of 12,983feet and encountered 71 net feet of pay in two high quality sands. This wellwas put on production in February at a rate of 10.3 MMcfe per day. Bois d'Archas a 78% working interest in this well. The OCS-G 24926 #1 was drilled totest the 'Perch' prospect at Ship Shoal block 120. This well was drilled to adepth of 5,000 feet and encountered 94 feet of pay in eight commercial sands.First production for the well is expected in the second quarter. Bois d'Archas a 100% working interest in this well. Bois d'Arc also drilled the OCS-G24977 #1 at South Pelto block 21 to test the 'Chinook' prospect. Thisexploratory well was drilled to a depth of 18,250 feet and encountered 38 feetof pay in the objective sand. First production for the well is expected July1, 2008. Bois d'Arc has a 79% working interest in this well. Bois d'Arc iscurrently drilling a 16,500 foot exploratory well to test its 'Kelsie'prospect at Ship Shoal block 95.
