Replies to post #1018 on New Century Energy Corp (NCRE)

[OptionMonster]

No problem..People know me for the DD..I love to read and read and read..lol

[OptionMonster]

How is this for some basic math...Those number from the PR equal approx 560/BOE per day...Now say NO other wells come online then the one mentioned ( April we also completed a new oil well in Wharton County making 80 BOPD) that is 640/BOE per day X $125/Barrel = $80,000/day or $7.2M for the quarter..Basicly revs increase about another 20% quarter over quarter.. Is this expecting to much??

New Century Energy Corp. (OTCBB:NCEY) announced record financial and operational results for the three months ending March 31, 2008. Edward DeStefano, the Company’s CEO, stated, “The strong first quarter results are a direct result of our continuing success in our drilling program in McMullen County, Texas. We are maintaining high production levels into the second quarter and during April we also completed a new oil well in Wharton County making 80 BOPD.” NCEY’s first-quarter revenue was $5.9 million for the three months ending March 31, 2008, a 100% increase from $3.0 million for the first three months of the prior year; Total net oil production for the three months ended March 31, 2008 was 50,387 barrels of oil on Company operated properties; which is up 48% from 34,032 barrels in the first-quarter 2007; Total net gas production for the three months ended March 31, 2008 was 144 MMCF of gas; Total proved reserves at year end 2007 equaled 2.1 million barrels of oil equivalent (BOE); Approximately 76% of New Century’s proved reserves are oil, with the remaining 24% natural gas; Gross acreage under lease as of March 31, 2008 equaled 20,726 gross acres, compared to 17,214 gross acres as of March 31, 2007; and Adjusted EBITDA for the first-quarter of 2008 was $3.8 million, compared to $1.7 million reported in the first-quarter of 2007. For additional information regarding EBITDA as a non-GAAP financial resource, please refer to the disclosures contained at the end of this release.

DeStefano also stated, “The average price for oil in the first-quarter of 2008 increased 73% to $96.67 per barrel from $55.62 in the first-quarter of 2007, and we are benefiting directly from the increases in commodity prices.” “We are very pleased with our continued reserve growth and our plans to add to our reserves in 2008 as we continue our drilling program in McMullen County, Texas, with three new wells scheduled to be drilled by the end of June.” About New Century Energy Corp.