Powder River Announces Six Month Revenues Over 10 Million Dollars
Powder River Basin Gas Corp. (OTCBB: PRVB), a revenue generating producer, acquirer and marketer of crude oil and natural gas properties, today announced earnings for the second quarter of 2007.
The Company's net revenues from oil and gas sales for the first six months of 2007 increased to $1,566,833 from $795,797 for the first six months of 2006. This represents an increase of $571,036 or approximately 71.8% over the previous year.
The Company also had net revenues from working interest sales of $9,540,843, an increase of $325,843 or approximately 3.5% over the same period of 2006.
Powder River Basin Gas Corp. had a net profit of $6,813,727 before income taxes for the first six months of 2007. This represents a Basic Income Per Common Share of $0.04.
Total expenses increased for the six months ended June 30, 2007 to $4,120,425 from $1,808,334 in 2006. As mentioned in previous Company communications, the increase in expenses is necessary in order to facilitate growth and forward momentum for Powder River.
"We are pleased with the continued growth of Powder River and look forward to continued success for the remainder of 2007," stated Powder River Basin Gas Corp. CEO Brian Fox. |
