Fourth Quarter and Annual 2007 Financial Results
Bois d'Arc reported net income of
For the year ended
2007 Drilling Results
Bois d'Arc made capital expenditures of
Bois d'Arc's 2008 drilling program is off to a strong start with two successful development wells. The OCS-G 24922 #1 at Ship Shoal block 97 was drilled to a depth of 12,983 feet and encountered 71 net feet of pay in two high quality sands. First production for the well is expected in February. Bois d'Arc has a 78% working interest in this well. The second successful development well was drilled to test the "Perch" prospect at Ship Shoal block 120. The OCS-G 24926 #1 was drilled to a depth of 5,000 feet to develop multiple previously proven undeveloped shallow gas reservoirs within the Ship Shoal block 113 field area. The well encountered 109 feet of pay in eight objective sands. First production for the well is expected in the second quarter. Bois d'Arc has a 100% working interest in this well. Bois d'Arc is currently drilling an 18,500 foot exploratory well to test its "Chinook" prospect at South Pelto block 21.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
Bois d'Arc Energy is a growing independent exploration company engaged in the discovery and production of oil and natural gas in the Gulf of Mexico. The Company's stock is traded on the New York Stock Exchange under the symbol "BDE". BOIS d'ARC ENERGY, INC. CONSOLIDATED OPERATING RESULTS (In thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, 2007 2006 2007 2006 Oil and gas sales $100,245 $66,274 $355,460 $254,710 Operating expenses: Oil and gas operating 16,282 15,601 58,841 53,400 Exploration 2,982 2,390 36,040 18,708 Depreciation, depletion and amortization 29,712 24,971 115,285 77,591 Impairment - 200 344 1,632 General and administrative, net 5,830 2,462 14,869 11,374 Total operating expenses 54,806 45,624 225,379 162,705 Income from operations 45,439 20,650 130,081 92,005 Other income (expenses): Interest income 115 89 512 330 Other income 152 128 541 597 Interest expense (1,985) (2,168) (9,033) (6,696) Total other expenses (1,718) (1,951) (7,980) (5,769) Income before income taxes 43,721 18,699 122,101 86,236 Provision for income taxes (15,584) (6,823) (43,431) (31,212) Net income $28,137 $11,876 $78,670 $55,024 Net income per share: Basic $0.43 $0.18 $1.20 $0.87 Diluted $0.42 $0.18 $1.17 $0.84 Weighted average common and common stock equivalent shares outstanding: Basic 65,676 65,128 65,392 63,391 Diluted 67,574 66,831 67,224 65,278 BOIS d'ARC ENERGY, INC. CONSOLIDATED OPERATING RESULTS (In thousands) Three Months Ended Year Ended December 31, December 31, 2007 2006 2007 2006 Cash flow from operations: Net cash provided by operating activities $68,670 $40,438 $244,673 $178,409 Excess tax benefit from stock-based compensation 71 - 94 29 Increase in accounts receivable 8,012 10,604 3,498 4,628 Increase (decrease) in prepaid expenses (2,513) (1,875) (2,682) 1,300 Decrease (increase) in accounts payable and accrued expenses (3,512) (4,187) 16,204 (3,172) Cash flow from operations $70,728 $44,980 $261,787 $181,194 EBITDAX: Net income $28,137 $11,876 $78,670 $55,024 Interest expense 1,985 2,168 9,033 6,696 Income tax expense 15,584 6,823 43,431 31,212 Depreciation, depletion and amortization 29,712 24,971 115,285 77,591 Impairment - 200 344 1,632 Stock-based compensation 3,368 1,665 8,373 6,377 Exploration expense 2,982 2,390 36,040 18,708 EBITDAX $81,768 $50,093 $291,176 $197,240 As of December 31, 2007 2006 Balance Sheet Data: Cash and cash equivalents $18,841 $9,487 Other current assets 47,461 47,307 Property and equipment, net 887,270 827,795 Other 3,064 912 Total assets $956,636 $885,501 Current liabilities $47,377 $68,868 Long-term debt 80,000 100,000 Deferred income taxes 181,667 151,959 Reserve for future abandonment costs 45,094 48,064 Stockholders' equity 602,498 516,610 Total liabilities and stockholders' equity $956,636 $885,501 BOIS d'ARC ENERGY, INC. CONSOLIDATED OPERATING RESULTS (In thousands, except per unit amounts) Three Months Ended December 31, 2007 2006 Oil production (thousand barrels) 438 350 Gas production (million cubic feet - Mmcf) 8,050 6,795 Total production (Mmcfe) 10,676 8,894 Oil sales $40,051 $20,206 Gas sales 60,194 46,068 Total oil and gas sales $100,245 $66,274 Average oil price (per barrel) $91.51 $57.77 Average gas price (per thousand cubic feet - Mcf) $7.48 $6.78 Average price (per Mcf equivalent) $9.39 $7.45 Lifting cost (1) $16,282 $15,601 Lifting cost (per Mcf equivalent) $1.53 $1.75 Oil and gas capital expenditures: Acquisition of producing properties $- $978 Leasehold costs 7,186 (137) Exploration drilling 6,957 24,780 Development drilling 5,212 765 Other development costs 20,439 26,426 Total $39,794 $52,812 (1) Includes production taxes of $775 and $353 for the three months ended December 31, 2007 and 2006, respectively. Year Ended December 31, 2007 2006 Oil production (thousand barrels) 1,671 1,383 Gas production (million cubic feet - Mmcf) 32,186 23,183 Total production (Mmcfe) 42,211 31,481 Oil sales $123,895 $89,421 Gas sales 231,565 165,289 Total oil and gas sales $355,460 $254,710 Average oil price (per barrel) $74.15 $64.66 Average gas price (per thousand cubic feet - Mcf) $7.19 $7.13 Average price (per Mcf equivalent) $8.42 $8.09 Lifting cost(2) $58,841 $53,400 Lifting cost (per Mcf equivalent) $1.39 $1.70 Oil and gas capital expenditures: Acquisition of producing properties $- $19,156 Leasehold costs 8,913 1,971 Exploration drilling 89,232 128,983 Development drilling 46,480 23,360 Other development costs 62,238 71,140 Total $206,863 $244,610 (2) Includes production taxes of $2,495 and $1,577 for the year ended December 31, 2007 and 2006, respectively.
SOURCE Bois d'Arc Energy, Inc.