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Excludes 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, and includes capitalized overhead of $1.0 million, $1.4
million and $1.7 million for the years ended December 31, 2002, 2003 and
2004 respectively. The table also includes non-cash asset retirement
obligations of $0.7 and $0.5 million, respectively, for the year ended
December 31, 2003 and 2004, respectively. |
DRILLING ACTIVITY
The following table sets forth our drilling
activity for the years ended December 31, 2002, 2003 and 2004. In
the table, "gross" refers to the total wells in which we have a
working interest and "net" refers to gross wells multiplied by our
working interest therein. Our drilling activity from January 1,
1996 to December 31, 2004 has resulted in a commercial success rate
of approximately 73%.
At December 31, 2003 and 2004, we had ownership
in 12 and 11 gross (3.2 and 2.7 net) wells, respectively, with dual
completion in single bore holes. The above table excludes 77 gross
(29 net) wells drilled or acquired by CCBM through 2003, a majority
of which were contributed to Pinnacle during 2003. The table also
excludes 12 gross (2.3 net) wells drilled by CCBM during 2004. The
wells contributed to Pinnacle are in various stages of development
and/or stages of production. See "Wyoming/Montana Coalbed Methane
Project Area" above.
PRODUCTIVE WELLS
The following table sets forth the number of
productive oil and natural gas wells in which we owned an interest
as of December 31, 2004. This table excludes all wells drilled or
acquired by CCBM through 2003, a majority of which were contributed
to Pinnacle in that year.
14
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