Comparison of Nine Month Periods Ended September 30, 2010 and September 30, 2009
The Company had a net income of $870,292 during the nine months ended September 30, 2010 compared to approximately $827,036 for the same period in 2009. The net income per common share was $0.03 per share for the nine months ended September 30, 2010 and September 30, 2009.
The increase in net income for the nine months ended September 30, 2010 over the same period for 2009 was due to a number of factors. First, the Company sold its intrest in the Sein #1 well in March of 2010, recognizing a gain of $1,000,000, which was offset by the fact that the Company no longer receives net revenue from the well. In addition, the Company collected approximately $151,000 of previously written off receivables in the first nine months of 2009 and negotiated forgiveness of debt with creditors of approximately $167,000 in the first nine months of 2009, whereas, the Company had only $10,000 in collections of previously written off receivables in 2010 and no forgiveness of debt in 2010.
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