Oil, Gas Mining - Atlas America, Inc. Reports Financial Results for the Third Quarter 2008
PHILADELPHIA–(BUSINESS WIRE)–Atlas America Inc. today reported record financial results for the third quarter 2008.
The results of the third quarter 2008 include:
– Net income of $24.1 million for the third quarter 2008 compared with $7.1 million for the prior year third quarter, an increase of $17.0 million. Diluted net income per share was $0.58 for the third quarter 2008 compared with $0.17 per share for the third quarter 2007, an increase of $0.41 per share. The quarter-over-quarter increase was principally attributable to higher production volumes and an increase in partnership management fee gross margin generated from Atlas Energy Resources, LLC (NYSE: ATN - “Atlas Energy”) and the effect of higher commodity prices, an increase in production volume and mark-to-market adjustments to derivative positions generated from Atlas Pipeline Partners, L.P. (NYSE: APL - “Atlas Pipeline”); Read more
Zone Oil Exploration Signs Joint Venture Agreement with with Penn Virginia
Zone Oil and Gas, LLC has signed an Exploration and Geophysical Joint Venture Agreement with Penn Virginia Corporation.
The Joint Venture covers approximately 40,000 acres under lease in Tioga, Potter, Somerset, Westmoreland and Fayette Counties, Pennsylvania, and centers on exploring the Marcellus Shale, and the Oriskany and Tuscarora formations. Under the terms of the agreement, the joint venture will conduct at least one 3-D seismic survey and intends to drill up to six wells in 2009.
“Zone, through its predecessor entities, has recorded solid success in the Oriskany in Pennsylvania and West Virginia over the past 25 years,” said Thomas H. O’Neill, Jr., Zone’s Chairman. “We strongly believe that the Marcellus, Oriskany, Tuscarora, and Trenton Black River formations in the Appalachian Basin have tremendous potential for future development.”
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