SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (or Date of Earliest Event Reported):
September 8, 2000
HALLWOOOD ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Commission File Number 0-9579
Delaware 84-1489099
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
4610 South Ulster Street
Suite 200
Denver, Colorado 80237
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 850-7373
<PAGE>
ITEM 5. OTHER EVENTS
On September 8, 2000, Hallwood Energy Corporation ("Hallwood" or the "Company")
issued a press release announcing its property acquisition. A copy of this press
release is attached hereto as Exhibit 99.1.
On September 14, 2000, Hallwood issued an operational activity update press
release. A copy of this press release is attached hereto as Exhibit 99.2
On November 8, 2000 Hallwood issued its third quarter earnings press release. A
copy of this press release is attached hereto as Exhibit 99.3.
ITEM 7(c). EXHIBITS FILED
Exhibit Number Description
99.1 Property Acquisition Press Release, dated September 8, 2000.
99.2 Operational Activity Update Press Release, dated September 14, 2000.
99.3 Third Quarter Earnings Press Release, dated November 8, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: November 20, 2000 Hallwood Energy Corporation
By: /s/ Cathleen M. Osborn
Cathleen M. Osborn
Vice President
<PAGE>
EXHIBIT 99.1
Hallwood Energy Corporation FOR IMMEDIATE RELEASE
4610 South Ulster Street Contact: William J. Baumgartner
Post Office Box 378111 (303) 850-7373
Denver, CO 80237 website: http://www.hallwoodenergy.com
September 8, 2000
HALLWOOD ENERGY CORPORATION ANNOUNCES
STRATEGIC ACQUISITION
Hallwood Energy Corporation (NASDAQ: HECO and HECOP) ("Hallwood") today
reported that it purchased certain assets in Texas and Louisiana. Hallwood
has acquired interests in 34 producing wells, 5 service wells and 69
inactive wells in five fields located in Chambers, San Patricio and Frio
Counties of Texas and St. James and Assumption Parishes of Louisiana. Total
consideration was approximately $4 million cash and 417,406 shares of
Hallwood common stock. The properties acquired have been independently
engineered to include approximately 13 Bcfe of proved reserves. This yields
an estimated purchase cost per Mcfe to Hallwood of $0.60.
Probable, possible and exploratory reserve potential exists throughout the
acquisition and most notably in the Lapice Field in Louisiana. The Lapice
field was discovered by Shell in 1937 and has produced 42 million barrels
of oil to date. Hallwood feels that significant additional recoveries may
be gained with the application of 3-D seismic imaging. Russ Meduna,
Executive Vice President of Hallwood commented, "Salt domes tend to be
geologically complex and are ideally suited to 3-D seismic. 3-D seismic
technology has not been employed on this dome and Hallwood estimates
unrisked gross reserve potential from this dome, by analogy to other salt
domes, could yield between 70 and 100 Bcfe".
South Mays field of Chambers County Texas contains approximately 4,400
acres of undeveloped leasehold held predominately by existing production
and with potential Vicksburg and Frio pay sands. 3-D seismic may be
deployed in this area as well.
Hallwood believes that this acquisition fits strategically with its ongoing
Gulf Coast and South Texas activity and Hallwood will operate virtually all
of the properties acquired.
Hallwood Energy Corporation is a public oil and gas company based in
Denver, Colorado with properties primarily located in the San Juan Basin in
New Mexico and Colorado, South Texas, Permian Basin and onshore South
Louisiana.
This press release may contain projections and other forward-looking
statements within the meaning of federal securities laws. Any such
projections or statements reflect the Company's current views with respect
to future events and financial performance. No assurances can be given,
however, that these events will occur or that such projections will be
achieved and actual results could differ materially from those projected. A
discussion of important factors that could cause actual results to differ
materially from those projected is included in the Company's periodic
reports filed with the Securities and Exchange Commission. Such factors
include, among others, risks inherent in exploration and development
activities generally, mechanical risks, risks that reserve estimates are
inaccurate and uncertainties regarding future gas and oil prices and the
availability of capital.
-END-
EXHIBIT 99.2
Hallwood Energy Corporation FOR IMMEDIATE RELEASE
4610 South Ulster Street Contact: William J. Baumgartner
Post Office Box 378111 V.P.Finance & C.F.O.
