Productive Wells
As of December 31, 2011, we had working interests in 3,190 gross (2,879 net) active producing oil
wells and 1,423 gross (209 net) active producing gas wells. One or more completions in the same well
bore are counted as one well. If any well in which one of the multiple completions is an oil completion,
then the well is classified as an oil well. As of December 31, 2011, we owned an interest in two gross
wells containing multiple completions.
Drilling Activities
The number of oil and gas wells completed during the years ended December 31, 2011, 2010 and
2009 is set forth below:
Year Ended December 31,
2011
2010
2009
Gross Net Gross Net Gross Net
Exploratory Wells
(1)
Oil . . . . . . . . . . . . . . 36.0 27.6
6.0
3.1
1.0 1.0
Gas . . . . . . . . . . . . 443.0 42.7 318.0 38.3 156.0 19.6
Dry . . . . . . . . . . . . .
3.0
-
4.0
2.2 10.0 6.6
482.0 70.3 328.0 43.6 167.0 27.2
Development Wells
Oil . . . . . . . . . . . . . . 192.0 165.2 109.0 106.4 16.0 12.7
Gas . . . . . . . . . . . . . 67.0 22.5
8.0
2.7 24.0 12.4
Dry . . . . . . . . . . . . .
2.0
1.9
1.0
1.0
1.0 0.2
261.0 189.6 118.0 110.1 41.0 25.3
743.0 259.9 446.0 153.7 208.0 52.5
(1) Includes extension wells.
At December 31, 2011, there were 148 gross exploratory and 37 gross development wells (34.1
net exploratory and 6.5 net development wells) in progress including 147 wells in the Haynesville Shale
area where we had approximately 29 rigs actively drilling horizontal wells at year-end. We had 35 wells
in progress in the Eagle Ford Shale where we had seven rigs actively drilling horizontal wells at
year-end.
Investment
At December 31, 2011 and 2010, we owned 51.0 million shares of McMoRan common stock,
approximately 31.6% and 32.4%, respectively, of its common shares outstanding. McMoRan is a
publicly traded oil and gas exploration and production company (New York Stock Exchange listing
MMR) engaged in the exploration, development and production of natural gas and oil in the United
States, specifically offshore in the shallow waters of the Gulf of Mexico Shelf and onshore in the Gulf
Coast area. We acquired the McMoRan common stock and other consideration in exchange for all of
our interests in our Gulf of Mexico leasehold located in less than 500 feet of water. See Items 1
and 2 – Business and Properties – Divestments.
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