WisdomTree Trust WidsomTree Middle East (GULF) filed Quarterly Report for the period ended 2010-09-30.
Wisdomtree Trust Widsomtree Middle East has a market cap of $2.4 million; its shares were traded at around $16.76 .
Highlight of Business Operations:Natural gas, crude oil and natural gas liquids prices are reported net of the realized effect of our hedging agreements. We realized gains of $0.6 million on our crude oil hedges and $4.8 million on our natural gas hedges in the third quarter 2010, compared to realized gains of $1.6 million for crude oil hedges and $8.8 million for natural gas hedges in the third quarter 2009, all of which were included in our natural gas and crude oil sales revenues on our Consolidated Statements of Operations.
Lease Operating Expenses. Lease operating expenses for the third quarter 2010 were $3.6 million, compared to $3.9 million in the third quarter 2009, a slight increase over the $3.2 million incurred in the third quarter 2009 after adjustment for the sale of the Southwest Louisiana properties in December 2009.
Depreciation, Depletion and Amortization (“DD&A”). DD&A expense for the third quarter 2010 was $12 million compared to $13.4 million for the third quarter 2009, a decrease primarily due to lower production.
General and Administrative (“G&A”) Expenses. Total G&A expenses were $4.5 million for the third quarter 2010 compared to $3.8 million for the third quarter 2009. Included in G&A expense is non-cash stock expense of $0.5 million ($0.13 per Mcfe) and $0.3 million ($0.10 per Mcfe) for the third quarters 2010 and 2009, respectively. G&A expenses for the third quarter 2010 were higher primarily due to higher estimated incentive compensation and higher legal fees.
Income Taxes. Our net loss before taxes was $6.1 million for the third quarter 2010, compared to $13.4 million in the third quarter 2009. After adjusting for permanent tax differences, we recorded an income tax benefit of $2.3 million for the third quarter 2010, compared to $4.8 million for the third quarter 2009.
Dividends on Preferred Stock. Dividends on preferred stock were zero for the third quarter 2010, compared with $1.2 million in the third quarter 2009. All of the Series G and Series H Preferred Stock, including accrued dividends, were converted to Common Stock in December 2009 in conjunction with our Common Stock offering. Dividends in the third quarter 2009 included approximately $1.1 million on the Series G Preferred Stock and $10,745 on the Series H Preferred Stock.
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