Brigham Exploration Reports Q2 1999 Financial Results and Provides Operational Update.AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas--(BUSINESS WIRE)--Aug. 3, 1999-- Brigham Brigham may refer to the following: Place:
Average net daily production volumes for the second quarter 1999 were 17.2 MMcfe MMcfe Millions of Cubic Feet Equivalent (Per Day; gas exploration) , a decrease of 19% from the second quarter 1998 and roughly flat compared with first quarter 1999 production. Natural gas and oil sales for the second quarter 1999 were $3.6 million compared to $4.0 million for the same period last year, an 11% decrease as higher average equivalent sales prices in the current year period partially offset lower year-over-year production. Earnings before interest, taxes, depreciation, depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able and amortization (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) decreased 12% to $1.9 million in the second quarter 1999 from $2.2 million in the second quarter 1998, while operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for the second quarter 1999 was $660,000 ($0.05 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share), a decrease from $945,000 ($0.08 per diluted share) for the same period in 1998. The Company reported a net loss of $2.8 million ($0.20 per diluted share) before giving effect to a $12.2 million ($0.85 per diluted share) non-cash loss on the sale of properties for the second quarter 1999 compared to a net loss of $627,000 ($0.05 per diluted share) for the prior year period. In connection with the Company's late June 1999 property divestitures, Brigham recorded a $12.2 million non-cash loss on the sale of properties to recognize the difference between the $17.1 million sales price received and the $28.9 million deemed cost basis attributed to the divested properties that was calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the rules of the full-cost method of accounting for oil and gas properties. While the application of the full-cost method of accounting resulted in this non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. to earnings, the Company's cumulative capital investments in these properties, net of operating cash flow received, were less than the proceeds it received in the divestitures. 33% INCREASE IN CURRENT DAILY PRODUCTION RATE Brigham estimates its current net daily production rate to be 19 MMcfe of natural gas, which represents a 10% increase over the Company's 17.2 MMcfe per day average production rate during the second quarter 1999. Excluding net volumes attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to reserves sold by Brigham in its June 1999 property divestitures, the Company's average net daily second quarter 1999 production would have been 14.2 MMcfe per day. As a result, Brigham's estimated current net daily production represents 33% growth over its adjusted second quarter 1999 volumes. This increase is primarily attributable to the successful completion of wells drilled during the first half of 1999 along with successful recompletion and workovers performed by the Company on certain producing wells. Bud Brigham, the Company's Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President, stated, "I am pleased with our Company's significant accomplishments during the first half of 1999 and look forward to building upon and capitalizing on these efforts through our second half drilling program. We completed a number of initiatives established at the outset of 1999 to improve our Company's capital resources, the most recent of which was our June 1999 property sales and the associated increased bank borrowing availability created from these divestitures. Our Company's current net production volumes have increased 33% from the second quarter 1999 on a comparable basis by adjusting for our recent property divestitures, due primarily to our profitable 1999 drilling, despite lower levels of drilling activity than we would have preferred. We expect this production growth to become more apparent in the third quarter, as will our corporate cost reduction initiatives." Bud Brigham further indicated, "We believe our accomplishments thus far in 1999 are indicative indicative: see mood. of the quality and potential impact of our prospect inventory, and that we are well positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. some remarkable and high potential drilling opportunities in the second half of this year. For example, we plan to spud several wells in the amplitude-related Frio Fri·o A river of southern Texas flowing about 354 km (220 mi) south and southeast to the Nueces River. play in South Texas where our Company and other operators have experienced significant recent drilling success. The first well, planned to spud in August, will test an amplitude-related prospect that is analogous analogous /anal·o·gous/ (ah-nal´ah-gus) resembling or similar in some respects, as in function or appearance, but not in origin or development. a·nal·o·gous adj. to that of two nearby wells in the same 3-D program that have each averaged over 30 MMcfe per day during the first ten months of production. If our well proves to be equally productive, it alone would increase our Company's net production volumes and revenue by more than 50%. Therefore, we are very excited about our drilling program planned for the balance of 1999, and we are eager to report the progress of these wells during the next few months." SECOND QUARTER 1999 RESULTS Brigham's net equivalent production volumes in the second quarter 1999 totaled 1.5 Bcfe as compared with volumes of 1.9 Bcfe in the second quarter 1998. Net natural gas production in the second quarter 1999 was 1.0 Bcf, a 17% decrease over the same period in 1998, while net oil production in the current year quarter was 90 MBbls, a 23% decrease from the prior year quarter. The decrease in net production volumes was primarily due to the natural decline of existing producing wells coupled with the Company's disappointing fourth quarter 1998 drilling results. In addition, Brigham's previously reported successful 1999 drilling completions, recompletions and workovers did not meaningfully impact production volumes until late in the second quarter, and will therefore fully impact the Company's third quarter production volumes. Natural gas comprised 65% of Brigham's equivalent second quarter 1999 production volumes as compared with 63% for the prior year period. Partially offsetting the decrease in year-over-year production volumes, the Company's average realized natural gas and oil equivalent sales price increased 11% in the second quarter 1999 as compared to the average realized sales price in the prior year quarter, primarily attributable to improved market prices for crude oil. Brigham's average natural gas sales price for the second quarter 1999 was $2.07 per Mcf compared to $2.09 per Mcf in the second quarter 1998 (a 1% decrease), while the Company's average oil sales price for the second quarter 1999 was $16.24 per Bbl compared to $12.17 per Bbl in the prior year period (a 33% increase). Natural gas hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. gains of $8,425, or $0.01 per Mcf, contributed slightly to the Company's average realized natural gas sales prices during the second quarter 1999. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decreased 8% in the second quarter 1999 from those incurred during the prior year quarter, primarily due to the combined impacts of (i) a 22% reduction in net general and administrative expenses ($891,000 vs. $1.1 million), (ii) 18% lower production taxes and (iii) lower non-cash depletion and stock compensation amortization expenses, partially offset by (iv) a 10% increase in lease operating expenses. Net interest expense increased to $3.0 million in the second quarter 1999 from $1.4 million in the prior year period as a result of increased borrowings and higher effective interest rates. The Company noted that net interest expense reported for the second quarter 1999 of $3.0 million consisted of (i) $1.3 million of cash interest expenses, (ii) $1.8 million of non-cash interest expenses related to the payment of interest on its senior subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. notes through the issuance of additional notes in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. cash and the amortization of deferred financing costs and debt discounts, and (iii) $70,000 of interest income. Capital costs incurred during the second quarter 1999 totaled $2.8 million, including $1.1 million for drilling, $168,000 for acreage leasing, $627,000 for seismic activities (principally processing of data acquired during 1998 and the payment of acquisition obligations incurred prior to 1999), and $973,000 for capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. overhead costs overhead costs see fixed costs. . Offsetting these capital costs incurred, Brigham received $17.1 million before adjustment for transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). from the sales of interests in producing and non-producing oil and natural gas properties located within two non-operated fields in its Anadarko Basin The Anadarko Basin is one of the most prolific natural gas reserves in North America, with ultimate gas production in excess of 100 trillion cubic feet of gas.[1] External links
References 1. province. These property sales closed on June 25, 1999. As a result of the Company's June 1999 property divestitures, Brigham generated approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $8 million of additional borrowing capacity from its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. As previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). , Brigham intends to utilize its increased bank borrowing availability, coupled with cash flow and a portion of the approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. $2 million remaining for drilling under its Duke project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. , to fund the drilling of thirteen wells planned to spud during the third quarter and to fund operations and working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . OPERATIONAL UPDATE During the first half of 1999, Brigham spud 11 gross and 3.4 net wells, representing an average working interest of 31%. Of these wells, the Company has completed seven gross (2.5 net) wells and plugged 3 gross (0.9 net) wells, resulting in drilling success rates of 70% on a gross basis and 73% on a net basis. All of the wells spud by the Company during the first half of 1999 targeted natural gas prospects concentrated in Brigham's 3-D projects in its Anadarko Basin and Gulf Coast core exploration provinces. The Company had three significant completions during the first half of 1999, of which the first began producing to sales in late May 1999 resulting in a partial contribution to Brigham's second quarter production volumes. All three wells should have a significant impact on the Company's third quarter production volumes. These three natural gas wells include two Lower Morrow mor·row n. 1. The following day: resolved to set out on the morrow. 2. The time immediately subsequent to a particular event. 3. Archaic The morning. producers in the Anadarko Basin and one Lower Frio producer in the Gulf Coast province, each of which enhances offset locations or analogous prospects, several of which will be drilled in the second half of 1999. These three completions, in which Brigham retains an average 65% working interest, are currently producing at a combined gross daily rate of 16 MMcfe, or 9.8 MMcfe per day net to Brigham's revenue interest. Brigham spud 2 gross and 0.2 net wells during the second quarter of 1999, representing an average working interest of 12%. One of the Company's second quarter wells, in which Brigham has a 21% working interest, has been completed in the Granite granite, coarse-grained igneous rock of even texture and light color, composed chiefly of quartz and feldspars. It usually contains small quantities of mica or hornblende, and minor accessory minerals may be present. Wash formation at 4,200 feet in Beckham County, Okla., in the Anadarko Basin. This well is currently testing and is expected to begin producing to sales at an estimated rate of 50 Bbls of oil per day by mid-August Noun 1. mid-August - the middle part of August period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" . The other well spud by the Company during the second quarter is currently drilling. Consistent with the Company's current focus to direct substantially all of its resources toward the drilling of its existing prospect inventory, Brigham did not acquire any new 3-D seismic data during the second quarter. With the recently achieved increased borrowing availability from its revolving credit facility, Brigham plans to spud thirteen gross (5.8 net) wells in the third quarter, of which the Company will operate ten. The Company's planned third quarter wells target primarily natural gas prospects in its Anadarko Basin and onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Gulf Coast core provinces within trends where Brigham has experienced recent 3-D based exploration success, including the Morrow, Hunton Hunton, as a person, may refer to:
a North American term commonly used to describe heifers close to term with their first calf. trends in the Anadarko Basin and the Lower Frio and Vicksburg Vicksburg, city (1990 pop. 20,908), seat of Warren co., W Miss., on bluffs above the Mississippi River at the mouth of the Yazoo; inc. 1825. An important port, it is the commercial, processing, and shipping center for a cotton, timber, and livestock area. trends in the Gulf Coast. These wells provide the Company with estimated net unrisked reserve potential of approximately 70 billion cubic feet of equivalent (Bcfe) natural gas. Net of the recently completed property divestitures, Brigham had estimated net total proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. at June 1, 1999, of 71 Bcfe. CONFERENCE CALL INFORMATION Brigham management will host a conference call to discuss the Company's financial and operational results for the second quarter 1999 with investors, analysts and other interested parties on Wednesday Wednesday: see week. , August 4th, at 9:00 a.m. Central time. To participate in the call, please dial 800/633-8414 and ask for the Brigham Exploration conference call (conference identification number 12766156). A recording of the conference call will be available to interested parties approximately one hour after the call is completed through 5:00 p.m. Central time on Thursday Thursday: see week. , August 5th. To access the recording, please dial 800/633-8284 and enter 12766156 as the conference playback Playback could mean:
ABOUT BRIGHAM EXPLORATION Brigham Exploration Company is an independent exploration and production company that applies 3-D seismic imaging and other advanced technologies to systematically explore and develop onshore domestic natural gas and oil provinces. For more information about Brigham Exploration, please visit the Company's Web site at www.bexp3d.com or contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at 512/427-3444. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. DISCLOSURE Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that are based upon current expectations. Important factors that could cause actual results to differ materially from those in the forward-looking statements include risks inherent in exploratory drilling activities, the timing and extent of changes in commodity prices, unforeseen engineering and mechanical or technological difficulties in drilling wells, availability of drilling rigs, land issues, federal and state regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. developments and other risks more fully described in the company's filings with the Securities and Exchange Commission. -0-
BRIGHAM EXPLORATION COMPANY
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data) (unaudited)
Three Months Ended June 30,
---------------------------
1998 1999
------------ ------------
Revenues:
Natural gas and
oil sales $ 3,987 $ 3,555
Workstation revenue 133 71
------------ ------------
4,120 3,626
Costs and expenses:
Lease operating 564 619
Production taxes 262 216
General and administrative 1,139 891
Depletion of natural gas
and oil properties 1,520 1,461
Depreciation and
amortization 92 139
Amortization of stock
compensation 116 55
------------ ------------
3,693 3,381
------------ ------------
Operating income 427 245
Interest expense, net (1,370) (3,084)
Loss on sale of natural gas
and oil properties -- (12,195)
------------ ------------
Net loss before income taxes (943) (15,034)
Income tax benefit 316 --
------------ ------------
Net loss $ (627) $ (15,034)
============ ============
Net loss per share:
Basic $ (0.05) $ (1.05)
Diluted $ (0.05) $ (1.05)
Wt. avg. common shares
outstanding:
Basic 12,254 14,309
Diluted 12,478 14,311
Six Months Ended June 30,
---------------------------
1998 1999
------------ ------------
Revenues:
Natural gas and
oil sales $ 7,130 $ 6,746
Workstation revenue 247 161
------------ ------------
7,377 6,907
Costs and expenses:
Lease operating 978 1,154
Production taxes 450 385
General and administrative 2,293 1,809
Depletion of natural gas
and oil properties 2,790 2,811
Depreciation and
amortization 175 266
Amortization of stock
compensation 233 113
------------ ------------
6,919 6,538
------------ ------------
Operating income 458 369
Interest expense, net (2,355) (5,877)
Loss on sale of natural gas
and oil properties -- (12,195)
------------ ------------
Net loss before income taxes (1,897) (17,703)
Income tax benefit 638 --
------------ ------------
Net loss $ (1,259) $ (17,703)
============ ============
Net loss per share:
Basic $ (0.10) $ (1.28)
Diluted $ (0.10) $ (1.28)
Wt. avg. common shares
outstanding:
Basic 12,254 13,816
Diluted 12,475 13,824
PRODUCTION, SALES PRICES AND OTHER FINANCIAL DATA
(unaudited)
Three Months Ended June 30,
---------------------------
1998 1999
------------ ------------
Avg. net daily production:
Natural gas (MMcf) 13.4 11.2
Oil (Bbls) 1,297 1,005
Equivalent natural gas
(MMcfe) (6:1) 21.2 17.2
Total net production:
Natural gas (MMcf) 1,207 1,005
Oil (MBbls) 117 90
Equivalent natural gas
(MMcfe) (6:1) 1,908 1,548
% Natural gas 63% 65%
Sales prices:
Natural gas ($/Mcf) (a) $ 2.09 $ 2.07
Oil ($/Bbl) $ 12.17 $ 16.24
Equivalent natural gas
($/Mcfe) (6:1) $ 2.07 $ 2.30
Other financial data:
EBITDA ($000) (b) $ 2,155 $ 1,900
Operating cash flow
($000) (c) $ 945 $ 660
Operating cash flow per
diluted share (c) $ 0.08 $ 0.05
Six Months Ended June 30,
---------------------------
1998 1999
------------ ------------
Avg. net daily production:
Natural gas (MMcf) 10.8 11.4
Oil (Bbls) 1,289 992
Equivalent natural gas
(MMcfe) (6:1) 18.5 17.4
Total net production:
Natural gas (MMcf) 1,947 2,053
Oil (MBbls) 232 178
Equivalent natural gas
(MMcfe) (6:1) 3,338 3,123
% Natural gas 58% 66%
Sales prices:
Natural gas ($/Mcf) (a) $ 2.10 $ 2.08
Oil ($/Bbl) $ 13.15 $ 13.85
Equivalent natural gas
($/Mcfe) (6:1) $ 2.14 $ 2.16
Other financial data:
EBITDA ($000) (b) $ 3,656 $ 3,559
Operating cash flow
($000) (c) $ 1,567 $ 1,180
Operating cash flow per
diluted share (c) $ 0.13 $ 0.09
(a) Includes the effects of natural gas hedging gains of $8,425, or
$0.01 per Mcf, in the three months ended June 30, 1999, and
$38,700, or $0.02 per Mcf, and $567,645, or $0.28 per Mcf, in the
six months ended June 30, 1998 and 1999, respectively.
(b) Excludes $12.2 million loss on sale of natural gas and oil
properties in the three and six months ended June 30, 1999
(c) Net income (loss) plus DD&A expenses, deferred income taxes and
other non-cash items.
BRIGHAM EXPLORATION COMPANY
SUMMARY CONSOLIDATED BALANCE SHEETS
(in thousands) (unaudited)
December 31, June 30,
1998 1999
------------ --------------
Assets:
Current assets $ 10,797 $ 6,191
Natural gas and oil properties,
at cost, net 134,317 105,324
Other property and equipment,
at cost, net 2,014 1,888
Other non-current assets 3,388 3,771
------------ --------------
Total assets $ 150,516 $ 117,174
============ ==============
Liabilities and stockholders' equity:
Current liabilities $ 23,513 $ 17,034
Notes payable 59,000 48,250
Senior subordinated notes, net 35,786 38,177
Other non-current liabilities 7,536 2,510
------------ --------------
Total liabilities 125,835 105,971
Stockholders' equity 24,681 11,203
------------ --------------
Total liabilities and
stockholders' equity $ 150,516 $ 117,174
============ ==============
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
Three Months Ended June 30,
---------------------------
1998 1999
------------ ------------
Cash flows from operating activities:
Net loss $ (627) $ (15,034)
Depletion, depreciation and
amortization 1,612 1,600
Interest paid through issuance
of add'l senior sub. notes -- 1,342
Amortization of deferred stock
compensation 116 55
Amortization of deferred
loan fees 160 366
Amortization of discount on
senior subordinated notes -- 136
Loss on sale of natural gas
and oil properties -- 12,195
Changes in deferred income
tax liability (316) --
------------ ------------
Operating cash flow 945 660
Changes in working capital
and other items 159 (6,201)
------------ ------------
Cash flows (used) provided by
operating activities 1,104 (5,541)
Cash flows (used) provided by
investing activities (17,748) 12,272
Cash flows (used) provided by
financing activities 17,950 (10,997)
------------ ------------
Net increase (decrease) in cash and
cash equivalents $ 1,306 $ (4,266)
============ ============
Six Months Ended June 30,
---------------------------
1998 1999
------------ ------------
Cash flows from operating activities:
Net loss $ (1,259) $ (17,703)
Depletion, depreciation and
amortization 2,965 3,077
Interest paid through issuance
of add'l senior sub. notes -- 2,642
Amortization of deferred stock
compensation 233 113
Amortization of deferred
loan fees 266 628
Amortization of discount on
senior subordinated notes -- 228
Loss on sale of natural gas
and oil properties -- 12,195
Changes in deferred income
tax liability (638) --
------------ ------------
Operating cash flow 1,567 1,180
Changes in working capital
and other items (3,259) (2,357)
------------ ------------
Cash flows (used) provided by
operating activities (1,692) (1,177)
Cash flows (used) provided by
investing activities (30,884) 12,718
Cash flows (used) provided by
financing activities 33,981 (11,358)
------------ ------------
Net increase (decrease) in cash and
cash equivalents $ 1,405 $ 183
============ ============
SUMMARY PER MCFE DATA
(unaudited)
Three Months Ended June 30,
---------------------------
1998 1999
------------ -------------
Revenues:
Natural gas and oil sales $ 2.09 $ 2.30
Workstation revenue 0.07 0.05
------------ -------------
2.16 2.35
Costs and expenses:
Lease operating 0.30 0.40
Production taxes 0.14 0.14
General and administrative 0.60 0.58
Depletion of natural gas and
oil properties 0.80 0.94
Depreciation and amortization 0.05 0.09
Amortization of stock
compensation 0.06 0.04
------------ -------------
1.95 2.19
------------ -------------
Operating income $ 0.21 $ 0.16
============ =============
Six Months Ended June 30,
---------------------------
1998 1999
------------ -------------
Revenues:
Natural gas and oil sales $ 2.14 $ 2.16
Workstation revenue 0.07 0.05
------------ -------------
2.21 2.21
Costs and expenses:
Lease operating 0.29 0.37
Production taxes 0.13 0.12
General and administrative 0.69 0.58
Depletion of natural gas and
oil properties 0.84 0.90
Depreciation and amortization 0.05 0.09
Amortization of stock
compensation 0.07 0.04
------------ -------------
2.07 2.10
------------ -------------
Operating income $ 0.14 $ 0.11
============ =============
BRIGHAM EXPLORATION COMPANY
DRILLING AND 3-D SEISMIC ACTIVITY BY REGION
(unaudited)
Q2 1999
------------------------
Gross Net WI%
Anadarko Basin Wells Spud:
Completed 1 0.2 21%
P&A 0 0.0 0%
Drilling 1 0.0 2%
---- ----- -----
Total 2 0.2 12%
==== ===== =====
Success Rate 100% 100%
Sq. Miles Seismic Acquired 0 0 0%
Gulf Coast Wells Spud:
Completed 0 0.0 0%
P&A 0 0.0 0%
Drilling 0 0.0 0%
---- ----- -----
Total 0 0.0 0%
==== ===== =====
Success Rate 0% 0%
Sq. Miles Seismic Acquired 0 0 0%
West Texas Wells Spud:
Completed 0 0.0 0%
P&A 0 0.0 0%
Drilling 0 0.0 0%
---- ----- -----
Total 0 0.0 0%
==== ===== =====
Success Rate 0% 0%
Sq. Miles Seismic Acquired 0 0 0%
Overall Wells Spud:
Completed 1 0.2 21%
P&A 0 0.0 0%
Drilling 1 0.0 2%
---- ----- -----
Total 2 0.2 12%
==== ===== =====
Success Rate 100% 100%
Sq. Miles Seismic Acquired 0 0 0%
Q1-Q2 1999
------------------------
Gross Net WI%
Anadarko Basin Wells Spud:
Completed 7 2.5 35%
P&A 2 0.3 16%
Drilling 1 0.0 2%
---- ----- -----
Total 10 2.8 28%
==== ===== =====
Success Rate 78% 88%
Sq. Miles Seismic Acquired 0 0 0%
Gulf Coast Wells Spud:
Completed 0 0.0 0%
P&A 1 0.6 58%
Drilling 0 0.0 0%
---- ----- -----
Total 1 0.6 58%
==== ===== =====
Success Rate 0% 0%
Sq. Miles Seismic Acquired 0 0 0%
West Texas Wells Spud:
Completed 0 0.0 0%
P&A 0 0.0 0%
Drilling 0 0.0 0%
---- ----- -----
Total 0 0.0 0%
==== ===== =====
Success Rate 0% 0%
Sq. Miles Seismic Acquired 0 0 0%
Overall Wells Spud:
Completed 7 2.5 35%
P&A 3 0.9 30%
Drilling 1 0.0 2%
---- ----- -----
Total 11 3.4 31%
==== ===== =====
Success Rate 70% 73%
Sq. Miles Seismic Acquired 0 0 0%
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