Second Quarter 2003 Highlights
We generated a net profit of $14 million or 40¢ per share for the second quarter.
We continue to improve our balance sheet this quarter and have lowered our debt to capitalization ratio to 56% from 64% in 2002.
The conversion of our preferred stock also strengthens our balance sheet and eliminates future dividend requirements of $1.6 million per year.
We have had excellent results in our drilling program with 21 successes out of 23 wells drilled in the first half, giving us a 91% success rate.
We have 25 to 30 Mmcfe per day of new production available to come on line when facilities are completed.