DRILLING ACTIVITY

The following table sets forth the drilling activity of the Company for the years ended December 31, 2000, 2001 and 2002. In the table, "gross" refers to the total wells in which the Company has a working interest and "net" refers to gross wells multiplied by the Company's working interest therein. The Company's drilling activity from January 1, 1996 to December 31, 2002 has resulted in a commercial success rate of approximately 66%.

The above table excludes 75 gross (28 net) wells drilled or acquired by CCBM through 2002. At December 31, 2002, the Company has ownership in 11 gross (2.7 net) wells with dual completion in single bore holes.

PRODUCTIVE WELLS

The following table sets forth the number of productive oil and natural gas wells in which the Company owned an interest as of December 31, 2002.

ACREAGE DATA

The following table sets forth certain information regarding the Company's developed and undeveloped lease acreage as of December 31, 2002. Developed acres refers to acreage within producing units and undeveloped acres refers to acreage that has not been placed in producing units. Leases covering substantially all of the undeveloped acreage in the following table will expire within the next three years. In general, the Company's leases will continue past their primary terms if oil or natural gas in commercial quantities is being produced from a well on such leases.

The table does not include 4,441 and 723 gross acres (4,441 and 723 net) that the Company had a right to acquire in Texas and Louisiana, respectively, pursuant to various seismic option agreements at December 31, 2002. Under the

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