2004 Outlook
$110 million drilling program planned for 2004
- Plan to drill 28 development wells and 33 exploratory wells
Upside in Gulf of Mexico and Southeast Texas exploration program
- Large inventory of prospects
Expect production to increase 10% to 15% in 2004
- 39 Mmcfe per day of new production awaiting facilities in the Gulf of Mexico
Refinancing of our long-term debt which significantly reduce our interest expense
Substantial free cash flow in 2004 will continue to improve our balance sheet with additional debt reduction