Properties & Production

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, 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
September 30, 2008 989,960 48,150,670 54,090,430

Production Barrels MCF MCFE
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
Year-ended 9/30/08 132,402 6,928,038 7,722,450

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 10,030
Colorado 8,326
Kansas 3,082
North Dakota 11,179
New Mexico 57,396
Oklahoma 113,004
Texas 43,179
Others 8,465
TOTAL 254,661