Chaparral IPAA Private Capital Conference Presentation ... · This presentation contains...

Chaparral IPAA Private Capital Conference Presentation

Mark Fischer, President & CEO February 2011

This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are our ability to find oil and natural gas reserves that are economically recoverable, the volatility of oil and natural gas prices and significantly depressed natural gas prices since the middle of 2008, the uncertain economic conditions in the United States and globally, the decline in the values of our properties that have resulted in and may in the future result in additional ceiling test write-downs, our ability to replace reserves and sustain production, our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in prospect development and property acquisitions or dispositions and in projecting future rates of production or future reserves, the timing of development expenditures and drilling of wells, hurricanes and other natural disasters, including the impact of the oil spill in the Gulf of Mexico on our present and future operations, the impact of government regulation, and the operating hazards attendant to the oil and natural gas business. In particular, careful consideration should be given to cautionary statements made in the various reports we have filed with the Securities and Exchange Commission. We undertake no duty to update or revise these forward-looking statements.

2

Chaparral Overview

Founded in 1988, Based in Oklahoma City

Core areas — Mid-Continent (Oklahoma) and Permian Basin (W. Texas)

Oil-weighted producer (63% oil; 37% gas)

Third largest oil producer in Oklahoma

Substantial Resource Potential

Conventional- 4,800 identified drilling locations

Unconventional – 60,000 acres in emerging plays

CO2 EOR – 82 fields, 215 MMBO

3

¹Based on 12/31/2010 SEC methodology

Company StatisticsDaily Production (Boe/d) 22,100

Proved Reserves (MMBoe)1 149.3

PV-10 ($ in mm)1 $1,770

4

Operating Areas

As of December 31, 2010 (SEC)

Core Area

Growth Area

Acreage

Field Offices

Headquarters

North TexasReserves: 2.3 MMBoe, 2% of totalProduction: 0.4 MBoe/d, 2% of total

Permian BasinReserves: 19.1 MMBoe, 13% of totalProduction: 4.0 MBoe/d, 18% of total

Rocky MountainsReserves: 2.7 MMBoe, 2% of total Production: 0.4 MBoe/d, 2% of total

Company TotalDecember 2010 proved reserves – 149.3 MMBoe2010 average daily production – 22.1 MBoe/d

Val VerdeBasin

SabineUplift

MidlandBasin

DelawareBasin

OuachitaUplift

ArkomaBasin

FortWorth

Basin

WillistonBasin

PowderRiverBasin

GreaterGreen

RiverBasin

SanJuan

Basin

Anadarko Woodford

Basin

OKC

Gulf CoastReserves: 5.7 MMBoe, 4% of totalProduction: 1.3 MBoe/d, 6% of total

Mid-ContinentReserves: 113.1 MMBoe, 76% of totalProduction: 15.3 MBoe/d, 69% of total

Ark-La-TexReserves: 6.4 MMBoe, 4% of totalProduction: 0.7 MBoe/d, 3% of total

Strong Record of Reserve and Production Growth

Year-End SEC Reserves (MMBoe) (1)(2)(3)(4)

2003 – 2010 CAGR = 17%

Annual Production (MMBoe)

2003 – 2010 CAGR = 18%

142

113

164151

103

73

51

0

25

50

75

100

125

150

175

2003 2004 2005 2006 2007 2008 2009 2010

149

Note: 1) Reserves as of December 31, 2007 are based on flat SEC pricing of $96.01/Bbl and $6.80/Mcf2) Reserves as of December 31, 2008 are based on flat SEC pricing of $44.60/Bbl and $5.62/Mcf3) Reserves as of December 31, 2009 are based on flat SEC pricing of $61.18/Bbl and $3.87/Mcf4) Reserves as of December 31, 2010 are based on flat SEC pricing of $79.43/Bbl and $4.38/Mcf

Chaparral’s reserve replacement ratio averaged 485% per year since 2002

5

2.6 3.24.2

5.4

6.8 7.17.6

8.1 8.8

0

2

4

6

8

10

2003 2004 2005 2006 2007 2008 2009 2010 2011P

Chart1

200320032003

200420042004

200520052005

200620062006

200720072007

200820082008

200920092009

201020102010

Chaparral

Calumet

Total

51

73

103

150.93

164.48

113.33

142

142

149.3

149.3

Sheet1

20032004200520062007200820092010

Chaparral

Calumet142149.3

Total5173103150.93164.48113.33142149.3

CAGR14%

Chart1

200320032003

200420042004

200520052005

200620062006

200720072007

200820082008

200920092009

201020102010

2011P2011P2011P

Chaparral

Calumet

Total

8.1

2.55

3.166

4.23

0

0

5.39333

0

0

6.833

7.0666

7.6

8.1

8.75

Sheet1

200320042005200620072008200920102011P

Chaparral00

Calumet00

Total2.553.1664.235.393336.8337.06667.68.18.75

CAGR0%

A Transformational Year

Chaparral transformed itself in 2010 and early 2011 from a high-debt, low-liquidity company to a financially stable company with approximately $425mm in liquidity at year end 2010

Three Transactions April 2010 – $325mm common stock private equity transaction

De-lever company

Provide capital for accelerated development

September 2010 – $300mm HY bond transaction Pay-down all senior secured debt

Provide cash for capital budget program

February 2011 – $400mm HY bond transaction; refinance $325mm bonds due 2015

Extend out debt maturity profile

Market was right

Assist us as we move toward public market

6

Net Debt / EBITDA Liquidity ($ in mm)

7.9x

5.6x4.4x 4.9x

3.3x5.3x

2.3x 2.0x 2.0x 0.0x

2006 2007 2008 2009 PF 9/30/2010

Total net debt to EBITDA Net secured debt to EBITDA

$120.9$88.0

$55.4 $76.6

2006 2007 2008 2009 PF 9/30/2010

Pro Forma Maturity Profile ($ in mm)

Chaparral Has Much Improved Debt & Liquidity

No debt maturities before 2017

$375mm undrawn revolver

$519.4

7

Note: Debt balances do not reflect discounts on Senior Notes of $1.958mm on the 2017s and $6.964mm on the 2020s

0

$325 $400

0

$300

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Chart1

20062006

20072007

20082008

20092009

PF 9/30/2010PF 9/30/2010

Total net debt to EBITDA

Net secured debt to EBITDA

3.3x

7.9

5.3

5.6

2.3

4.4

2

4.9

2

3.27

0

Sheet1

Total net debt to EBITDANet secured debt to EBITDAStack 4Stack 5Stack 6Stack 7Stack 8Totals (invisible)Stack 9Stack 10Stack 11Stack 12Stack 13Stack 14Stack 15Stack 16

20067.95.350

20075.62.360

20084.42.070

20094.92.080

PF 9/30/20103.30.0

Chart1

2006

2007

2008

2009

PF 9/30/2010

120.9

88

55.4

76.6

475.3

Sheet1

Stack 4Stack 5Stack 6Stack 7Stack 8Totals (invisible)Stack 9Stack 10Stack 11Stack 12Stack 13Stack 14Stack 15Stack 16

2006120.950

20078860

200855.470

200976.680

PF 9/30/2010475.3

CCMP invested $345 million for a 36% stake in Chaparral Energy

Other shareholders

- Mark Fischer: 26%

- Chesapeake: 20%

- Altoma Energy: 15%

Proceeds used to:

- De-lever from 3.7x debt/EBITDAX to ~3.0x

- Provide liquidity for accelerated program development

Transaction

Why PE Transaction

Why CCMP?

Leading PE provider with $7.2 billion in assets

History of past energy investments: Latigo Petroleum Bill Barrett Corporation Encore Acquisition Carrizo Oil and Gas Patina Oil and Gas

Operating expertise – Karl Kurz

Knowledge of CO2 EOR strategy

CCMP network & deal flow

Partnership based on experience, valued insight and alignment of interest

Improve Capital Structure & Value-Added Partner to Accelerate Growth

8

Increased focus on harvesting existing assets

Increase reserves and production through drilling of large inventory of near-term, high potential drilling opportunities

Expand EOR field operations and CO2 infrastructure

Improve organizational effectiveness to achieve growth objectives and maximize value

Hiring of COO

Establishment of EOR Unit

Hedge production to stabilize cash flow

Achieve growth objectives while maintaining strong liquidity position

9

Operating and Financial Strategy

Financial Overview

10

LTM Financials (as of 9/30/10)Revenues ($ in mm) $387

EBITDAX ($ in mm) $275

Net Debt / LTM EBITDAX (x) 3.1x

Note: 1) Dollars represent average strike price of hedges (includes all derivative instruments)

% of Proved Developed Producing Hedged (As of February 3, 2011)

