AMADEUS Energy has posted record revenues from in its latest...

AMADEUS Energy has posted record revenues from in its latest quarterly report after nearly doubling earnings from the equivalent period last year. The company generated gross US$6 million revenue for the September quarter, up from US$4.8 million last quarter and US$3.1 million for September 2004.

Amadeus attributed this record sales revenue to high spot oil prices, the Halletsville wells in Lavaca County, Texas, coming on-line and two months of production from its two new US projects acquired during the quarter.

The company said Hurricane Rita did not materially impact on its production, after the Raccoon Bend wells were shut-in for three days as a precaution last month.

Amadeus' cash balances for the quarter totalled A$1.2 million.

Following its US$28.6 million Texas acquisition of two oil and gas production assets – the Shackelford/Stephens and Ford East projects – as well as its exising projects, Amadeus recorded a four-fold increase in gas production, from 42,553 thousand cubic feet to 182,412 MCF. Meanwhile, its oil production also increased from 69,683 barrels to 87,565 barrels.

Of the 14 wells drilled during this period, nine (64%) were successful, said Amadeus.

Over the quarter, Amadeus spent nearly US$3.6 million on exploration and development operations in the US.


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