Production during the first quarter of 2004 was estimated to be 1.86 Bcfe, or four percent below the 1.94 Bcfe of production in the first quarter of 2003 and unchanged from the fourth quarter of 2003. Currently, the Company's daily production is approximately 24 MMcfe/d.
Natural gas comprised approximately 72 percent of total first quarter 2004 production. The Company estimates that first quarter 2004 sales prices averaged approximately $5.87 per Mcf and $33.33 per barrel. These prices include the effects of hedging activities, which resulted in an increase of the realized price of natural gas sold by approximately $0.15 per Mcf and a decrease in the price of oil sold by approximately $1.48 per barrel. The oil sales price reflects the large volume of condensate production relative to total oil production.
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