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COPYRIGHT 2007 PR Newswire Association LLC
DENVER, Feb. 28 /PRNewswire-FirstCall/ -- Gasco Energy today announced financial and operating results for the fourth quarter and full-year ended December 31, 2006.
Full-year 2006 Financial Results
For the year-ended December 31, 2006, Gasco reported a net loss attributable to common shareholders of $55.8 million, or $0.65 per share, as compared to breakeven results for 2005 of $71,000 net loss, or $0.00 per share. All per share figures are basic and diluted. Included in the full-year operating expenses is a non-cash charge of $51 million related to an impairment of the carrying value of oil and gas properties that was incurred in the second quarter of 2006. Net income before the impairment charge (1), a non-GAAP measure, was a net loss for the year of $4.8 million or $0.06 per share.
Total revenues grew by 52% to a company-record $25.7 million, as compared to $16.9 million in 2005. Oil and gas sales for 2006 were a company-record $21.0 million as compared to $14.1 million for the same period in 2005. The $7.0 million increase in oil and gas sales during 2005 is comprised of $17.3 million related to the production increase offset by $10.3 million related to the decrease in commodity prices. Gathering revenues from the company's pipeline grew to $1.9 million from $1.4 million in 2005. The revenue growth is attributed to increased throughput of natural gas volumes gathered and processed. For the full year, the average prices received for Gasco's natural gas and liquids were $5.38 per thousand cubic feet of natural gas (Mcf) and $54.86 per barrel of liquid hydrocarbons. This compares to $8.16 per Mcf and $56.91 per barrel for 2005. The company has no hedges in place.
Gasco's total assets at year-end were $165.5 million, down from $201.2 million at year-end 2005. The decline in total assets is attributed to the above-mentioned loss of $55.8 million.
Net cash provided by operating activities for 2006 was a record $9.4 million as compared to $2.1 million in 2005, an increase of 348%.
Fourth Quarter 2006 Financial Results
For the quarter-ended December 31, 2006, Gasco reported a net loss of $1.8 million, or $0.02 per share, as compared to net income for 2005 of $2.0 million, or $0.03 per share. Total revenues were $6.6 million, as compared to $8.3 million in 2005. The decrease in total revenue is attributed to lower prices received for sales...
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