The Company plans to fund the 2005 capital expenditure budget primarily through a combination of projected cash flow from operations and bank borrowings under the Company's existing senior credit facility, as well as an anticipated expansion of the facility pursuant to an existing term sheet.
Commenting on the Company's 2005 capital expenditure budget, the Company's Vice-Chairman and CEO, Walter G. "Gil" Goodrich stated, "The results we have experienced thus far in the Cotton Valley Trend, which now include approximately 15 wells either logged and/or online and producing with a 100% success rate, are within the range of our expected results at this stage of development. As a result, the board has approved a preliminary capital expenditure budget which will allow us to significantly accelerate the development of the play and our existing acreage position."
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