Allied Resources, Inc., an independent oil and gas producer, today reported year over year increases in net income and net revenue, in spite of the dramatic downward trend in energy prices during the second half of 2008.
Net income for the twelve months ended December 31, 2008 totaled $251,961 compared to $145,722 for the comparative period ended December 31, 2007, an increase of 73%. Net revenue for the twelve months ended December 31, 2008 totaled $1,216,908 compared to $915,595 for the comparative period ended December 31, 2007, an increase of 33%.
Ruairidh Campbell, Allied’s chief executive officer, stated, “Although the comparative annual results are worthy of comment, near-term results going forward are not expected to perform in the same way. More encouraging is the prospect of improving long-term results by purchasing distressed oil and natural gas properties directly from banks and leasehold owners who are affected by the current malaise. Our cash position enables us to consider properties today that might otherwise have been unavailable to us before the fall in energy prices.”
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