Proved Reserves
The following table summarizes estimates of the proved reserves of oil and gas held by the Company in approximately 4,000 wells. All reserves are located within the United States. All reserve quantity estimates were prepared by a consulting petroleum engineering firm.
Because the determination of reserves is a function of testing, evaluating, developing oil and gas reservoirs and establishing a production decline history, along with product price fluctuations, it would be expected that estimates will change as future information concerning those reservoirs is developed and as market conditions change. Estimated reserve quantities and associated future net revenues are affected by changes in product prices, and these prices have varied substantially in recent years.
| Total Proved Reserves |
Barrels of Oil |
MCF of Gas |
MCFE |
| September 30, 2003 |
835,978 |
28,269,873 |
33,285,741 |
| September 30, 2004 |
760,242 |
28,250,753 |
32,812,205 |
| September 30, 2005 |
634,323 |
27,446,403 |
31,252,341 |
| September 30, 2006 |
575,191 |
30,869,839 |
34,320,985 |
| September 30, 2007 |
822,824 |
37,005,791 |
41,942,735 |
| Production |
Barrels |
MCF |
MCFE |
| Year-ended 9/30/03 |
112,746 |
3,926,124 |
4,602,600 |
| Year-ended 9/30/04 |
114,986 |
3,863,277 |
4,553,193 |
| Year-ended 9/30/05 |
101,581 |
4,011,226 |
4,620,712 |
| Year-ended 9/30/06 |
97,139 |
4,299,142 |
4,881,976 |
| Year-ended 9/30/07 |
107,344 |
5,147,343 |
5,791,407 |
Mineral Acreage
The following table reflects, in each respective state, the approximate number of net fee mineral acres owned by the Company.
| State |
Net Mineral Acres |
| Arkansas |
10,038 |
| Colorado |
8,326 |
| Kansas |
3,082 |
| North Dakota |
11,179 |
| New Mexico |
57,396 |
| Oklahoma |
113,013 |
| Texas |
43,180 |
| Others |
8,478 |
| TOTAL |
254,692 |