USA Superior Energy Holding, Inc. (OTCBB: USSU) announced their first quarter financial figures ended March 31, 2008. The company operates within the energy industry in the United States. Through their wholly owned subsidiary (USA Superior Energy, Inc.), the company engages in the development, ownership, and operation of energy prospects and projects – focusing on implementing nitrogen technology to recharge and produce oil and gas from partially depleted reservoirs – in East and Southeast Texas.
Revenues for the quarter ended March 31, 2008 totaled $115,563, an increase from last year’s first quarter’s total of $15,443. A year ago the company acquired the Bateman Project which gave them a full quarter of productivity and operations, and as a result there was a substantial increase in revenue. Sales volume was reported at a net of 1,322 barrels for the first quarter of 2008, a significant increase over last year’s third quarter’s volume of 727 barrels and fourth quarter’s volume of 139 barrels. The company’s successful work-over and treatment procedures can be attributed to the growth in sales volume. It is expected that sales volume will continue to rise during the second quarter of 2008, as they will near a total of 1,183 barrels during the month of May. The company reported an average price of $91.63 per barrel during the quarter ended March 31, 2008.
“For the remainder of 2008 we remain focused on the continuing work-over and acceleration of revenue from our Bateman Project and preparations for EOR operations to begin in the second half of 2008,” commented Mr. Rowland Carey, chairman and CEO of USA Superior Energy Holding, Inc. “We are also seeking to strengthen our management team, increase our capital base to fund our EOR operations and growth to continue our business strategy of acquiring and joint venturing shallow fields of oil and gas that have been idle or marginally producing.”
Let us hear your thoughts below: