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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.
| (1) |
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 $3.1 million,
$2.9 million and $2.9 million for the years ended December 31, 2002,
2003 and 2004, respectively. We have also included capitalized overhead
in our finding cost of $1.0 million, $1.4 million and $1.7 million
for the years ended December 31, 2002, 2003 and 2004, respectively.
We have also included non-cash asset retirement obligations of $0.7
and $0.5 million for the years ended December 31, 2003 and 2004,
respectively.
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