The increase in oil and gas revenues is mainly attributable to the oil and
gas properties that the Company purchased from GFB Acquisition - I, L.P.
("GFB") and Trans Republic Resources, Ltd. on
The Company reported a net income of
The Company reported a net loss of
The Company uses oil and gas swaps to hedge its future production.
However, the Company does not apply hedge accounting. As a result, all the
changes in the mark-to-market value of the derivatives per SFAS 133 are
reflected as unrealized gain or loss in the statements of operations. Due to
the increase in oil prices, the Company recorded a loss on derivative
(hedging) contracts of
There are currently 2,717,691 shares of Common Stock issued and outstanding.
Isramco's unaudited quarterly results are summarized below (in thousands except for shares outstanding and per share amounts):
For the Three Months For the Nine Months Ended September 30, Ended September 30, 2008 2007 2008 2007 STATEMENT OF OPERATIONS DATA Revenues $17,866 $5,355 $44,469 $15,692 Total operating expenses 13,590 4,969 27,760 12,041 Operating income 4,276 386 16,709 3,651 Net income (loss) 34,488 (647) (5,346) (1,215) Net income (loss) per common share 12.69 (0.24) (1.97) (0.45) CASH FLOW DATA Net cash provided by (used by) operating activities 12,614 (178) Net cash used in investing activities (98,988) (65,587) Net cash provided by financing activities 91,377 67,264 September 30, December 31, 2008 2007 BALANCE SHEET DATA Current assets $21,756 $11,103 Total assets 214,347 110,708 Current liabilities 37,630 11,273 Long - term liabilities 158,909 73,964 Total shareholders' equity 17,808 25,471
FORWARD-LOOKING STATEMENTS
ALL STATEMENTS CONTAINED HEREIN, AS WELL AS ORAL STATEMENTS THAT MAY BE MADE BY THE COMPANY OR BY OFFICERS, DIRECTORS OR EMPLOYEES OF THE COMPANY ACTING ON THE COMPANY'S BEHALF, THAT ARE NOT STATEMENTS OF HISTORICAL FACT, CONSTITUTE "FORWARD-LOOKING STATEMENTS" AND ARE MADE PURSUANT TO THE SAFE- HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE THE ACTUAL RESULTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE HISTORICAL RESULTS OR FROM ANY FUTURE RESULTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH RISKS AND UNCERTAINTIES ARE OUTLINED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR 2007, ITS QUARTERLY REPORTS ON FORM-10-Q, AND SUCH OTHER DOCUMENTS AS ARE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION FROM TIME TO TIME. THE COMPANY IS NOT OBLIGATED TO REVISE OR UPDATE ANY FORWARD-LOOKING STATEMENTS IN ORDER TO REFLECT EVENTS OR CIRCUMSTANCES THAT MAY ARISE AFTER THE DATE OF THIS RELEASE.
SOURCE ISRAMCO, INC.