The table below summarizes our total crude oil production volumes subject to derivative transactions during 2004 and the weighted average NYMEX reference price for those volumes.

At December 31, 2003 and 2004 we had the following outstanding hedge positions:

In addition to the hedge positions above, during the second quarter of 2003, we acquired options to sell 6,000 MMBtu of natural gas per day for the period July 2003 through August 2003 (552,000 MMBtu) at $8.00 per MMBtu for approximately $119,000. We acquired these options to protect our cash position against potential margin calls on certain natural gas derivatives due to large increases in the price of natural gas. These options were classified as derivatives. As of December 31, 2003, these options have expired and a charge of $119,000 has been included in other income and expense for the year ended December 31, 2003.

Since year-end 2004, we entered into costless collar arrangements covering 1,099,000 MMBtu of natural gas for April 2005 through December 2005 production comprised as follows: 455,000 MMbtu in the second quarter 2005 with average floor and ceiling prices of $6.10 and $7.50, respectively, 368,000 MMbtu in the third quarter 2005 with average floor and ceiling prices of $6.15 and $7.69, respectively, and 276,000 MMbtu in the fourth quarter 2005 with average floor and ceiling prices of $6.00 and $8.60, respectively. We also entered into swap arrangements covering 27,100 Bbls of crude oil for February 2005 and June 2005 production at an average fixed price of $50.19.

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