OIL AND GAS DEVELOPMENT COMPANY LIMITED
BALANCE SHEET [Un-audited]
AS AT SEPTEMBER 30, 2007
		Un-audited	Audited			Un-audited	Audited
		Sept. 30,	June 30,			Sept 30,	June 30,
		2007	2007			2007	2007
	Note	(Rupees '000)			Note	(Rupees '000)
SHARE CAPITAL AND RESERVES				NON CURRENT ASSETS
				Fixed assets
Share capital	3	43,009,284	43,009,284	Property, plant and equipment	7	21,444,125	21,600,201
				Development and production assets- intangible	8	29,406,864	28,749,993
Capital reserve	4	2,512,082	2,438,228	Exploration and evaluation assets	9	7,181,658	6,365,706
						58,032,647	56,715,900
Unappropriated profit		52,378,897	55,169,140	Long term investments	10	3,109,536	2,945,938
		97,900,263	100,616,652	Long term loans and receivables		1,077,528	1,117,755
				Long term prepayments		62,700	39,821
						62,282,411	60,819,414
NON CURRENT LIABILITIES				CURRENT ASSETS
Deferred taxation		12,189,683	11,023,916	Stores, spare parts and loose tools		13,464,331	13,178,295
Deferred employee benefits		1,403,938	1,423,132	Stock in trade		160,746	93,788
Provision for decommissioning cost		5,326,446	5,151,807	Trade debts	11	29,812,176	27,873,515
		18,920,067	17,598,855	Loans and advances		1,718,685	1,538,657
CURRENT LIABILITIES				Deposits and short term prepayments		277,185	292,928
				Interest accrued		236,149	253,222
Trade and other payables	5	25,432,070	11,122,665	Other receivables		519,592	1,063,389
		44,352,137	28,721,520	Advance tax		6,999,012	5,950,713
				Other financial assets		16,178,425	13,553,959
				Cash and bank balances		10,603,688	4,720,292
CONTINGENCIES AND COMMITMENTS	6					79,969,989	68,518,758
		142,252,400	129,338,172			142,252,400	129,338,172
The annexed notes 1 to 19 form an integral part of these financial statements.
Chairman and Chief Executive							Director

OIL AND GAS DEVELOPMENT COMPANY LIMITED
PROFIT AND LOSS ACCOUNT [Un-audited]
FOR THE QUARTER ENDED SEPTEMBER 30, 2007
		Quarter ended September 30,
		2007	2006
	Note	(Rupees '000)
Sales - net	12	27,768,732	25,295,635
Royalty		(4,066,155)	(2,839,929)
Operating expenses	13	(3,757,893)	(3,300,825)
Transportation charges		(302,362)	(261,164)
		(8,126,410)	(6,401,918)
Gross profit		19,642,322	18,893,717
Other income		638,945	1,362,769
Exploration and prospecting expenditure		(1,728,087)	(1,565,887)
General and administration expenses		(313,559)	(200,656)
Finance costs		(139,065)	(109,088)
Workers' profit participation fund		(905,028)	(919,043)
PROFIT BEFORE TAXATION		17,195,528	17,461,812
Taxation		(4,858,668)	(5,134,009)
PROFIT FOR THE QUARTER		12,336,860	12,327,803
Earnings per share - basic and diluted (Rupees)	14	2.87	2.87
The annexed notes 1 to 19 form an integral part of these financial statements.
Chairman and Chief Executive			Director