$6.28

$5.04

$75.07

$93.42

$100.00

$153.00$110.00 $108.80

$87.50

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011 2012 2013

% o

f Pro

ved

Dev

elop

ed P

rodu

cing

Oil Collars

Oil Swaps

Gas Swaps

2011 GuidanceOil & Gas CAPEX ($ in mm) $250

Production (MMBoe) 8.6 - 8.9

2010 EstimateOil & Gas CAPEX ($ in mm) $321

Production (MMBoe) 8.1

EBITDA ($ in mm) $280-290

Chart1

BBB2011

CCC2012

DDD2013

EEE

FFF

GGG

HHH

III

JJJ

Gas Swaps

Oil Swaps

Oil Collars

Axis

% of Proved Developed Producing

$6.28

$5.04

$75.07

$93.42

$100.00

$124.63

$124.45

$153.00$110.00

$108.80$87.50

$135$100

$134$100

0

0.8836941817

0

0.8269899668

0.0230099891

0

0.3423728305

0.5763270104

0.2274975041

0

0.0425041991

0

Derivative Summary

12+0_REV_2011 Adj Projection @ 95% of 1/10/11 NYMEX

ActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualPrior

Jan-08Feb-08Mar-08Apr-08May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-081Q20082Q20083Q20084Q2008Yr 2008Projection

Oil Hedges700.85: Future Contracts - Gain/Loss$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0(209,232)

Gas Hedges700-80: Future Contracts - Gain/Loss$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0(305,732)

Total Hedge in Realized Revenue$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0(514,963)

700.86-99: Hedge Ineffectiveness$0$0$0$0$00

: Unrealized & Open Speculative Trades-Mark To Market$0$0$0$0$00

: Realized Nonhedge Derivative Gain/Loss$0$0$0$0$00

Derivative$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$00

Reported Derivative gain / (loss) - GAAP$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0(514,963)

Gas - Realized Gains / (Losses)$1,776$626($1,002)($2,237)($4,305)($5,335)($6,469)($1,533)($257)$516$2,805$2,704$1,399($11,877)($8,259)$6,026($12,711)(421,880)$409,169

Basis - Realized Gains / (Losses)($256)($333)($141)$207$417$753$540$379$584$1,702$1,442$678($730)$1,377$1,502$3,821$5,97123,661($17,691)$14,505$8,535

Oil - Realized Gains / (Losses)($4,844)($5,350)($7,468)($8,694)($11,399)($13,023)($12,993)($9,026)($6,575)($731)$3,512$6,623($17,662)($33,117)($28,594)$9,404($69,969)(342,732)$272,763

Other Adjustment - to tie to Accounting / Corp$0$0$0$0$00$0

Realized Derivative Gain / (Loss)($3,325)($5,058)($8,610)($10,724)($15,287)($17,606)($18,922)($10,181)($6,248)$1,487$7,760$10,005($16,993)($43,617)($35,351)$19,251($76,709)(740,951)$664,241

Clean Earnings Adj. (Realized less Reported)($3,325)($5,058)($8,610)($10,724)($15,287)($17,606)($18,922)($10,181)($6,248)$1,487$7,760$10,005($16,993)($43,617)($35,351)$19,251($76,709)(225,987)

Reclass to Financing$391,478Total gas change

Non Hedge Oil Collar$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Non Hedge Gas Collar$0$0$0$0$0

Total Reclass to Financing$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Total realized derivative gain (loss) included in clean earnings

Net (gain) loss to be excluded from clean earnings

Difference - realized

Difference - adjustment

Derivative Summary1Q082Q083Q084Q08Yr 2008

HighLowper DayHighLowper DayHighLowper DayHighLowper DayHighLowper Day

OilFixed Price$69.92$69.92(629,000)$70.14$70.14(615,000)$69.89$69.89(595,000)$70.42$70.42(565,000)$70.09$70.09(2,404,000)

Collars - Total$0.00$0.000$0.00$0.000$110.00$160.43(60,000)$110.00$160.43(60,000)$110.00$160.43(120,000)

Total U.S. Oil Derivatives$0.00$0.00(629,000)$0.00$0.00(615,000)$73.56$78.18(655,000)$74.22$79.06(625,000)$71.98$74.38(2,524,000)

GasFixed Price$0.00$0.00$0.00$0.00$0.00

Collars - Total

Total US Gas Derivatives$0.00$0.000$0.00$0.000$0.00$0.000$0.00$0.000$0.00$0.000

BasisCIG

NWPL$1.16(2,070,000)$0.80(2,170,000)$0.81(2,220,000)$0.92(2,270,000)$0.92(8,730,000)

&L&Z&F &A&R&D &T

summary for slides

PDP

20092010201120122013Total

Oil276,2903,551,6583,650,5883,164,8702,823,25013,466,656

Gas1,822,98023,869,58021,342,22517,524,75514,817,36479,376,904

ClosedClosed

Hedges

Oil

367,000421,0003,019,0001,824,000120,000

Oil Swaps$ 67.49$ 74.66$ 75.07$ 93.42$ 100.00

Avg Price

Oil Swaps_MTM60,00000

Avg Price$ 66.12$0$ - 0$ - 0$ - 0

Summary Oil Swaps427,000421,0003,019,0001,824,000120,000

Oil Swap avg price$ 67.30$ 74.66$ 75.07$ 93.42$ 100.00Oil Swaps

% PDP154.55%11.85%82.70%57.63%4.25%

Oil Collars40,00040,00084,000720,0000

Avg Price- floor$ 110.00$ 110.00$ 110.00$ 87.50$ - 0Oil Collars

Avg Price- ceiling$ 164.28$ 168.55$ 153.00$ 108.80$ - 0

% PDP14.48%1.13%2.30%22.75%0.00%

Total PDP % - Oil169.03%12.98%85.00%80.38%4.25%Total Oil$ 77.73$ 76.02$ 93.42

Remaining hedge volume per loan agreement

85% for 2009-201185%(232,154)2,557,90902,325,756

80% for 2012-201380%(12,104)2,138,6002,126,496

Oil - Available to hedge(232,154)2,557,9090(12,104)2,138,6004,452,252

Gas

Gas Swaps2,400,0002,300,00018,860,0006,000,000

Avg Price$ 7.79$ 7.69$ 6.28$5.04Gas Swaps

% PDP131.65%9.64%88.37%34.24%

Gas collars660,000300,0000

Avg price - Floor$ 10.00$ 10.00Oil Swaps

Avg Price- ceiling$ 13.85$ 11.67

% PDP36.20%1.26%

Total PDP %- Gas167.86%10.89%88.37%Total Gas$ 7.95$ 6.28$ 5.04


85% for 2009-201185%(1,510,467)17,689,143(719,109)15,459,567

80% for 2012-201380%8,019,80411,853,89119,873,695

Gas - Available to hedge(1,510,467)17,689,143(719,109)8,019,80411,853,89135,333,262

Basis

Volumes2,900,0002,900,00015,390,0008,400,000

Avg price$ 0.96$ 0.71$ 0.67$0.30

% of PDP159%12%72%48%


85% for 2009-201185%(1,350,467)17,389,1432,750,89118,789,567

80% for 2012-201380%5,619,80411,853,89117,473,695

Basis - Available to hedge(1,350,467)17,389,1432,750,8915,619,80411,853,89136,263,262

Combined hedges11.9%86.7%58.2%2.3%

&C&D&R&F

Hedge slide

Gas Basis Hedges

YRPrice% PDP

'11$ 0.6772%

'12$ 0.3048%

Note: Dollars represent average strike price of hedges (includes all derivative instruments)

S Monetized select 1H09 hedges in December 2008, net cash proceeds totaled $32.6 million

S Monetized select 2H09 hedges in March 2009, net cash proceeds totaled $9.6 million

S Monetized 2012-2013 hedges in May 2009, net cash proceeds totaled $102.3 million

S Monetized 2012 oil hedges in June 2010, estimated cash proceeds totaled $7.5 million

S Includes hedges placed as of February 3, 2011

&C&"Century Gothic,Bold"&14CHAPARRAL ENERGY, INC.OPERATIONAL DETAIL

&R&"Century Gothic,Regular"&11&D

Hedge slide

BBB2011

CCC2012

DDD2013

EEE

FFF

GGG

HHH

III

JJJ

Gas Swaps

Oil Swaps

Oil Collars

Axis

% of Proved Developed Producing

6.284351538

5.04

75.07353428

93.42038377

$124.63

$124.45

$153.00$110.00

$108.80$87.50

$135$100

$134$100

0

0.8836941817

0

0.8269899668

0.0230099891

0

0.3423728305

0.5763270104

0.2274975041

0

0.0425041991

0

Contract Gain Loss Summary

Hedge Gain / Loss Summary12/31/10Change date as each actual month occurs

12+0_REV_2011 Adj Projection @ 95% of 1/10/11 NYMEX312931303130313130313031919192923663128313031303131303130319091929236531283130313031313031303190919292365312831303130313130313031909192923653128313031303131303130319091929236531283130313031313031303190919292365

