Perth, May 16, 2008 AEST (ABN Newswire) - Emerging onshore oil and gas producer Exoma Energy (ASX:EXE) has announced a 90% increase in net revenue in the four months since listing, to an annualised rate of US$2.3 million based on April's financial figures. Exoma was generating approximately US$ 1.2 million at the time of the Company's IPO in January.
Exoma also said it had increased its Anadarko Basin acreage by securing an additional two sections adjacent to its Ellis County production base.
Managing Director David Rowbottam said he remained confident that the full year revenue number would continue to increase with the relatively low risk development drilling programme. Exoma is participating in a minimum of six wells in the Anadarko Basin for the remainder of the year.
"The results of the initial well in the Anadarko Basin, Kelln 94‐2, which is producing approximately 650,000 cubic feet per day and 80 barrels of condensate per day, are why we chose the Anadarko Basin, and why we are going to concentrate our activities in Ellis County and its surrounds."
"Hence shareholders should be pleased that although our east Texas investments have not resulted in commercial production, our cash flow has almost doubled from the levels at IPO and we have continued to increased our acreage in the prolific Anadarko Basin.
"Shareholders should also take note that our institutional investor has almost doubled its stake in Exoma to just below 10% since listing, which is a very pleasing vote of encouragement for Exoma's business strategy."
Mr Rowbottam said the conclusion of this phase of the east Texas exploration programme was a positive step. "We sought to drill these wells as outlined in the strategy detailed in the original Prospectus. We will now concentrate on the areas where we are Operator or where we are working with our established Alliance partners.
Exoma's first Anadarko horizontal well will be drilled by Crusader Energy, on a free‐carried position. This well is planned to spud next month.
This week Exoma also successfully completed the Entitlements Options Issue as foreshadowed in its IPO Prospectus, which raised approximately A$720,000.
Contact
Brendan Egan
TEL: +61 8 9389 9400
MOB: +61 414 816 716
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