Denver, CO 80237 (303) 850-7373
Website:http://www.hallwoodenergy.com
September 14, 2000
HALLWOOD ENERGY CORPORATION ANNOUNCES PREFERRED DIVIDEND
DECLARATION AND OPERATIONAL ACTIVITY UPDATE
DIVIDEND
Denver, Colorado -- Hallwood Energy Corporation (NASDAQ: HECO and HECOP)
("Hallwood") today announced it has declared a quarterly dividend of $0.25 per
Series A Cumulative Preferred Share payable on November 15, 2000 to Preferred
Shareholders of record on September 30, 2000.
OPERATIONS
As previously announced, Hallwood purchased interests in 34 producing wells, 5
service wells and 69 inactive wells in five fields located in Chambers, San
Patricio and Frio Counties in Texas and St. James and Assumption Parishes in
Louisiana. The properties include 13 Bcfe of proved reserves, comprised of 21%
proved developed producing reserves 76% proved undeveloped reserves and 3%
proved developed non producing reserves. Hallwood plans to spend approximately
$4,000,000 over the next two years to develop the PUD and PDNP reserves.
Additionally, Hallwood expects to spend more than $2,000,000 over the next two
years to acquire or to shoot 3-D seismic imaging in the Lapice Field in
Louisiana and in the South Mays Field of Chambers County Texas. The proved
developed producing reserves from this acquisition are expected to produce
approximately 2.5 MMcfde net to Hallwood.
Hallwood has been active in the Yoakum Gorge area of Lavaca County, Texas since
1998. During 1999 Hallwood completed an acquisition of interests in 34 wells
located in this area and since then has participated in the successful drilling
and completion of 9 wells. The gross completed well costs in this area range
from $2,300,000 to $5,300,000 and the gross reserve potential per well ranges
from 3 to 12 Bcfe. Currently in this area, Hallwood is involved in the
completion or recompletion of 2 wells, with working interests of 29% and 90%.
Hallwood will operate the latter property. During the remainder of the year,
Hallwood plans to participate in the drilling of 2 additional wells in the
Yoakum Gorge area.
Hallwood, along with many other industry partners, made application to the
Colorado Oil and Gas Commission for field wide infill drilling in the Fruitland
Coal formation. The application was to reduce the present 320-acre spacing units
to 160 acres, because the existing spacing units could not be adequately drained
by a single well. Approval was granted in July 2000, and could result in as many
as 18 locations on the acreage in which Hallwood has an indirect interest
through its special purpose tax credit vehicle. It is not yet known what the
economic effect will be of any contractual requirements related to drilling on
the tax credit vehicle acreage. Hallwood anticipates that infill drilling could
begin as soon as 2001, subject to the resolution of drilling and lease rights
issues that currently exist. Gross reserves per well average 4.5 Bcfe with gross
average total well costs of $492,000. In addition to the Colorado locations,
Hallwood has the potential for 14 similar locations in New Mexico if infill
drilling is permitted there. Total completed well costs in this area average
$354,000 and average gross reserves per well of 3.6 Bcfe. Overall, Hallwood's
drilling program in this area is anticipated to yield finding and development
costs of $0.35 to $0.45 per mcfe, on a net basis and net reserve additions of up
to 71 Bcfe. Additional upside may exist as evidenced by secondary recovery
projects already underway in the San Juan Basin. These pilot secondary recovery
projects involving CO2 and Nitrogen injection may be additive to Hallwood
properties. There can be no assurance that these projects will yield positive
results but current data suggests that an additional 200 Bcfe of gross
recoverable gas may exist.
Hallwood's plan to participate in the drilling of an exploration well in South
Louisiana during the fourth quarter of 2000 will be moved to the first quarter
of 2001 pending rig availability. Hallwood will have an approximate 33% working
interest in this well which has unrisked reserve potential of 200 Bcfe. Hallwood
also plans to participate in the reentry of a directionally drilled 10,000 foot
exploration well in the Big Hum formation from the shore to the bottom hole
location under the waters of the Gulf of Mexico. A twenty-three square mile
proprietary seismic shoot has been completed in the area. Hallwood will have an
approximate 25% working interest in this well which has unrisked reserve
potential of 20 Bcfe.
Hallwood is contemplating an infill drilling program in its Greater Permian
location. Hallwood estimates that over one hundred 80 acre infill drilling
locations exist in this area and that the top 40 prospects could yield a rate of
return in excess of 40% at commodity pricing lower than current pricing. West
Texas Permian production is very predictable, and a drilling program coupled
with an appropriate crude oil hedging program can be expected to yield
relatively safe and adequate returns.
Commodity prices have risen dramatically over the last twelve months and
Hallwood has benefited from this situation. Based upon our originally forecasted
production for calendar 2000, we estimate that a $0.10 change in natural gas
prices will produce a $1,400,000 change in revenues, a $0.12 change in cash flow
per share and an $0.08 change in earnings per share. Additionally, a $1.00
change in crude oil prices yields a $345,000 change in revenues, a $0.03 change
in cash flow per share and a $0.02 change in earnings per share. The above
estimates include the effects of existing commodity swaps and collar
arrangements.
Hallwood's original capital budget of $24,000,000 has been adjusted to
$32,000,000 to reflect share repurchases, property acquisitions and expanded
exploration and development activity.
Hallwood Energy Corporation is a public oil and gas company based in Denver,
Colorado with properties primarily located in the San Juan Basin in New Mexico
and Colorado, South Texas, Permian Basin and onshore South Louisiana.
This press release may contain projections and other forward-looking statements
within the meaning of federal securities laws. Any such projections or
statements reflect the Company's current views with respect to future events and
financial performance. No assurances can be given, however, that these events
will occur or that such projections will be achieved and actual results could
differ materially from those projected. A discussion of important factors that
could cause actual results to differ materially from those projected is included
in the Company's periodic reports filed with the Securities and Exchange
Commission. Such factors include, among others, risks inherent in exploration
and development activities generally, mechanical risks, risks that reserve
estimates are inaccurate and uncertainties regarding future gas and oil prices
and the availability of capital.
~END~
EXHIBIT 99.3
Hallwood Energy Corporation FOR IMMEDIATE RELEASE
4610 South Ulster Street Contact: William J. Baumgartner
Post Office Box 378111 (303) 850-6237
Denver, CO 80237 website: http://www.hallwoodenergy.com
November 8, 2000
HALLWOOD ENERGY CORPORATION ANNOUNCES
RESULTS FOR THIRD QUARTER 2000
Denver, Colorado - Hallwood Energy Corporation (NASDAQ: HECO and HECOP0)
("Hallwood") today reported its results for the third quarter and nine months
ended September 30, 2000. Hallwood Energy Corporation began operations on June
8, 1999, in connection with the consolidation ("Consolidation") of Hallwood
Energy Partners, L.P. ("HEP") and Hallwood Consolidated Resources Corporation
and the acquisition of the direct energy interest of The Hallwood Group
Incorporated ("Hallwood Group"). For accounting purposes, the Consolidation has
been treated as a purchase transaction by HEP. Since HEP was considered to be
the acquiring entity, all information for periods prior to June 8, 1999
represents the historical information of HEP. All share and per share
information prior to June 8, 1999 has been retroactively restated to reflect the
corporate structure of Hallwood.
THIRD QUARTER OF 2000 COMPARED WITH THIRD QUARTER OF 1999
Total revenues for the third quarter of 2000 were $20, 737,000, compared to
$16,943,000 for the third quarter of 1999. Gas production was 5.3 bcf for the
third quarter of 2000 and 5.5 bcf for the third quarter of 1999. The decrease in
gas production is primarily due to the property sales during the first and
second quarters of 2000, partially offset by increased production from
successful drilling projects during 2000. The price (including hedge effects)
received for gas production for the third quarter of 2000 was $2.84 per mcf,
compared to $1.95 per mcf for the third quarter of 1999. Approximately 86% of
Hallwood's production during the third quarter of 2000 was comprised of natural
gas production.
Oil production totaled 149,000 barrels for the third quarter of 2000, compared
to 278,000 barrels for the third quarter of 1999. The decrease in oil production
is primarily due to property sales during the first and second quarters of 2000.
The oil price (including hedge effects) received for third quarter 2000
production was $23.51 per barrel, compared to $18.21 per barrel for the third
quarter of 1999.
During the quarter ended September 30, 2000, the common shareholders had net
income of $6,767,000, compared to $155,000 during the quarter ended September
30, 1999. Net income per fully diluted share was $0.70 and $0.02 respectively.
Hallwood currently has hedging arrangements in place covering an aggregate of
296,000 barrels of oil and 18.3 bcf of gas that extended through 2002. This
represents less than 9% of the Company's total forecasted reserves reported at
December 31, 1999. The contract delivered prices under the hedges range from
$18.55 to $20.59 per barrel of oil and from $1.95 to $2.16 per mcf of gas.
<PAGE>
Hallwood may hedge additional production volumes in the future, but until it
does so, its realized prices for the remainder of its production will depend on
market conditions. In order to reduce the impact of interest rate fluctuations,
the Company has entered into fixed rate swaps of between $45,000,000 and
$6,000,000 per year of its variable rate debt through 2004 at interest rates
ranging from 5.23% to 5.65%.
Cash flow from operations, before changes in working capital was $13,136,000, or
$1.36 per fully diluted share for the third quarter of 2000, compared to
$7,476,000, or $0.75 per fully diluted share for the corresponding quarter in
1999. Hallwood's fully diluted weighted average shares outstanding totaled
9,649,000 and 10,000,000 during the third quarters of 2000 and 1999,
respectively. The decrease in the fully diluted weighted average shares
outstanding was primarily due to the shares repurchased during the first nine
months of 2000 partially offset by the Consolidation and by the common shares
issued during the third quarter of 2000 in connection with a property
acquisition.
FIRST NINE MONTHS OF 2000 COMPARED TO FIRST NINE MONTHS OF 1999
Total revenues for the nine months ended September 30, 2000 was $62,265,000,
compared to $38,993,000 for 1999. Oil and gas prices (including hedge effects)
averaged $23.80 per barrel and $2.55 per mcf for the first nine months of 2000,
compared to $15.52 per barrel and $1.89 per mcf for the first nine months of
1999. Oil and gas production for the first nine months of 2000 was 533,000
barrels and 17.1 bcf, compared to 661,000 barrels and 13.0 bcf for the first
nine months of 1999. During the first nine months of 2000 and 1999, the common
shareholders had net income of $14,215,000 and $350,000, respectively. Net
income was $1.46 per fully diluted common share for the first nine months of
2000, and $0.05 per fully diluted common share for the first nine months of
1999.
THIRD QUARTER OF 2000 COMPARED TO SECOND QUARTER OF 2000
Total revenues for the third quarter of 2000 were $20,737,000 compared to
$19,719,000 during the second quarter of 2000. Oil and gas prices (including
hedge effects) averaged $23.51 per barrel of oil and $2.84 per mcf of gas during
the third quarter of 2000, compared to $23.35 per barrel of oil and $2.70 per
mcf of gas during the second quarter of 2000. Oil and gas production for the
third quarter of 2000 was 149,000 barrels of oil and 5.3 bcf compared to 130,000
barrels of oil and 5.5 bcf for the second quarter of 2000. Net income to common
shareholders was $6,767,000 during the third quarter of 2000 compared to
$3,616,000 during the second quarter of 2000. Cash flows from operations before
working capital changes totaled $13,136,000 during the third quarter of 2000
compared to $10,536,000 for the second quarter of 2000. The reduction in
equivalent volumes is due predominately to the sale of nonstrategic property in
the first and second quarters of 2000 partially offset by increased production
from successful drilling projects during 2000.
PROPERTY DISCUSSION
During the first nine months of 2000, Hallwood sold its interests in
approximately 500 nonstrategic oil and gas wells located in the Keystone, Merkle
and Weesatche areas of Texas, as well as various wells in Kansas, Oklahoma,
North Dakota and Montana. The net proceeds from all of the Company's property
sales during the first nine months of 2000 were $21,437,000 of which $21,000,000
was used to pay down borrowings under Hallwood's line of credit. The completion
of these sales has enabled the Company to better focus on its core areas within
Colorado, New Mexico, Texas and Louisiana, and at the same time reduce its level
of debt and administrative overhead. The wells sold represent approximately 35%
of Hallwood's total well count, approximately 16% of Hallwood's reserve value
and approximately 11% of the projected year 2000 operating
<PAGE>
cash flow based on five-year average reserve pricing. As a result of these sales
and other overhead reductions, annualized general and administrative costs are
expected to decrease by $700,000 to $900,000. Additionally, the disposition of
these nonstrategic properties has enabled the Company to reduce its debt to book
capitalization ratio to approximately 47%.
During the first nine months of 2000, Hallwood completed a 13,600-foot Bol Mex 3
well in Lafayette Parish, Louisiana. This well is operated by Hallwood and had
stabilized production rates of approximately 25,000 mcf per day, 500 barrels of
oil per day from lower Bol Mex 3 zones through mid-August, but has since been
choked back to its current level of approximately 10,000 mcf of gas per day and
225 barrels of oil per day. Hallwood owns an approximate 35% working interest in
the well, which began producing in mid-May. The originally targeted upper zone
will remain as behind pipe proved nonproducing reserves while the lower zone is
produced. Hallwood's plans in the area include a Bol Mex 16 exploration well
testing sands productive in nearby fields. Subject to drilling rig availability,
drilling is expected to commence in the first quarter of 2001.
During the first nine months of 2000, HEC participated with three different
operators in six drilling or recompletion projects that are located in the
Yoakum Gorge area in Lavaca County, Texas. Four of the wells, with working
interests of 12.5%, 3.1%, 15.9% and 12.5%, are producing at a combined rate of
8,000 gross mcf per day, and another well having a 28.9% working interest is
awaiting a decision on whether to sidetrack the well to a more optimum position
relative to area faulting. One recompletion project in which Hallwood has a
28.8% working interest is currently producing 4,500 mcf per day. Hallwood also
has a 20.8% working interest in a successful 16,500-foot discovery well that was
completed in the Upper Wilcox formation and is currently producing 8,000 mcf per
day.
During the first nine months of 2000, Hallwood participated in the completion of
two wells drilled during 1999 in the Bell prospect located in Houston County,
Texas. The Company may drill one additional well in this area during the fourth
quarter of 2000 or in 2001, subject to rig availability. Hallwood will have a
35% working interest in this well.
Hallwood, along with many other industry partners, has made application to the
Colorado Oil & Gas Commission for fieldwide infill drilling of the Fruitland
Coal Formation. The application was to reduce the present 320-acre spacing units
to 160 acres, because the existing spacing units cannot be adequately drained by
a single well. Approval was granted in July 2000, and could result in as many as
18 possible locations on the acreage in which Hallwood has an indirect interest
through it special purpose tax credit vehicle. Hallwood anticipates that infill
drilling in Colorado may begin as soon as 2001, and is actively making
preparations to do so. Hallwood historically has not included these locations in
its proved reserve base, but plans to classify most of these as proved
undeveloped by year end. Fifteen of the eighteen potential locations are
considered proven undeveloped and should increase proven reserves by
approximately 35 bcf. In addition to the Colorado locations, Hallwood has
potential for 12 similar locations in New Mexico if infill drilling is permitted
there. None of the New Mexico locations are considered proven at this point.
On August 30, 2000, Hallwood completed the acquisition of interests in 34
producing wells, five service wells and 69 inactive wells in five fields,
located in South Texas and Louisiana. The acquisition also includes 7,000 acres
of undeveloped leasehold and 3-D seismic data. Total consideration included
approximately $4,000,000 in cash and 417,406 shares of Hallwood's common stock
valued at $3,314,000. Hallwood estimates the acquisition will add approximately
13 bcfe of proven reserves, 21% of which are proved developed producing;
Hallwood believes this acquisition fits strategically with its ongoing
activities in the Gulf Coast and South Texas and Hallwood will operate virtually
all of the properties acquired.
<PAGE>
PRODUCTION AND CAPITAL SPENDING
Hallwood expects total year 2000 production to approximate 27.0 bcfe which will
represent an increase of 13% over the 23.8 bcfe produced in 1999. September
daily production totaled 67 mmcfe per day which is approximately 5 mmcfe/day
lower than June 2000 production rates. The reduction in rate is due primarily to
reduced rates from the Bol Mex 3 well described above (4 mmcfe/day net), high
line pressure in its South Canyon production area (1 mmcfe/day net) and
continuing line pressure problems with San Juan Basin production. Hallwood
expects to address the problems causing the rate reductions through remedial
downhole procedures which may reinstate higher or initial production rates on
the Bol Mex 3 well (if the procedures are deemed to be economically viable), as
well as the addition of new gas sales delivery points in the San Juan Basin
scheduled for connection this year, which may yield 4 - 5 mmcfde of increased
production net to Hallwood. Hallwood is also pursuing line looping with the
gatherer for South Canyon, however, no definite plans exist at this time.
Hallwood is experiencing what it believes to be an industry wide shortage of oil
field goods and services. This shortage has resulted in the delay of drilling
certain wells and other work procedures and may continue to cause delays in
future periods. Hallwood is unable to quantify the potential impact of the
foregoing on estimated production, sales or any other economic barometer.
Capital spending is expected to reach $32 million for the year 2000. Hallwood
has not set a budget for the year 2001 and expects to do so in early 2001.
STOCK REPURCHASES
Under the previously reported odd-lot preferred and common stock repurchase
offer, HEC repurchased 213,404 shares of common stock on behalf of 6,734
investors at an average price of $6.19 per share and 26,776 shares of preferred
stock on behalf of 5,701 investors at an average price of $7.84 per share.
During the first nine months of 2000, HEC also purchased 551,050 shares of
common stock at prices ranging from $4.10 to $8.63 per share. HEC also
repurchased 43,816 shares of Series A Preferred Stock from its affiliate,
Hallwood Group for $303,426.
The Company's management will be holding a teleconference call on Thursday,
November 9, 2000, at 9 a.m. Mountain Standard Time to review results for the
third quarter and nine months ended September 30, 2000. To participate in the
call, please call 800-482-5519, Conference ID# 843043, at least five minutes
prior to the scheduled start time.
HEC is a public oil and gas company based in Denver, Colorado with properties
primarily located in the San Juan Basin in New Mexico and Colorado, Texas and
onshore South Louisiana.
This press release may contain projections and other forward-looking statements
within the meaning of federal securities laws. Any such projections or
statements reflect the Company's current views with respect to future events and
financial performance. No assurances can be given, however, that these events
will occur or that such projections will be achieved and actual results could
differ materially from those projected. A discussion of important factors that
could cause actual results to differ materially from those projected is included
in the Company's periodic reports filed with the Securities and Exchange
Commission. Such factors include, among others, risks inherent in exploration
and development activities generally, mechanical risks, risks that reserve
estimates are inaccurate and uncertainties regarding future gas and oil prices
and the availability of capital.
<PAGE>
<TABLE>
<CAPTION>
HALLWOOD ENERGY CORPORATION
SUMMARIZED FINANCIAL INFORMATION
THIRD QUARTER 2000 AND 1999
(In thousands except per share and prices)
Quarter Ended September 30, Nine Months Ended September 30,
2000 1999 2000 1999
---- ---- ---- ----
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Oil and gas revenue $18,598 $15,643 $56,355 $34,877
Other revenue 2,139 1,300 5,910 4,116
------- ------- ------- -------
Total revenue 20,737 16,943 62,265 38,993
------ ------ ------ ------
Depreciation and depletion 6,039 6,423 18,665 15,235
Other expenses 8,977 9,557 28,122 21,474
------- ------- ------ ------
Total revenue 15,016 15,980 46,787 36,709
------ ------ ------ ------
Income before income tax expense (benefit)
Income tax expense (benefit) (1,612) 256 (442) 182
------ --------- -------- --------
New income $ 7,333 $ 707 $15,920 $ 2,102
======= ========= ====== =======
Net income attributable to common shareholders
Net income per share - Basic $ .72 $ .02 $ 1.46 $ .05
========= ========== ========= =========
Net income per share - Diluted $ .70 $ .02 $ 1.46 $ .05
========= ========== ========= =========
Production:
Oil - barrels 149 278 533 661
Gas - mcf 5,308 5,476 17,095 13,016
Price:
Oil - per barrel $23.51 $18.21 $23.80 $15.52
Gas - per mcf $ 2.84 $ 1.95 $ 2.55 $ 1.89
</TABLE>