(in thousands)ActualActualActualActualActualActualActualActualActualActualActualActualRemainderActualActualActualActualProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedRemainderActualActualActualActualActualActualActualActualActualActualActualActualRemainderProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedRemainderProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedRemainderProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedRemainder

vol / dayJan-08Feb-08Mar-08Apr-08May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-081Q20082Q20083Q20084Q2008Yr 2008of Yearvolume tabJan-09Feb-09Mar-09Apr-09May-09Jun-09Jul-09Aug-09Sep-09Oct-09Nov-09Dec-091Q20092Q20093Q20094Q2009Yr 2009of Yearvolume tabJan-10Feb-10Mar-10Apr-10May-10Jun-10Jul-10Aug-10Sep-10Oct-10Nov-10Dec-101Q20102Q20103Q20104Q2010Yr 2010of Yearvolume tabJan-11Feb-11Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-111Q20112Q20113Q20114Q2011Yr 2011of Yearvolume tabJan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-121Q20122Q20123Q20124Q2012Yr 2012of Yearvolume tabJan-13Feb-13Mar-13Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-131Q20132Q20133Q20134Q2013Yr 2013of Yearvolume tab

Reversal of Previously Recognized MTM

Gas$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Basis Swaps CIG$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Basis Swaps NWPL$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Contracts previously recorded as hedge$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Adjustment to tie to GL$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Gas Hedge Gain / Loss000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Oil

Contracts previously recorded as hedge$0$0$0$0$0$0$0$0$0$0($17,444)($15,872)($33,316)$0$0$0($33,316)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Adjustment to tie to GL$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Oil Hedge Gain / Loss0000000000000000000000000000000000(17,444)(15,872)0000000000(33,316)000(33,316)000000000000000000000000000000000000000000000000000

GAAP Hedge in realized price0000000000000000000000000000000000(17,444)(15,872)0000000000(33,316)000(33,316)000000000000000000000000000000000000000000000000000

Derivative Contracts - Realized

Fixed Swaps - Gas (MTM as of 11/30/2008)40$1,776$626($1,002)($2,237)($4,305)($5,335)($6,469)($1,533)($257)$516$2,424$2,352$1,400($11,877)($8,259)$5,292($13,444)$0$0$0$433$1,919$11,881$2,548$763$739$2,388$2,610$2,949$2,324$3,787$4,215$14,233$4,049$7,946$10,326$36,555$19,773$0$0$2,049$2,433$3,271$3,963$3,315$3,598$2,723$2,868$3,992$3,941$4,843$4,112$7,752$10,876$9,583$12,896$41,108$0$0$0$3,938$3,916$3,671$2,872$2,752$2,766$2,791$2,822$2,840$2,859$2,915$2,969$11,524$8,389$8,453$8,743$37,110$37,110$0$0$62$74$113$195$193$184$170$158$156$130$75($10)$250$573$484$195$1,502$1,502$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Collars - Gas1($0)$0$0$0($0)$0$0($0)$0$0$381$352($0)($0)($0)$733$733$0$0$0$818$1,099$1,153$1,211$1,349$1,293$2,031$2,137$2,344$1,997$1,810$1,825$3,070$3,853$6,512$5,632$19,067$14,786$0$0$1,145$1,261$1,455$1,712$868$892$771$799$927$930$997$860$3,862$3,472$2,497$2,787$12,619$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Adjustment to tie to GL$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Gas Contracts40$1,776$626($1,002)($2,237)($4,305)($5,335)($6,469)($1,533)($257)$516$2,805$2,704$1,399($11,877)($8,259)$6,026($12,711)$0$1,251$3,019$13,034$3,759$2,112$2,031$4,418$4,747$5,292$4,321$5,597$6,041$17,303$7,902$14,458$15,958$55,621$34,559$3,194$3,694$4,726$5,676$4,183$4,490$3,494$3,666$4,920$4,871$5,840$4,973$11,614$14,349$12,080$15,683$53,726$0$3,938$3,916$3,671$2,872$2,752$2,766$2,791$2,822$2,840$2,859$2,915$2,969$11,524$8,389$8,453$8,743$37,110$37,110$62$74$113$195$193$184$170$158$156$130$75($10)$250$573$484$195$1,502$1,502$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Basis Gas MTM22($256)($333)($141)$207$417$753$540$379$584$1,702$1,442$678($730)$1,377$1,502$3,821$5,971$0$0$0$565$566$640$12($492)($398)($321)($1,131)($920)($1,066)($1,398)($1,245)$1,771($879)($2,372)($3,710)($5,189)($6,972)$0$0($1,436)($1,691)($1,312)($958)($522)($569)($668)($288)($559)($627)($656)($823)($4,439)($2,049)($1,516)($2,105)($10,110)$0$0$0($782)($797)($727)($524)($511)($495)($554)($555)($517)($480)($444)($480)($2,306)($1,529)($1,626)($1,404)($6,865)($6,865)$0$0($40)($44)($44)($34)($34)($34)($34)($34)($34)($34)($32)($32)($128)($102)($102)($97)($429)($429)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0


Total Basis Hedge Gain/Loss22($256)($333)($141)$207$417$753$540$379$584$1,702$1,442$678($730)$1,377$1,502$3,821$5,971$0$565$566$640$12($492)($398)($321)($1,131)($920)($1,066)($1,398)($1,245)$1,771($879)($2,372)($3,710)($5,189)($6,972)($1,436)($1,691)($1,312)($958)($522)($569)($668)($288)($559)($627)($656)($823)($4,439)($2,049)($1,516)($2,105)($10,110)$0($782)($797)($727)($524)($511)($495)($554)($555)($517)($480)($444)($480)($2,306)($1,529)($1,626)($1,404)($6,865)($6,865)($40)($44)($44)($34)($34)($34)($34)($34)($34)($34)($32)($32)($128)($102)($102)($97)($429)($429)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

000000000000000000000000000000

Gas Realized Derivative Gain / Loss$1,519$293($1,143)($2,030)($3,888)($4,582)($5,928)($1,155)$326$2,218$4,247$3,382$669($10,500)($6,757)$9,847($6,740)$0$1,816$3,584$13,674$3,770$1,620$1,633$4,097$3,616$4,372$3,255$4,198$4,796$19,074$7,023$12,086$12,249$50,432$27,588$1,758$2,003$3,414$4,718$3,660$3,921$2,826$3,378$4,360$4,244$5,184$4,150$7,175$12,299$10,564$13,578$43,617$0$3,155$3,119$2,944$2,348$2,241$2,271$2,237$2,267$2,323$2,379$2,471$2,489$9,218$6,860$6,827$7,339$30,244$30,244$23$30$70$161$159$151$136$124$123$96$43($42)$122$471$383$98$1,073$1,073$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Fixed Swaps - Oil (MTM as of 4/30/2010)7($4,844)($5,350)($7,468)($8,694)($11,399)($13,023)($12,993)($9,026)($6,700)($1,396)$2,461$5,264($17,662)($33,117)($28,719)$6,328($73,170)$0$0$0$1,522$1,918$1,191$1,086($223)($2,563)$591($698)($350)($1,563)($1,960)($1,300)$4,631($1,700)($458)($4,823)($2,349)($8,067)$0$0($1,781)($1,447)($2,276)($2,683)($209)($404)($487)($528)($258)($1,559)($2,039)($3,057)($5,504)($3,296)($1,273)($6,655)($16,727)$0$0$0($2,478)($2,458)($2,791)($2,990)($3,208)($3,373)($3,479)($3,565)($3,620)($3,671)($3,710)($3,759)($7,728)($9,571)($10,664)($11,140)($39,103)($39,103)$0$0$493$493$499$506$511$514$522$529$538$542$544$537$1,484$1,531$1,589$1,623$6,228$6,228$0$0$103$104$105$106$107$108$109$110$110$110$111$111$311$321$329$332$1,292$1,292$0$0

Collars - Oil0$0$0$0$0$0$0$0$0$125$666$1,051$1,359$0$0$125$3,076$3,201$0$0$0$681$707$619$601$508$403$914$777$811$684$637$708$2,008$1,511$2,502$2,029$8,050$5,441$0$0$632$671$574$508$718$692$672$667$689$561$514$415$1,877$1,918$2,028$1,490$7,313$0$0$0$177$176$168$160$154$150$146$144$143$141$140$139$521$465$433$420$1,839$1,839$0$0$8$8$9$9$9$10$10$11$11$11$11$11$25$28$32$34$119$119$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0


Oil Contracts7($4,844)($5,350)($7,468)($8,694)($11,399)($13,023)($12,993)($9,026)($6,575)($731)$3,512$6,623($17,662)($33,117)($28,594)$9,404($69,969)$0$2,202$2,626$1,811$1,687$285($2,160)$1,505$79$460($879)($1,323)($592)$6,639($188)$2,044($2,795)$5,700($2,625)($1,149)($776)($1,701)($2,175)$509$288$185$139$431($998)($1,525)($2,642)($3,627)($1,378)$755($5,165)($9,414)$0($2,302)($2,282)($2,623)($2,829)($3,054)($3,223)($3,332)($3,421)($3,478)($3,530)($3,569)($3,621)($7,207)($9,106)($10,231)($10,720)($37,264)($37,264)$501$501$507$515$520$524$532$540$549$554$555$549$1,509$1,559$1,621$1,658$6,347$6,347$103$104$105$106$107$108$109$110$110$110$111$111$311$321$329$332$1,292$1,292

Oil MTM47($511)($557)($757)($897)($1,156)($1,326)($1,336)($962)($723)($183)$268$682($1,825)($3,380)($3,021)$768($7,459)$0$0$0$174$193$131$0$0$0$72($137)($91)($286)($359)($256)$498$0($156)($901)($559)($1,057)$0$0($425)($362)($530)$0$0$0$0$0$0$0$0$0($1,317)$0$0$0($1,317)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0


Total Basis Hedge Gain/Loss47($511)($557)($757)($897)($1,156)($1,326)($1,336)($962)($723)($183)$268$682($1,825)($3,380)($3,021)$768($7,459)$0$174$193$131$0$0$0$72($137)($91)($286)($359)($256)$498$0($156)($901)($559)($1,057)($425)($362)($530)$0$0$0$0$0$0$0$0$0($1,317)$0$0$0($1,317)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Oil Realized Derivative Gain / Loss($5,355)($5,908)($8,225)($9,592)($12,556)($14,350)($14,330)($9,988)($7,298)($913)$3,780$7,305($19,488)($36,497)($31,615)$10,172($77,428)$0$2,377$2,818$1,941$1,687$285($2,160)$1,577($58)$370($1,165)($1,682)($848)$7,136($188)$1,889($3,696)$5,141($3,682)($1,574)($1,138)($2,231)($2,175)$509$288$185$139$431($998)($1,525)($2,642)($4,944)($1,378)$755($5,165)($10,731)$0($2,302)($2,282)($2,623)($2,829)($3,054)($3,223)($3,332)($3,421)($3,478)($3,530)($3,569)($3,621)($7,207)($9,106)($10,231)($10,720)($37,264)($37,264)$501$501$507$515$520$524$532$540$549$554$555$549$1,509$1,559$1,621$1,658$6,347$6,347$103$104$105$106$107$108$109$110$110$110$111$111$311$321$329$332$1,292$1,292

Total Realized Gain / Loss($3,836)($5,615)($9,368)($11,621)($16,443)($18,932)($20,258)($11,142)($6,971)$1,304$8,028$10,687($18,818)($46,997)($38,372)$20,019($84,168)$0$4,192$6,403$15,616$5,457$1,905($527)$5,674$3,558$4,742$2,090$2,516$3,947$26,211$6,835$13,974$8,553$55,573$23,906$183$865$1,183$2,543$4,169$4,209$3,012$3,517$4,791$3,245$3,660$1,508$2,231$10,922$11,320$8,413$32,886$0$854$837$321($481)($813)($952)($1,095)($1,153)($1,155)($1,151)($1,099)($1,131)$2,011($2,246)($3,404)($3,381)($7,020)($7,020)$523$531$577$676$680$674$668$664$671$650$599$507$1,631$2,030$2,003$1,756$7,420$7,420$103$104$105$106$107$108$109$110$110$110$111$111$311$321$329$332$1,292$1,292

Ineffectiveness & Non-Hedge Derivatives

Fixed Swaps - Gas (Ineffectiveness)40($3,171)($8,006)($3,046)($3,081)($2,034)$1,021$16,596$4,133$2,610$2,611$422$1,590($14,223)($4,094)$23,339$4,622$9,644$0$9,644$0$1,003$979$905$612$582$563$548$532$521$481$464$447$2,887$1,758$1,601$1,393$7,638$4,139$7,638$0$179$174$166$119$114$111$110$108$107$107$107$107$519$344$325$321$1,510$0$1,510$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Collars - Gas (Ineffectiveness)1$0$0$0$0$723($5,588)$0($0)$0$0$0$0$0($4,865)($0)$0($4,865)$0($4,865)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0


Gas Contracts (Ineffectiveness)40($3,171)($8,006)($3,046)($3,081)($1,311)($4,567)$16,596$4,133$2,610$2,611$422$1,590($14,223)($8,959)$23,339$4,622$4,779$0$1,003$979$905$612$582$563$548$532$521$481$464$447$2,887$1,758$1,601$1,393$7,638$4,139$179$174$166$119$114$111$110$108$107$107$107$107$519$344$325$321$1,510$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Gas MTM (Non-hedge)($2,520)$0$0$0($2,520)($2,520)$0$24,066$11,485($6,309)$1,690($9,131)$1,672$1,797$5,604($15,655)$6,514$4,316($9,022)$29,242($5,769)($8,254)$1,808$17,028($13,904)$4,883$4,673$13,472($4,477)($4,875)($4,011)($2,495)$8,254$361($2,498)($4,425)($6,795)$23,029($13,363)$6,121($13,719)$2,068$0$1,668($3,898)($3,645)($2,845)($2,720)($2,726)($2,744)($2,769)($2,779)($2,791)($2,838)($2,883)($5,875)($8,291)($8,292)($8,512)($30,970)($30,970)($61)($72)($109)($188)($186)($177)($162)($151)($149)($123)($71)$0($241)($551)($461)($194)($1,448)($1,448)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Basis Gas MTM (Non-hedge)22($654)$1,754$596$2,756$1,116($752)($2,125)($1,008)$1,506($896)($1,602)$390$1,696$3,119($1,627)($2,108)$1,079$0$1,079$0($2,494)$739($2,571)($5,164)$985($1,732)($3,048)($478)($1,319)($617)($2,506)$1,622($4,326)($5,910)($4,844)($1,501)($16,582)($7,092)($16,582)$0($238)$1,074$916$1,985($12)$3,770$1,695($338)($1,114)$1,014($518)$1,106$1,752$5,743$243$1,601$9,340$0$9,340$0($770)$793$722$519$505$488$545$545$506$469$432$466$745$1,512$1,595$1,367$5,218$5,218$5,218$0$38$41$41$33$33$32$32$32$32$32$30$30$120$98$97$91$406$406$406$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Collars - Gas MTM (Non-hedge)0$0$0$0$0$0($4,865)$11,545$4,294$3,126$4,501$2,161$921$0($4,865)$18,964$7,583$21,682$0$21,682$0$4,149$1,046$505$439($2,973)($858)($1,090)($38)($5,019)($240)($241)($3,296)$5,700($3,392)($6,148)($3,777)($7,617)($13,757)($7,617)$0($132)($440)$849($7,591)($1,080)($1,071)($854)($206)($817)($835)($1,028)($859)$277($9,742)($1,878)($2,722)($14,065)$0($14,065)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0


Total Gas, Basis & Collars (Non-hedge)22($654)$1,754$596$2,756$1,116($5,617)$9,420$3,285$4,632$3,604$559($1,209)$1,696($1,746)$17,337$2,955$20,242$0$25,721$13,270($8,374)($3,035)($11,119)($918)($2,341)$5,088($21,993)$5,658$1,569($10,696)$30,617($15,071)($19,246)($3,470)($7,171)($34,753)-24199.1880$4,514$5,307$15,238($10,083)($5,967)($1,312)($1,653)$7,710($1,570)($2,320)($5,971)($6,548)$25,059($17,363)$4,486($14,840)($2,657)$0-4724.890$897($3,104)($2,923)($2,326)($2,215)($2,239)($2,200)($2,224)($2,273)($2,322)($2,406)($2,417)($5,130)($6,780)($6,697)($7,145)($25,752)($25,752)5218.03983230820($22)($31)($68)($155)($153)($144)($130)($119)($117)($91)($41)$30($121)($453)($365)($103)($1,042)($1,042)405.65316769170$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

000000000000000000000000000000

Gas Ineffectiveness & MTM Gain / Loss($3,826)($6,252)($2,449)($326)($195)($10,184)$26,015$7,419$7,242$6,215$980$381($12,527)($10,705)$40,676$7,576$25,021$0$26,723$14,249($7,469)($2,423)($10,537)($355)($1,793)$5,620($21,472)$6,139$2,033($10,249)$33,503($13,314)($17,645)($2,077)$467($30,614)$4,693$5,482$15,404($9,964)($5,854)($1,201)($1,544)$7,818($1,463)($2,213)($5,864)($6,441)$25,578($17,018)$4,811($14,519)($1,147)$0$897($3,104)($2,923)($2,326)($2,215)($2,239)($2,200)($2,224)($2,273)($2,322)($2,406)($2,417)($5,130)($6,780)($6,697)($7,145)($25,752)($25,752)($22)($31)($68)($155)($153)($144)($130)($119)($117)($91)($41)$30($121)($453)($365)($103)($1,042)($1,042)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Oil MTM (Non-hedge)($15,850)$62,251($3,976)($12,479)$15,676($17,342)$1,450($450)($23,474)$0$42,425($14,145)($22,474)$5,806$0$29,347$2,447$2,771$2,962$3,171$3,325$3,421$3,497$3,543$3,583$3,612$3,651$34,566$9,458$10,462$10,846$65,330$65,330($477.92)($476.55)($480.77)($486.24)($489.65)($491.25)($497.27)($502.70)($509.01)($511.72)($511.81)($503.91)($1,435)($1,467)($1,509)($1,527)($5,939)($5,939)($96)($97)($98)($98)($99)($100)($100)($101)($101)($101)($101)($101)($290)($297)($302)($302)($1,191)($1,191)

