2004 First Quarter Highlights
Strong oil and gas prices contributed to a solid quarter -
- Revenues - $60.8 million
- Cash Flow From Operations - $37.5 million
Debt refinancing in February -
- Loss from early extinguishment of 11¼% bonds of $12.6 million (after tax) offset all of the quarter’s net income
- Substantial interest savings to be realized beginning in second quarter
Our drilling program is off to a strong start in 2004
- 13 out of 16 wells drilled were successful – 81% success rate
Production will begin to increase starting in 2nd Quarter