PV-10 Value. The present value of estimated
future revenues to be generated from the production of proved reserves
calculated in accordance with Securities and Exchange Commission
guidelines, net of estimated production and future development costs,
using prices and costs as of the date of estimation without future
escalation, without giving effect to non-property related expenses
such as general and administrative expenses, debt service, future
income tax expense and depreciation, depletion and amortization,
and discounted using an annual discount rate of 10%.
Recompletion. The completion for production
of an existing well bore in another formation from that in which
the well has been previously completed.
Reservoir. A porous and permeable underground
formation containing a natural accumulation of producible oil and/or
gas that is confined by impermeable rock or water barriers and is
individual and separate from other reservoirs.
Royalty interest. An interest in an
oil and natural gas property entitling the owner to a share of oil
or natural gas production free of costs of production.
3-D seismic data. Three-dimensional
pictures of the subsurface created by collecting and measuring the
intensity and timing of sound waves transmitted into the earth as
they reflect back to the surface.
Undeveloped acreage. Lease acreage
on which wells have not been drilled or completed to a point that
would permit the production of commercial quantities of oil and
natural gas regardless of whether such acreage contains proved reserves.
Working interest. The operating interest
that gives the owner the right to drill, produce and conduct operating
activities on the property and a share of production.
Workover. Operations on a producing
well to restore or increase production.
ITEM 3. LEGAL PROCEEDINGS
From time to time, we are party to certain
legal actions and claims arising in the ordinary course of business.
While the outcome of these events cannot be predicted with certainty,
management does not expect these matters to have a materially adverse
effect on our financial position or results of operations.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE
OF SECURITY HOLDERS
None.
EXECUTIVE OFFICERS OF THE REGISTRANT
Pursuant to Instruction 3 to Item 401(b) of
Regulation S-K and General Instruction G(3) to Form 10-K, the following
information is included in Part I of this Form 10-K.
The following table sets forth certain information
with respect to our executive officers.
(1) Mr. Fisher became our Chief Operating
Officer on March 29, 2005.
Set forth below is a description of the backgrounds
of each of our executive officers.
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