Fixed Swaps - Oil (Ineffectiveness)7$254($4,607)$3,713($1,512)($2,505)$3,431$5,542$3,299$2,482$1,054$365($55)($639)($586)$11,324$1,363$11,462$0$11,462$0$2,863$2,562$2,560$2,260$2,002$1,868$0$0$0$0$0$0$7,985$6,130$0$0$14,114$3,869$14,039$75$0$0($0)($2,806)($2,865)($2,879)($2,818)($2,835)($2,838)($2,777)($2,789)($2,792)($0)($8,550)($8,491)($8,357)($25,399)$0($25,399)$0($2,245)($2,251)($2,259)($2,265)($2,268)($2,273)($2,280)($2,301)($2,308)($2,322)($2,338)($2,342)($6,755)($6,805)($6,890)($7,002)($27,452)($27,452)($27,452)$0$4,188$4,154$4,081$4,005$3,974$3,907$3,879$3,809$3,780$3,713$3,643$3,613$12,423$11,887$11,468$10,969$46,746$46,746$46,746$0$3,393$3,321$3,289$3,258$3,158$3,093$3,063$2,999$2,970$2,903$2,874$2,813$10,003$9,509$9,032$8,590$37,134$37,134$37,134$0

Collars - Oil (ineffectiveness)0$0$0$0$0$2,081($5,773)$0$0$0$0$0$0$0($3,692)$0$0($3,692)$0($3,692)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0


Oil Contracts (Ineffectiveness)7$254($4,607)$3,713($1,512)($424)($2,342)$5,542$3,299$2,482$1,054$365($55)($639)($4,277)$11,324$1,363$7,770$0$2,863$2,562$2,560$2,260$2,002$1,868$0$0$0$0$0$0$7,985$6,130$0$0$14,114$3,869$0$0($0)($2,806)($2,865)($2,879)($2,818)($2,835)($2,838)($2,777)($2,789)($2,792)($0)($8,550)($8,491)($8,357)($25,399)$0($2,245)($2,251)($2,259)($2,265)($2,268)($2,273)($2,280)($2,301)($2,308)($2,322)($2,338)($2,342)($6,755)($6,805)($6,890)($7,002)($27,452)($27,452)$4,188$4,154$4,081$4,005$3,974$3,907$3,879$3,809$3,780$3,713$3,643$3,613$12,423$11,887$11,468$10,969$46,746$46,746$3,393$3,321$3,289$3,258$3,158$3,093$3,063$2,999$2,970$2,903$2,874$2,813$10,003$9,509$9,032$8,590$37,134$37,134

Oil MTM (Non-hedge)47($931)($10,061)$3,170($11,483)($19,878)($19,698)$18,579$7,511$16,436$28,877$8,895$4,694($7,822)($51,058)$42,526$42,466$26,111$0$26,111$0$4,711$1,395($5,436)$346($89,835)($3,407)($1,108)$1,637$514($4,536)($1,900)$1,111$669($92,896)$1,043($5,325)($96,508)($97,523)($14,575)($81,933)$4,635($2,425)($1,475)$0$0$0$0$0$0$0$0$0$736$0$0$0$736$0$736$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Collars - Oil MTM (Non-hedge)47$0$0$0$0$0($3,692)$6,551($425)$12,590$24,479$8,558$9,653$0($3,692)$18,717$42,691$57,716$0$57,716$0$6,218$148($8,904)$619($19,537)($17,021)($1,291)$274($212)($3,515)($1,750)($456)($2,538)($35,939)($1,229)($5,721)($45,427)($43,508)($45,427)$0$1,754($2,645)($1,582)($4,803)$2,213($634)($1,267)$116($1,482)($627)($726)($981)($2,473)($3,224)($2,633)($2,334)($10,665)$0($10,665)$0$133($176)($167)($159)($153)($148)($145)($142)($140)($139)($137)($136)($209)($461)($427)($412)($1,509)($1,509)($1,509)$0($8)($8)($8)($9)($9)($9)($10)($10)($11)($11)($11)($11)($24)($27)($31)($33)($115)($115)($115)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0


Total Oil MTM & Collars (Non-hedge)94($931)($10,061)$3,170($11,483)($19,878)($23,389)$25,130$7,086$29,026$53,357$17,453$14,347($7,822)($54,750)$61,243$85,157$83,828$0$10,929$1,542($14,340)$965($109,372)($20,428)($2,399)$1,912$302($8,051)($3,649)$654($1,869)($128,835)($185)($11,046)($141,935)($141,031)$6,389($5,070)($3,057)($4,803)$2,213($634)($1,267)$116($1,482)($627)($726)($981)($1,738)($3,224)($2,633)($2,334)($9,929)$0$133($176)($167)($159)($153)($148)($145)($142)($140)($139)($137)($136)($209)($461)($427)($412)($1,509)($1,509)($8)($8)($8)($9)($9)($9)($10)($10)($11)($11)($11)($11)($24)($27)($31)($33)($115)($115)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0

Oil Ineffectiveness & MTM Gain / Loss($677)($14,668)$6,883($12,994)($20,302)($25,731)$30,672$10,386$31,509$54,410$17,818$14,292($8,462)($59,027)$72,566$86,520$91,598$0$13,793$4,104($11,781)$3,225($107,370)($18,560)($2,399)$1,912$302($8,051)($3,649)$654$6,116($122,705)($185)($11,046)($127,821)($137,162)$6,389($5,070)($3,057)($7,609)($652)($3,513)($4,084)($2,719)($4,320)($3,404)($3,515)($3,772)($1,738)($11,774)($11,124)($10,691)($35,328)$0($2,112)($2,427)($2,425)($2,424)($2,421)($2,421)($2,425)($2,443)($2,449)($2,460)($2,475)($2,478)($6,965)($7,266)($7,317)($7,414)($28,961)($28,961)$4,180$4,146$4,073$3,997$3,965$3,898$3,869$3,798$3,769$3,702$3,632$3,602$12,399$11,859$11,437$10,936$46,631$46,631$3,393$3,321$3,289$3,258$3,158$3,093$3,063$2,999$2,970$2,903$2,874$2,813$10,003$9,509$9,032$8,590$37,134$37,134

Total Ineffectiveness & MTM Gain / Loss($4,502)($20,920)$4,434($13,320)($20,496)($35,915)$56,688$17,804$38,750$60,625$18,798$14,673($20,988)($69,732)$113,242$94,096$116,619$0$40,516$18,353($19,250)$803($117,907)($18,915)($4,192)$7,531($21,170)($1,913)($1,616)($9,595)$39,620($136,019)($17,831)($13,124)($127,354)($167,776)$11,082$412$12,347($17,573)($6,506)($4,714)($5,628)$5,099($5,783)($5,617)($9,379)($10,214)$23,840($28,793)($6,313)($25,210)($36,475)$0($1,215)($5,532)($5,349)($4,750)($4,636)($4,659)($4,625)($4,668)($4,722)($4,782)($4,881)($4,896)($12,095)($14,046)($14,014)($14,559)($54,714)($54,714)$4,158$4,115$4,005$3,842$3,812$3,753$3,740$3,680$3,653$3,611$3,590$3,632$12,277$11,406$11,072$10,833$45,589$45,589$3,393$3,321$3,289$3,258$3,158$3,093$3,063$2,999$2,970$2,903$2,874$2,813$10,003$9,509$9,032$8,590$37,134$37,134

Balance Sheet Summary

Deferred Tax - Ineffectiveness (in K$)(1,128)(4,879)258(1,777)(671)(2,672)8,5632,8751,9701,417304593(5,749)(5,120)13,4082,3154,8541,4951,3661,3371,1089979382122052011861791734,1983,0436195398,398696764(1,039)(1,064)(1,070)(1,047)(1,055)(1,056)(1,033)(1,037)(1,039)201(3,174)(3,158)(3,108)(9,240)(868)(871)(874)(876)(877)(879)(882)(890)(893)(898)(904)(906)(2,613)(2,632)(2,665)(2,708)(10,618)1,6201,6071,5791,5491,5371,5111,5001,4731,4621,4361,4091,3984,8054,5984,4364,24318,0811,3121,2841,2721,2601,2211,1961,1851,1601,1491,1231,1121,0883,8693,6783,4943,32314,364

Deferred Tax - S/T Hedge Instruments(498,071)(10,881,292)(802,478)(10,204,349)(13,967,904)(14,543,937)22,397,8098,981,89113,938,83424,764,0758,181,696(467,149)(12,181,841)(38,716,190)45,318,53432,478,62226,899,1251,367,280494,546(2,996,581)60,899(1,412,375)(214,777)(134,956)812,725508,767(1,940,953)(1,708,863)1,311,000(1,134,756)(1,566,253)1,186,536(2,338,816)(3,853,288)6,869,181(2,784,712)(1,975,999)(363,087)2,177,756(1,335,578)2,149,32961,9123,598,2112,311,8773,350,5931,013,0042,108,470479,0915,809,4526,675,47415,072,4877,105,4751,149,7471,250,9541,365,3101,560,9251,889,6122,503,7224,020,0769,820,331488,005,631(523,317,757)10,851,0829,506,1774,815,84816,344,129(24,461,043)6,205,111(1,274,730)(1,255,788)(1,227,439)(1,197,081)(1,177,772)(1,141,614)(1,117,445)(1,070,832)(1,024,979)(934,615)(777,917)(462,572)(3,757,957)(3,516,467)(3,213,255)(2,175,104)(12,662,783)(1,312,467)(1,284,454)(1,272,271)(1,260,290)(1,221,394)(1,196,263)(1,184,758)(1,160,128)(1,148,837)(1,123,027)(1,111,777)(1,087,893)(3,869,192)(3,677,946)(3,493,723)(3,322,697)(14,363,558)

