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April production was 30% oil and NGLs and 70% gas. We expect our oil and NGLs to continue to grow in our Ozona Northeast field and Cinco Terry fields. We also are starting to see positive results from our recent 3-D seismic program in Cinco Terry with our first Ellenburger well coming in at 1.1 million per day, and 51 barrels of oil per day, and a second well with almost 60 feet of net pay in the Canyon and Ellenburger that is waiting on completion.We continue to focus on cost controls, decreasing lease operating expense and G&A by almost $0.42 per Mcfe over the prior year period. We spent about 1.5 million on the seismic program in the first quarter and have another 300,000 to go. We see this as a critical investment for the company going forward. With that, I'll turn the call over to Steve to discuss financial results in more detail. Steve Smart Thanks, Ross. Revenues for the quarter totaled 13.2 million, a 31% increase over the prior year quarter. Revenues for the quarter were supported by higher commodity prices. Our average realized price for the quarter before the effect of commodity derivatives was $6.67 per Mcfe, compared to $3.98 per Mcfe for the prior year quarter, or a 68% increase. Our average realized price for the quarter including the effect of commodity derivatives was $6.79 per Mcfe compared to $5.24 per Mcfe for the prior year quarter of 2009, or a 30% increase. Net income for the quarter was $3.6 million or $0.17 per share. Net income included a pre-tax unrealized gain on commodity derivatives of $5.1 million. Excluding this gain and the related income taxes, adjusted net income for the quarter was $200,000 or $0.01 per share. EBITDAX for the quarter was $9 million or $0.43 per share.
On the expense side, we continue to focus on cost control, and are pleased to report lower LOE and G&A. LOE for the quarter was $1.8 million or $0.93 per Mcfe compared with $2.4 million or $0.94 per Mcfe in the prior year period, a decrease of 22%.G&A decreased 11% to $2.5 million or $1.27 per Mcfe. G&A for the quarter included lower share based compensation, professional fees, and data processing, compared to the prior year quarter. As Ross mentioned earlier, exploration expense for the quarter was $1.5 million, primarily resulting from the acquisition of 3-D seismic across Cinco Terry. We expect quarterly exploration expense for the remainder of 2010 to decrease from the first quarter and still stay within the guidance of $0.30 to $0.40 per Mcfe for the full year. DD&A for the quarter of 2010 was $5.8 million or $2.94 per Mcfe compared to $6.9 million or $2.74 per Mcfe for the prior year period. Capital expenditures for the quarter totaled $13.9 million. In terms of liquidity, we continue to maintain a strong balance sheet with room to grow. Our $115 million borrowing base was recently reaffirmed by our bank group, and we had $37.2 million drawn at March 31, 2010. At quarter end, our long term debt-to-capital ratio was 14%, and we had liquidity of $78.4 million. And this and the reaffirming our borrowing base, our bankers also extended the maturity date of our credit facility by one year to July 31, 2012, increased our hedge limit from 75% to 85% of PDP. With that, I'm going to turn the call back to Ross. Ross Craft Hey thanks, Steve. That concludes our prepared comments. And let me just thank you again for your support of Approach. As I've said in my letter to the stockholders recently, I am as excited as I've been in more than 30 years in the business about where we stand today. Read the rest of this transcript for free on seekingalpha.com