Apco Argentina Income Down 14 Percent

Apco Argentina Inc. today announced net income for the three-month period ended March 31, 2007, of $7.7 million. This represents a 14 percent decrease compared with net income of $9 million for the comparable period in 2006.

According to a company release. the decrease in net income is due to lower average oil sales prices, higher operating expenses, an increase in exploration expense resulting from three-dimensional seismic images acquired over the Las Violetas and Angostura concessions and export taxes related to its concession interests in Tierra del Fuego.

The period saw operating revenues improve by $1.2 million due to increased oil and natural gas sales volumes, as well as higher natural gas and LPG sales prices.

During first-quarter 2007, oil, natural gas and LPG prices averaged $40.15 per barrel, $1.58 per thousand cubic feet and $393.67 per metric ton compared with $42.47 per barrel, $1.22 per Mcf and $392.72 per metric ton for the comparable period in 2006.

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