| |
| (1) |
Our
all-sources finding cost excludes the coalbed methane unproved
property costs we contributed as a minority investment to Pinnacle
Gas Resources, Inc. in June 2003 and, accordingly, is no longer
included in our consolidated operations. |
For the three year period ended December
31, 2003, our total adjusted costs for development, exploration
and acquisition activities was approximately $83.8 million. Total
exploration, development and acquisition activities for the three
year period ended December 31, 2003 have added approximately 41.9
Bcfe of net proved reserves at an all-sources finding cost of $2.00
per Mcfe.
Our finding and development costs have
historically fluctuated on a year-to-year basis. Finding and development
costs, as measured annually, may not be indicative of our ability
to economically replace oil and natural gas reserves because the
recognition of costs may not necessarily coincide with the addition
of proved reserves.
DEVELOPMENT, EXPLORATION AND ACQUISITION CAPITAL
EXPENDITURES
The following table sets forth certain
information regarding the gross costs incurred in the purchase of
proved and unproved properties and in development and exploration
activities.
| (1) |
Excludes
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, and includes capitalized
overhead of $1.0 million, $1.0 million and $1.4 million for
the years ended December 31, 2001, 2002 and 2003, respectively.
The table also includes non-cash asset retirement obligations
of |
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