Current Neuquen Gas Netback

Gas Processed (Reference Volume)

Gas Sales after Royalties & Shrinkage

Gas Net Revenue

Revenue per Mcf

Mcf

Current

$/Mcfe

Bbl/Mcf

1.0

0.8

0.60

2006E

$/Mcfe

1.43

Total Net Revenue Per Mcf Sold

1.24

2.07

Full Cycle Return 3:1 4:1

*assumes 7% annual inflation

Base

Plan

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