Today, management is going to discuss certain topics that may contain forward-looking information, which are based on management's beliefs as well as assumptions made by management and information currently available to them. Forward-looking information include statements regarding expected future drilling results, production and expenses. Though management believes that these expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to be correct. Such statements are subject to certain risks and uncertainties and assumptions, which are listed and described in the company's filings with the Securities and Exchange Commission. If one or more of these risks materialize or should underlining assumptions prove incorrect, actual results may differ materially from those expected.Also, today's call may include discussions of probable and possible reserves or use terms like volumes, reserve potential or recoverable reserve. Please note that these estimates are of non-proved reserves or resources and are, by their very nature, more speculative than estimates of proved resources and reserves and accordingly are subject to substantially greater risks. Now with that, I'd like to turn the call over to Bob Herlin, Evolution's Chief Executive Officer. Bob? Robert S. Herlin Thanks, Lisa, and good morning to everyone. I'd like thank you for joining us on our fiscal second quarter call. We earlier filed our Form 10-Q and yesterday evening, announced our quarterly results and news release and I assume that everyone listening has accessed one or the other above. Excuse me, the Q is not filed, but the release is out. Since detailed numbers are available, Sterling and I are going to combine our remarks to key operating results and update some future plans so forth on -- with me today is Sterling McDonald, our CFO; also David Joe, our Controller. Sterling is going to review key financial results and then we'll take your questions.
In short, we had another solid quarter with a 24% increase of net earnings over the previous quarter to about $1.3 million, or $0.05 per basic share and $0.04 per diluted share. Revenues increased about 20% over the previous quarter to $4.6 million and net production increased by about 12% to 569 BOE per day.I'd like especially point out though that our production was 72% oil, 6% gas/liquids. Revenue in earnings growth continue to be driven by growing oil production at Delhi Field, and our Louisiana Light Sweet pricing there for crude oil averaged $115 in the quarter compared to about -- almost $106 in the prior quarter. In the fiscal second quarter we just completed, our net income from operations was about $2.4 million and that's a sequential improvement of about 25% from the prior quarter. Now let's just talk about some of the specific assets that we have, which would obviously start with Delhi Field. Gross production there increased 13% over the prior quarter and got to a level of 4,946 barrels per day or about 366 barrels a day net to us. Gross production for the year ago quarter was only 920 barrels a day. So we've seen a very dramatic increase over the last year and since it all resulted in capital expenditures of 2009 and 2010. Now at Delhi crude oil that was sold there for $115 during the quarter was a quaint 22% premium over WTI Cushing. This difference in oil price is creating substantial incremental value for the company. I would like to note that our June 30, 2011 reserves for Delhi in our SEC filing were based on a flat oil price of less than $95 per barrel, some $20 less than what we actually received in this last quarter. Read the rest of this transcript for free on seekingalpha.com