10:06 AM EST - Delphi Energy Corp. : reported third-quarter funds from operations of $12.64 million or $0.16 per share, compared to $18.16 million or $0.23 per share in the prior-year quarter. Net loss for the quarter was $3.28 million or $0.04 per share, compared to an income of $6.74 million or $0.09 per share last year. Quarterly petroleum and natural gas sales declined 29% to $24.43 million from $34.46 million a year ago. Looking ahead, Delphi estimates field capital program for the fourth quarter to be $12.0 million to $14.0 million with two rigs drilling through the end of the year in conjunction with the ongoing recompletion program. Cash flow for 2009 is now forecast to be between $45.0 million and $47.0 million compared to the original guidance of $38.0 million to $43.0 million.
The company said that its planned 2010 capital program of about $65.0 million is expected to result in production volumes of 7,500 boe/d to 8,000 boe/d. Delphi Energy Corp.
shares T.DEE are trading up $0.06 at $1.61.