Current Derivative Instruments(1,489,021)(38,244,367)(3,233,234)(30,549,137)(42,579,706)(50,823,829)83,322,98732,350,16849,917,34985,073,87428,595,290(6,621,268)(42,966,622)(123,952,672)165,590,504107,047,896105,719,10624,893,3079,235,629(15,279,197)1,554,196(32,132,410)(7,164,935)(5,186,927)8,637,115(13,600,780)(12,567,872)(2,894,750)(9,356,771)18,849,739(37,743,149)(10,150,592)(24,819,393)(53,863,395)19,661,221(9,794,880)2,847,833($9,792,562)29,736,918(1,855,189)(12,281,213)18,114,698(17,252,310)(2,463,387)(8,621,596)(27,507,243)12,714,17418,089,167(11,418,825)(38,592,226)(19,207,710)20,241,619(318,217)238,8561,126,4891,454,8301,583,5651,713,6391,762,5391,765,7511,736,4321,632,7971,572,73620,162,2584,164,8845,241,9294,941,96534,511,035(412,100)(418,444)(459,923)(551,867)(553,166)(545,387)(536,675)(531,123)(535,582)(513,001)(463,579)(384,626)(1,290,466)(1,650,421)(1,603,381)(1,361,205)(5,905,473)(95,895)(96,702)(97,504)(98,301)(99,005)(99,704)(100,225)(100,567)(100,733)(100,810)(100,714)(100,531)(290,101)(297,010)(301,525)(302,055)(1,190,691)

LT Derivative Instruments(6,038,389)(40,742,339)16,840,669(42,137,333)(71,605,066)(80,962,968)100,548,37135,497,53888,625,013142,719,41549,529,71958,517,561(29,940,059)(194,705,367)224,670,922250,766,695250,792,19141,117,52310,983,423(48,028,445)(719,824)(137,150,173)(26,869,312)(4,329,399)6,656,740(5,331,858)(11,811,994)(8,244,333)5,026,9704,072,501(164,739,309)(3,004,517)(15,029,357)(178,700,682)19,913,457(5,290,289)(208,067)(20,943,268)28,759,465(4,066,740)(3,118,021)5,387,304(3,141,944)966,0621,473,372(3,495,387)14,415,1013,749,457(872,661)(1,055,953)16,235,94410,136,227(515,146)(557,427)(650,168)(652,171)(645,092)(636,900)(631,690)(636,315)(613,811)(564,293)(475,515)9,063,654(1,947,431)(1,904,905)(1,653,619)3,557,699(95,895)(96,702)(97,504)(98,301)(99,005)(99,704)(100,225)(100,567)(100,733)(100,810)(100,714)(100,531)(290,101)(297,010)(301,525)(302,055)(1,190,691)-----------------

Deferred Tax - L/T Hedge Instruments(752,871)(11,571,866)4,358,202(12,753,560)(22,266,980)(22,535,917)26,804,07710,380,35424,667,29539,904,61114,772,15820,485,890(7,966,536)(57,556,457)61,851,72775,162,65971,491,3938,494,66260,339(13,996,680)(48,608)(18,409,256)(5,568,523)(1,919,147)2,182,038359,067(6,749,384)(1,974,512)725,437(5,441,680)(24,026,387)621,959(7,998,459)(36,844,566)4,151,789(3,209,516)(1,778,633)1,402,488(1,112,277)2,404,869(1,101,925)992,870(2,541,920)(1,279,176)(2,313,424)25,597(836,360)2,695,079(2,650,975)(3,567,003)(4,359,259)(6,237,075)(278,875)(377,300)(489,319)(683,585)(1,010,595)(1,621,701)(3,130,004)(8,927,513)(487,107,582)524,222,001(9,945,097)(6,893,249)(2,183,499)(13,679,218)27,169,3224,413,356(345,025)(350,868)(351,254)(352,232)(359,487)(369,603)(383,014)(402,321)(437,148)(501,577)(631,054)(935,017)(1,047,148)(1,081,322)(1,222,483)(2,067,648)(5,418,600)-----------------

OCI Hedge Instruments3,233,91258,045,495(9,192,191)59,350,36893,673,76095,858,162(127,195,819)(50,054,923)(99,803,859)(167,180,306)(59,339,886)(51,755,052)52,087,216248,882,290(277,054,601)(278,275,244)(254,360,339)(25,492,366)(1,865,846)44,058,007(31,830)51,375,83615,119,4485,324,275(7,762,481)(2,237,324)22,467,2619,522,686(5,264,832)16,699,79566,463,454(4,675,530)26,725,115105,212,834(28,492,683)15,496,9709,706,907(2,687,179)(2,754,597)(2,764,455)(2,707,869)(2,726,945)(2,730,845)(2,669,859)(2,681,409)(2,685,110)(3,288,806)(8,206,231)(8,165,659)(8,036,378)(27,697,074)(2,245,089)(2,251,481)(2,258,672)(2,264,715)(2,268,201)(2,272,536)(2,280,303)(2,301,116)(2,308,217)(2,321,740)(2,337,758)(2,342,258)(6,755,242)(6,805,452)(6,889,636)(7,001,756)(27,452,086)4,187,5784,153,7144,081,4204,005,4623,974,3013,906,9723,879,1583,808,5653,780,0583,713,0093,642,6343,613,20812,422,71211,886,73511,467,78110,968,85146,746,0793,393,1413,320,7193,289,2223,258,2463,157,6883,092,7163,062,9732,999,2972,970,1062,903,3802,874,2942,812,54610,003,0829,508,6509,032,3768,590,22037,134,328

OCI Deferred Tax Hedges1,250,94222,453,158(3,555,723)22,957,90936,234,88437,079,854(49,201,887)(19,362,245)(38,606,129)(64,668,686)(22,953,855)(20,018,741)20,148,37796,272,647(107,170,261)(107,641,281)(98,390,518)(9,861,943)(554,884)16,993,262(12,291)19,821,6315,783,3002,054,103(2,994,763)(867,835)8,690,3373,683,375(2,036,437)6,576,43525,592,640(1,808,495)10,337,27440,697,855(11,020,970)5,994,2283,754,632(1,039,401)(1,065,478)(1,069,291)(1,047,404)(1,054,782)(1,056,291)(1,032,701)(1,037,169)(1,038,601)(1,272,110)(3,174,170)(3,158,477)(3,108,471)(10,713,228)(868,400)(870,873)(873,654)(875,992)(877,340)(879,017)(882,021)(890,072)(892,818)(898,049)(904,245)(905,985)(2,612,928)(2,632,349)(2,664,911)(2,708,279)(10,618,467)1,619,7551,606,6571,578,6931,549,3131,537,2601,511,2171,500,4581,473,1531,462,1261,436,1921,408,9711,397,5894,805,1054,597,7894,435,7384,242,75218,081,3831,312,4671,284,4541,272,2711,260,2901,221,3941,196,2631,184,7581,160,1281,148,8371,123,0271,111,7771,087,8933,869,1923,677,9463,493,7233,322,69714,363,558

Net Cummulative OCI75,819,811111,412,148105,775,680142,168,139199,607,015258,385,323180,391,390149,698,71388,500,983(14,010,638)(50,396,669)(82,132,980)105,775,680258,385,32388,500,983(82,132,980)(82,132,980)(97,763,403)(99,074,365)(72,009,620)(72,029,159)(40,474,954)(31,138,806)(27,868,634)(32,636,352)(34,005,841)(20,228,917)(14,389,606)(17,618,001)(72,009,620)(31,138,806)(34,005,841)(17,618,001)(17,618,001)(35,089,714)(25,586,972)(19,634,696)(21,282,475)(22,971,594)(24,666,757)(26,327,223)(27,999,385)(29,673,939)(31,311,097)(32,955,337)(34,601,846)(19,634,696)(24,666,757)(29,673,939)(34,601,846)(34,601,846)(35,978,535)(37,359,143)(38,744,161)(40,132,884)(41,523,745)(42,917,264)(44,315,546)(45,726,590)(47,141,989)(48,565,680)(49,999,193)(18,990,524)(38,744,161)(42,917,264)(47,141,989)(18,990,524)(18,990,524)(18,042,456)(17,102,056)(16,178,022)(15,271,186)(14,371,404)(13,486,865)(12,608,624)(11,746,365)(10,890,560)(10,049,934)(9,225,242)(8,407,212)(16,178,022)(13,486,865)(10,890,560)(8,407,212)(8,407,212)(7,639,005)(6,887,194)(6,142,514)(5,404,847)(4,689,947)(3,989,756)(3,296,299)(2,617,258)(1,944,826)(1,287,501)(636,760)-(6,142,514)(3,989,756)(1,944,826)--

