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Baseline Oil & Gas Corp.
Baseline Oil & Gas Reports Third Quarter 2008 Results
HOUSTON, Nov. 21, 2008 (GLOBE NEWSWIRE) -- Baseline Oil & Gas Corp. (OTCBB:BOGA) today announced its results for the third quarter of 2008. Net production for the quarter was 668 Mmcfe, of which 55% was crude oil and condensate and 45% was natural gas. Average daily net production for the third quarter was 7.3 Mmcfepd, comprised of 671 bopd and 3.2 Mmcfpd. Operations from Baseline's Blessing Field contributed 54% of first quarter volumes, with the Eliasville Field contributing the remaining 46%. Oil and gas revenue, before the effect of hedging activities, totaled $10.7 million for the quarter. The Company's third quarter average realized oil price was $117.80 per barrel, while its average realized natural gas price was $11.59 per mcf, each before the effects of hedging. This resulted in a combined pre-hedging realized price of $16.05 per mcfe. Cash settlements paid to counterparties under various hedging contracts totaled $2.4 million for the quarter, for a reduction of $3.59 per mcfe in net realized price.