2003 Highlights

2/26/2004


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Table of Contents

PPT Slide

2003 Highlights

Oil & Gas Sales

EBITDAX

Cash Flow

Earnings

Average Daily Production

Average Oil Price

Average Gas Price

Costs per Mcfe

Costs per Mcfe

Cash Margin Per Mcfe

Capitalization

Capital Expenditures

East Texas / North Louisiana Region

Southeast Texas Region

Ross & Robin Prospects

South Texas Region

Gulf of Mexico Region

Expected Connection Timing

2004 Outlook

Author: Roland Burns