TRACK RECORD
As of 3/31/07
- 3/31/2007
- Average Oil Price - $63.62
- Average Gas Price -$ 6.86
Results from existing Joint Venture (J.V.) programs are updated quarterly. Results are provided showing current net distribution for the quarter as a percentage of pre-tax equity in the J.V., stated on an annual basis, as wells as IRR on the total program investment. Also provided is the approximate percent (%)completion for the given J.V. J.V.'s with less than 50% of the wells in revenue are not included.
2nd Quarter 2007:
| Program |
Original/ Offset Wells |
Revenue Inception |
Cum Dist |
Cum Dist After Tax |
ROI Annualized |
IRR After-Tax |
Producing* Wells Funds |
| 1993-D |
8 |
3Q 1994 |
159.0% |
105.3% |
7.50% |
12.5% |
100%
100%
1 Depleted |
| 4W94 |
12/2 |
1Q 1995 |
174.8% |
115.7% |
7.7% |
12.8% |
100%
100%
1 Dry
1 Depleted
|
| 1994-C |
13 |
2Q 1995 |
147.7% |
97.8% |
8.20% |
13.7% |
100%
100%
1 Dry |
| 1995-I |
12/3 |
4Q 1995 |
20.0% |
14.7% |
0.0% |
0.0% |
0%
100%
1 Dry |
| (a) 1995-II |
10/4 |
1Q 1996 |
87.6% |
58.0% |
6.7% |
11.1% |
100%
100%
3 Dry |
| (a) 1995-III |
5 |
4Q 1996 |
72.3% |
49.1% |
4.1% |
6.8% |
100%
100%
2 Dry |
| (a) 1995-IV |
4 |
4Q 1996 |
77.9% |
51.7% |
4.0% |
6.5% |
100%
100%
1 Dry |
| (a) 1996-I |
4/1 |
1Q 1997 |
134.7% |
89.2% |
7.8% |
13.0% |
100%
100%
1 Dry |
| (a) 1996-II |
5/1 |
3Q 1997 |
89.8% |
59.4% |
3.8% |
6.3% |
100%
100%
1 Dry |
| (a) 1996-III |
5 |
3Q 1997 |
103.1% |
68.3% |
5.8% |
9.6% |
100%
100%
1 Dry |
| 1996-IV |
5/1 |
3Q 1997 |
82.5% |
54.6% |
3.1% |
5.1% |
100%
100%
1 Dry |
| 1997-A |
4 |
3Q 1998 |
52.2% |
34.6% |
3.6% |
6.0% |
100%
100%
1 Dry |
| 1997-B |
3 |
3Q 1998 |
191.7% |
126.9% |
11.7% |
19.5% |
100%
100% |
| 1997-C |
5 |
3Q 1998 |
161.8% |
107.1% |
8.75% |
14.50% |
100%
100%
1 Dry |
| 1998 – I |
3 |
1Q 1999 |
163.6% |
108.3% |
7.5% |
12.5% |
100%
100% |
| 1998–II |
3 |
2Q 1999 |
163.4% |
109.2% |
11.40% |
19.0% |
100%
100% |
| 1998-III |
2 |
2Q 1999 |
191.5% |
126.8% |
12.3% |
20.5% |
100%
100% |
| (b) 1999-PAP |
8 |
2Q 1999 |
104.0% |
68.8% |
11.6% |
19.3% |
100%
100% |
| 1999 – 3/2 |
14 |
3Q 1999 |
133.1% |
88.1% |
7.2% |
12.1% |
90%
100%
8 Dry (c) |
| 1999 – 4/5 |
15 / 1 |
3Q 1999 |
152.1% |
100.7% |
12.6% |
21.0% |
90%
100%
8 Dry (c) |
| PP 2000 |
11/2 |
3Q2001 |
30.4% |
20.1% |
7.1% |
11.8% |
10%
100%
9 Dry
All high risk |
| 2000 2Q |
4 |
2Q 2001 |
126.7% |
83.9% |
13.8% |
22.9% |
100%
100% |
| 2000 3/4Q |
4 |
2Q 2001 |
81.5% |
54.0% |
11.6% |
19.3% |
100%
100% |
| 2001 – A |
2 |
1 Q 2002 |
189.5% |
125.4% |
20.0% |
33.1% |
100%
100% |
| 2001 – B |
1 |
1 Q 2002 |
270.1% |
178.8% |
34.2% |
57.0% |
100%
100% |
| 2001 – C |
3 |
2 Q 2002 |
77.2% |
51.1% |
28.3% |
46.9% |
100%
100%
1 Dry |
| 2001 - E |
1 |
2 Q 2002 |
375.9% |
248.8% |
12.5% |
20.8% |
100%
100% |
| 2001 – 2W |
2/1 |
1 Q 2002 |
83.3% |
55.1% |
14.8% |
24.6% |
100%
100% |
| 2002 - VZ1 |
2 |
3 Q 2002 |
62.3% |
41.2% |
4.8% |
8.0% |
100%
100% |
| 2002 - III |
4/1 |
1 Q 2003 |
142.1% |
94.1% |
11.2% |
18.5% |
100% 100% |
| 2002 - IV |
5/1 |
2 Q 2003 |
131.2% |
86.9% |
12.3% |
20.5% |
100%
100% |
| 2003 - I |
8/1 |
4 Q 2003 |
106.8% |
70.7% |
15.6% |
26.1% |
100%
100% |
| 2003 - III |
8/1 |
2 Q 2004 |
59.8% |
39.6% |
27.5% |
45.0% |
100%
100% |
| 2002 - VZ2 |
4 |
3 Q 2004 |
8.3% |
5.5% |
0.8% |
1.3% |
100%
100% |
| 2004 - I |
11/1 |
1 Q 2005 |
107.3% |
71.0% |
60.0% |
100.0% |
100%
100% |
| 2004 - III |
14/3 |
2 Q 2005 |
56.6% |
37.5% |
32.8% |
54.6% |
100%
100% |
| Kauble |
1 |
4 Q 2004 |
5.2% |
3.4% |
N/A |
N/A |
100%
100% |
| 2005 - A |
8 |
1 Q 2006 |
8.3% |
5.5% |
8.4% |
14.0% |
85%
90%
3 Dry |
| 2005 - B |
11 |
4 Q 2006 |
5.9% |
3.9% |
12.1% |
20.7% |
75%
75%
2 Dry |
| 2005 - C |
10 |
4 Q 2006 |
8.8% |
5.8% |
N/A |
N/A |
10%
12% |
| 2006 - I |
11 |
N/A |
N/A |
N/A |
N/A |
N/A |
0%
0% |
| 2006 - II |
9 |
N/A |
N/A |
N/A |
N/A |
N/A |
0%
0% |
| 2006 - III |
7 |
N/A |
N/A |
N/A |
N/A |
N/A |
0%
0% |
( a)Failed high-risk well in program
(b) Production Acquisition (No IDC)
(c) Represents < 15% of funding
* Producing percentage of successful wells
|