OIL AND GAS DEVELOPMENT COMPANY LIMITED
CASH FLOW STATEMENT [Un-audited]
FOR THE QUARTER ENDED SEPTEMBER 30, 2007
			Quarter ended September 30,
			2007	2006
			(Rupees '000)
Cash flows from operating activities
	Net profit before taxation		17,195,528	17,461,812
	Adjustments for:
		Depreciation	692,003	573,367
		Amortization of development and production assets	973,031	783,579
		Royalty	4,066,155	2,839,929
		Workers' profit participation fund	905,028	919,043
		Provision for employee benefits	90,074	106,631
		Unwinding of discount on provision for decommissioning cost	137,453	108,365
		Interest income	(554,134)	(1,023,492)
		Unrealized loss on investments at fair value through profit or loss	28,604	7,037
		Dividend income	(35,632)	(284,484)
		Gain on disposal of property, plant and equipment	(303)	-
		Interest income on long term receivables	-	(15,106)
			23,497,807	21,476,681
Working capital changes
	(Increase)/decrease in current assets:
		Stores, spare parts and loose tools	(286,036)	(556,784)
		Stock in trade	(66,958)	4,587
		Trade debts	(1,938,661)	(3,876,436)
		Deposits and prepayments	15,743	34,206
		Advances and other receivables	117,613	338,310
	Increase/(decrease) in current libilities:
		Trade and other payables	(36,075)	896,491
Cash generated from operations			21,303,433	18,317,055
	Royalty paid		(3,299,282)	(2,469,322)
	Employee benefits paid		(109,268)	(50,026)
	Received from workers' profit participation fund		-	30,983
	Income taxes paid		(4,741,200)	(3,315,214)
			(8,149,750)	(5,803,579)
Net cash from operating activities			13,153,683	12,513,476
Cash flows from investing activities
	Fixed capital expenditure		(2,945,756)	(4,943,910)
	Interest received		600,818	650,189
	Dividend received		35,632	284,484
	Purchase of investments		(200,000)	(20,000)
	Proceeds from encashment of investments		6,791	10,639
	Proceeds from disposal of property, plant and equipment		1,464	1
	Long term prepayments		(22,879)	15,634
Net cash used in investing activities			(2,523,930)	(4,002,963)
Cash flows from financing activities
	Dividend paid		(2,093,287)	(15,815,282)
Net cash used in financing activities			(2,093,287)	(15,815,282)
Net increase/(decrease) in cash and cash equivalents			8,536,466	(7,304,769)
Cash and cash equivalents at beginning of the quarter			17,994,342	32,177,279
Cash and cash equivalents at end of the quarter			26,530,808	24,872,510
The annexed notes 1 to 19 form an integral part of these financial statements.
Chairman and Chief Executive				Director

OIL AND GAS DEVELOPMENT COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY [Un-audited]
FOR THE QUARTER ENDED SEPTEMBER 30, 2007
	Share	Capital	Unappropriated	Total
	capital	reserve	profit	equity
	(Rupees '000)
Balance at July 01, 2006	43,009,284	2,219,027	49,541,966	94,770,277
Final dividend 2006: Rs 3.75 per share	-	-	(16,128,482)	(16,128,482)
Transfer to captial reserve	-	55,943	(55,943)	-
Profit for the quarter ended September 30, 2006	-	-	12,327,803	12,327,803
Balance as at September 30, 2006	43,009,284	2,274,970	45,685,344	90,969,598
First interim dividend 2007: Rs 1.75 per share	-	-	(7,526,625)	(7,526,625)
Second interim dividend 2007: Rs 1.75 per share	-	-	(7,526,625)	(7,526,625)
Third interim dividend 2007: Rs 2.00 per share	-	-	(8,601,857)	(8,601,857)
Transfer to captial reserve	-	163,258	(163,258)	-
Profit for nine months ended June 30, 2007	-	-	33,302,161	33,302,161
Balance as at June 30, 2007	43,009,284	2,438,228	55,169,140	100,616,652
Balance as at July 01, 2007	43,009,284	2,438,228	55,169,140	100,616,652
Final dividend 2007: Rs 3.50 per share	-	-	(15,053,249)	(15,053,249)
Transfer to capital reserve	-	73,854	(73,854)	-
Profit for the quarter ended September 30, 2007	-	-	12,336,860	12,336,860
Balance as at September 30, 2007	43,009,284	2,512,082	52,378,897	97,900,263
The annexed notes 1 to 19 form an integral part of these financial statements.
Chairman and Chief Executive				Director