Bryce W. Rhodes, Whittier's President and Chief Executive Officer, said, "We are pleased to have generated over $833,000 in non-recurring pre-tax cash flows prior to year-end, which can be used to further grow the Company in 2005. Furthermore, the 25% retained royalty interest provides the Company with an excellent risk-free opportunity to participate in an exciting exploration project on our Zapata County acreage.
Combined with our other active exploration and exploitation efforts, the Rachal #1 fits well with our portfolio investment approach to growing the Company's production and revenues while managing risk. Given the current commodity price environment, we are excited about this opportunity to add new production and reserves through drilling."
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