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(1) Excludes capitalized interest on unproved properties of
$10.0 million, $5.8 million and $2.9 million for the years
ended December 31, 2006, 2005 and 2004, respectively, and
includes capitalized overhead of $3.5 million, $2.1 million
and $1.7 million for the years ended December 31, 2006, 2005
and 2004, respectively. The table also includes non-cash asset
retirement obligations of $0.3 million, $1.8 million and $0.5
million, respectively, for the years ended December 31, 2006,
2005 and 2004, respectively.
Drilling Activity
The following table sets forth our
drilling activity for the years ended December 31, 2006, 2005
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, 2006 has resulted
in an apparent commercial success rate of approximately 79%.
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The table excludes 12 gross (2.3 net)
and six gross wells (1.1 net) drilled by CCBM during 2004
and 2005, respectively. The wells are in various stages of
development and/or stages of production and are described
in “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, 2006. This table excludes
all wells drilled or acquired by CCBM through 2003, a majority
of which were contributed to Pinnacle in that year.
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