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VOLUMES, PRICES AND OIL & NATURAL GAS OPERATING
EXPENSE
The following table sets forth certain
information regarding the production volumes of, average sales prices
received for and average production costs associated with our sales
of oil and natural gas for the periods indicated. The table includes
the cash impact of hedging activities and the effect of certain
hedge positions with an affiliate of Enron Corp. reclassified as
derivatives during November 2001.
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Includes
direct lifting costs (labor, repairs and maintenance, materials
and supplies), workover costs and the administrative costs of
production offices, insurance and property and severance taxes. |
FINDING AND DEVELOPMENT COSTS
The table below reconciles our calculation
of finding cost to our costs incurred in the purchase of proved
and unproved properties and in development and exploration activities,
excluding capitalized interest on unproved properties of $3.2 million,
$3.1 million and $2.9 million for the years ended December 31, 2001,
2002 and 2003, respectively. We have also included capitalized overhead
in our finding cost of $1.0 million, $1.0 million and $1.4 million
for the years ended December 31, 2001, 2002 and 2003, respectively.
We have also included non-cash asset retirement obligations of $0.7
million for the year ended December 31, 2003.
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