Cummulative OCI123,650,170181,695,665172,503,474231,853,842325,527,602421,385,764294,189,945244,135,022144,331,163(22,849,143)(82,189,029)(133,944,081)172,503,474421,385,764144,331,163(133,944,081)(133,944,081)(159,436,447)(161,302,293)(117,244,286)(117,276,116)(65,900,280)(50,780,832)(45,456,557)(53,219,038)(55,456,362)(32,989,101)(23,466,415)(28,731,247)(117,244,286)(50,780,832)(55,456,362)(28,731,247)(28,731,247)(57,223,930)(41,726,960)(32,020,053)(34,707,232)(37,461,829)(40,226,284)(42,934,153)(45,661,098)(48,391,943)(51,061,802)(53,743,211)(56,428,321)(32,020,053)(40,226,284)(48,391,943)(56,428,321)(56,428,321)(58,673,410)(60,924,891)(63,183,563)(65,448,278)(67,716,479)(69,989,015)(72,269,318)(74,570,434)(76,878,651)(79,200,391)(81,538,149)(83,880,407)(63,183,563)(69,989,015)(76,878,651)(83,880,407)(83,880,407)(79,692,829)(75,539,115)(71,457,695)(67,452,233)(63,477,932)(59,570,960)(55,691,802)(51,883,237)(48,103,179)(44,390,170)(40,747,536)(37,134,328)(71,457,695)(59,570,960)(48,103,179)(37,134,328)(37,134,328)(33,741,187)(30,420,468)(27,131,246)(23,873,000)(20,715,312)(17,622,596)(14,559,623)(11,560,326)(8,590,220)(5,686,840)(2,812,546)-(27,131,246)(17,622,596)(8,590,220)--

Cummulative ST Liability(55,795,726)(94,040,093)(97,273,327)(127,822,464)(170,402,170)(221,225,999)(137,903,012)(105,552,844)(55,635,495)29,438,37958,033,66951,412,401(97,273,327)(221,225,999)(55,635,495)51,412,40151,412,40176,305,70885,541,33770,262,14071,816,33639,683,92632,518,99127,332,06435,969,17922,368,3999,800,5276,905,777(2,450,994)70,262,14032,518,99122,368,399(2,450,994)(2,450,994)17,210,227$7,415,34710,263,180($5,295,190)$24,441,72822,586,53910,305,32628,420,02411,167,7148,704,327$82,731(27,424,512)10,263,18022,586,53911,167,714(27,424,512)(27,424,512)($7,182,893)(7,501,110)(7,262,254)(6,135,765)(4,680,936)(3,097,371)(1,383,732)378,8072,144,5583,880,9905,513,7877,086,523(7,262,254)(3,097,371)2,144,5587,086,5237,086,5236,674,4236,255,9805,796,0575,244,1894,691,0234,145,6363,608,9613,077,8382,542,2562,029,2551,565,6761,181,0505,796,0574,145,6362,542,2561,181,0501,181,0501,094,796998,094900,590802,289703,284603,580503,355402,788302,055201,245100,531-900,590603,580302,055--

Cummulative LT Liability(102,498,657)(143,240,996)(126,400,327)(168,537,660)(240,142,726)(321,105,694)(220,557,323)(185,059,785)(96,434,772)46,284,64395,814,362154,331,923(126,400,327)(321,105,694)(96,434,772)154,331,923154,331,923195,449,446206,432,869158,404,424157,684,60020,534,427(6,334,885)(10,664,284)(4,007,544)(9,339,402)(21,151,396)(29,395,729)(24,368,759)158,404,424(6,334,885)(9,339,402)(24,368,759)(24,368,759)(4,455,302)(9,745,591)(9,953,658)(25,131,118)3,628,347(438,393)(3,556,414)1,830,890(1,311,054)(344,992)$1,128,380($2,367,007)(9,953,658)(438,393)(1,311,054)(2,367,007)(2,367,007)$7,769,219$7,254,074$6,696,647$6,046,479$5,394,308$4,749,216$4,112,316$3,480,626$2,844,311$2,230,499$1,666,207$1,190,691$6,696,647$4,749,216$2,844,311$1,190,691$1,190,691$1,094,796$998,094$900,590$802,289$703,284$603,580$503,355$402,788$302,055$201,245$100,531$0900,590603,580302,055-------------------

Cummulative OCI - Deferred Tax(47,830,359)(70,283,517)(66,727,794)(89,685,703)(125,920,587)(163,000,441)(113,798,555)(94,436,309)(55,830,180)8,838,50531,792,36051,811,101(66,727,794)(163,000,441)(55,830,180)51,811,10151,811,10161,673,04462,227,92845,234,66645,246,95625,425,32619,642,02617,587,92320,582,68621,450,52112,760,1849,076,80911,113,24645,234,66619,642,02621,450,52111,113,24611,113,24622,134,21616,139,98812,385,35713,424,75714,490,23515,559,52716,606,93017,661,71318,718,00419,750,70520,787,87421,826,47512,385,35715,559,52718,718,00421,826,47521,826,47522,694,87523,565,74824,439,40225,315,39426,192,73427,071,75127,953,77228,843,84429,736,66230,634,71131,538,95664,889,88324,439,40227,071,75129,736,66264,889,88364,889,88361,650,37358,437,05955,279,67352,181,04749,106,52846,084,09543,083,17840,136,87237,212,61934,340,23631,522,29428,727,11655,279,67346,084,09537,212,61928,727,11628,727,11626,102,18223,533,27420,988,73218,468,15316,025,36513,632,84011,263,3248,943,0686,645,3944,399,3392,175,786-20,988,73213,632,8406,645,394--

Cumm ST Liability Gas - Deferred Tax665,9514,549,1676,250,1157,840,1659,243,61612,019,2732,668,475304,264(1,384,027)(3,080,732)(3,396,523)(2,473,851)6,250,11512,019,273(1,384,027)(2,473,851)(2,473,851)(2,150,866)(1,671,613)(1,374,131)(1,296,021)(1,324,413)(1,185,981)(1,035,253)(911,146)(812,718)(678,031)(547,702)(390,696)(1,374,131)(1,185,981)(812,718)(390,696)(390,696)(347,280)(308,509)(275,722)(247,587)(216,581)(185,139)(156,306)(132,577)(103,451)(72,784)(38,348)-(275,722)(185,139)(103,451)-----------------------------------------------------

Cumm ST Liability Oil - Deferred Tax17,129,21324,127,28923,228,81931,843,11844,407,57156,175,85143,128,84036,511,16024,260,6181,193,247(6,672,658)(7,128,181)23,228,81956,175,85124,260,618(7,128,181)(7,128,181)(8,818,445)(9,792,244)(7,093,145)(7,232,153)(5,791,387)(5,715,042)(5,730,814)(6,667,645)(7,274,841)(5,468,575)(3,890,041)(5,358,047)(7,093,145)(5,715,042)(7,274,841)(5,358,047)(5,358,047)(12,270,644)(9,524,703)(7,581,491)(7,246,539)(9,455,300)(8,151,166)(10,329,328)(10,414,968)(14,042,305)(16,384,849)(19,769,879)(20,821,231)(7,581,491)(8,151,166)(14,042,305)(20,821,231)(20,821,231)(27,926,706)(29,076,453)(30,327,407)(31,692,718)(33,253,643)(35,143,255)(37,646,977)(41,667,053)(51,487,384)(539,493,015)(16,175,259)(27,026,341)(30,327,407)(35,143,255)(51,487,384)(27,026,341)(27,026,341)(25,751,611)(24,495,823)(23,268,384)(22,071,303)(20,893,531)(19,751,917)(18,634,472)(17,563,641)(16,538,662)(15,604,047)(14,826,130)(14,363,558)(23,268,384)(19,751,917)(16,538,662)(14,363,558)(14,363,558)(13,051,091)(11,766,637)(10,494,366)(9,234,076)(8,012,683)(6,816,420)(5,631,662)(4,471,534)(3,322,697)(2,199,670)(1,087,893)-(10,494,366)(6,816,420)(3,322,697)--

Cumm LT Liability Gas - Deferred Tax40,284573,412677,166925,611898,6991,793,981581,072163,820(307,946)(693,548)(756,707)(1,064,341)677,1661,793,981(307,946)(1,064,341)(1,064,341)(999,541)(1,092,966)(1,041,179)(883,144)(630,228)(555,766)(494,973)(413,831)(309,795)(258,333)(209,217)(193,186)(1,041,179)(555,766)(309,795)(193,186)(193,186)(167,310)(138,694)(107,244)(89,233)(76,224)(64,668)(51,072)(33,012)(20,680)(9,977)(2,952)-(107,244)(64,668)(20,680)-----------------------------------------------------

Cumm LT Liability Oil - Deferred Tax29,994,91141,033,65036,571,69449,076,80971,370,70193,011,33567,420,16857,457,06533,261,536(6,257,473)(20,966,472)(41,144,728)36,571,69493,011,33533,261,536(41,144,728)(41,144,728)(49,704,191)(49,671,105)(35,726,211)(35,835,638)(17,679,298)(12,185,237)(10,326,883)(12,590,064)(13,053,167)(6,355,245)(4,429,849)(5,171,317)(35,726,211)(12,185,237)(13,053,167)(5,171,317)(5,171,317)(9,348,982)(6,168,082)(4,420,899)(5,841,398)(4,742,129)(7,158,554)(6,070,225)(7,081,156)(4,551,567)(3,283,095)(976,695)(1,005,244)(4,420,899)(7,158,554)(4,551,567)(1,005,244)(1,005,244)5,231,8315,510,7055,888,0056,377,3247,060,9098,071,5049,693,20512,823,20921,750,722508,858,304(15,363,697)(5,418,600)5,888,0058,071,50421,750,722(5,418,600)(5,418,600)(5,073,575)(4,722,707)(4,371,453)(4,019,221)(3,659,733)(3,290,130)(2,907,117)(2,504,795)(2,067,648)(1,566,071)(935,017)-(4,371,453)(3,290,130)(2,067,648)-------------------

Cumm ST Liability All - Deferred Tax(27,107,134)(27,706,742)(15,310,059)(12,545,827)(10,518,586)(13,842,530)(8,652,097)(3,790,844)(2,671,155)948,044(27,107,134)(12,545,827)(8,652,097)948,044948,044(6,656,916)(2,868,256)(3,969,798)2,048,179(9,454,060)(9,251,691)(4,587,187)(11,679,822)(5,092,498)(4,225,530)(976,566)9,577,366(3,969,798)(9,251,691)(5,092,498)9,577,3669,577,3662,778,3432,901,4292,809,0402,373,3141,810,5861,198,063535,227(146,523)(829,515)(1,501,167)(2,132,733)(2,741,067)2,809,0401,198,063(829,515)(2,741,067)(2,741,067)(2,581,667)(2,419,813)(2,241,915)(2,028,452)(1,814,488)(1,603,532)(1,395,946)(1,190,508)(983,344)(784,916)(605,603)(456,830)(2,241,915)(1,603,532)(983,344)(456,830)(456,830)(423,467)(386,063)(348,348)(310,325)(272,030)(233,465)(194,698)(155,798)(116,835)(77,841)(38,885)-(348,348)(233,465)(116,835)--

Cumm LT Liabilitiy All - Deferred Tax(61,112,427)(60,834,719)(7,922,182)2,443,9994,104,0881,542,2803,612,4818,181,36011,370,2689,425,836(61,112,427)2,443,9993,612,4819,425,8369,425,8361,723,3113,769,5953,850,0759,720,716(1,403,445)(42,891,142)(41,599,222)(43,597,162)(42,295,988)(42,583,792)(43,067,822)(41,629,937)3,850,075(42,891,142)(42,295,988)(41,629,937)(41,629,937)(3,005,134)(2,805,876)(2,590,263)(2,338,778)(2,086,518)(1,836,997)(1,590,644)(1,346,306)(1,100,179)(862,757)(644,489)(460,559)(2,590,263)(1,836,997)(1,100,179)(460,559)(460,559)(423,467)(386,063)(348,348)(310,325)(272,030)(233,465)(194,698)(155,798)(116,835)(77,841)(38,885)-(348,348)(233,465)(116,835)-------------------

Monthly change - Deferred Tax309,610(45,487,590)(7,347,113)(1,633,226)2,890,988(8,128,469)(739,796)(625,222)(3,711,204)-(52,525,093)(6,870,707)(5,076,222)30,323,9744,286,516159,2854,775,693(12,928,020)21,560,92340,216,037(7,003,827)8,035,792(8,944,788)(1,611,867)(3,802,102)(13,030,418)9,221,49348,848,940(7,912,824)(18,444,387)31,713,223(32,694,180)(1,193,217)(996,878)(691,751)(566,872)(516,016)(465,538)(452,659)(455,953)(463,819)(490,947)(32,926,522)(34,884,275)(1,774,638)(1,374,151)(33,881,289)(71,914,353)3,043,0183,014,0552,941,7742,847,1402,822,2602,772,9122,754,5642,701,9682,678,1262,634,9622,599,6732,607,5198,998,8478,442,3128,134,6587,842,154(32,504,310)2,591,5712,531,5042,506,8282,482,5562,404,4922,353,9592,330,7492,281,3572,258,7112,207,0612,184,5982,136,9007,629,9027,241,0086,870,8166,528,55929,183,946

Check Figure Def Tax Hedge - Cumm-----(0)-------(0)------------------------------0(0)---(0)(0)-----------32,444,941---32,444,94132,444,94130,825,18629,218,53027,639,83626,090,52424,553,26423,042,04721,541,58920,068,43618,606,31017,170,11815,761,14714,363,55827,639,83623,042,04718,606,31014,363,55814,363,55813,051,09111,766,63710,494,3669,234,0768,012,6836,816,4205,631,6624,471,5343,322,6972,199,6701,087,893-10,494,3666,816,4203,322,697--

Check Figure Def Tax Hedge - Monthly0-0--0(0)-----00(0)-0-------------------------------------------------------------------------------------

Check Figure Liability - Monthly------------0----(0)--------------------0--------------------9,641-----------

Effective tax rate - gas0.386800.385800.385800.385800.385800.385800.386940.385800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.38680

Effective tax rate - oil0.386820.385780.385820.385820.385820.385800.386920.385800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.38680

Effective tax rate - overall0.385800.385800.385800.385800.384840.384840.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.386800.38680

-Short Term------------------------

-Long Term------------------------

83,880,40779,692,82975,539,11571,457,69567,452,23363,477,93259,570,96055,691,80251,883,23748,103,17944,390,17040,747,53637,134,32833,741,18730,420,46827,131,24623,873,00020,715,31217,622,59614,559,62311,560,3268,590,2205,686,8402,812,546-

32,444,94130,825,18629,218,53027,639,83626,090,52424,553,26423,042,04721,541,58920,068,43618,606,31017,170,11815,761,14714,363,55813,051,09111,766,63710,494,3669,234,0768,012,6836,816,4205,631,6624,471,5343,322,6972,199,6701,087,893-

Change

8.96%8.89%8.73%8.57%8.50%8.36%8.30%8.15%8.09%7.94%7.79%7.73%100.00%9.14%8.94%8.86%8.77%8.50%8.33%8.25%8.08%8.00%7.82%7.74%7.57%100.00%

222,000222,000222,000222,000222,000222,000222,000222,000222,000222,000222,000222,0002,664,0005,663,4445,623,4865,537,4295,447,0485,410,5475,330,6145,298,2395,214,5405,181,4635,102,0755,018,4034,983,35956,169,1224,219,9504,129,8814,090,7094,052,1853,927,1243,846,3203,809,3303,730,1383,693,8343,610,8493,574,6753,497,88146,182,878

85,87085,87085,87085,87085,87085,87085,87085,87085,87085,87085,87085,8701,030,4352,190,6202,175,1642,141,8782,106,9182,092,8002,061,8812,049,3592,016,9842,004,1901,973,4831,941,1181,927,56324,681,9581,632,2771,597,4381,582,2861,567,3851,519,0121,487,7571,473,4491,442,8171,428,7751,396,6761,382,6841,352,98017,863,537

631,737632,469633,279634,168635,109636,077637,123638,247639,423640,600641,489641,8037,641,524

&L&Z&F &A&R&D; &T

Julie:Originally recorded as a loss in OCI (Other Comprehensive Income) - now recording the loss in the income statement





Administrator:Adjust to tie to FR

Administrator:Adjusted to tie to FR

summer.smith:adjusted for change in acct method; discontinued hedge acct

Volume Summary

Volume SummaryVolume SummaryVolume Summary2/28/11Change date to recalc percentage PDP hedged.Volume SummaryVolume SummaryVolume Summary

12+0_REV_2011 Adj Projection @ 95% of 1/10/11 NYMEX3129313031303131303130319191929236612+0_REV_2011 Adj Projection @ 95% of 1/10/11 NYMEX3128313031303131303130319091929236512+0_REV_2011 Adj Projection @ 95% of 1/10/11 NYMEX3128313031303131303130319091929236512+0_REV_2011 Adj Projection @ 95% of 1/10/11 NYMEX3128313031303131303130319091929236512+0_REV_2011 Adj Projection @ 95% of 1/10/11 NYMEX3129313031303131303130319191929236612+0_REV_2011 Adj Projection @ 95% of 1/10/11 NYMEX31283130313031313031303190919292365

ActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjected2009ActualActualActualActualActualActualActualActualActualActualActualActual2010ProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjected2011ProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjected2012ProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjected2013

FloorCeilingJan-08Feb-08Mar-08Apr-08May-08Jun-08Jul-08Aug-08Sep-08Oct-08Nov-08Dec-081Q20082Q20083Q20084Q2008Yr 2008FloorCeilingJan-09Feb-09Mar-09Apr-09May-09Jun-09Jul-09Aug-09Sep-09Oct-09Nov-09Dec-091Q20092Q20093Q20094Q2009Yr 2009FloorCeilingJan-10Feb-10Mar-10Apr-10May-10Jun-10Jul-10Aug-10Sep-10Oct-10Nov-10Dec-101Q20102Q20103Q20104Q2010Yr 2010FloorCeilingJan-11Feb-11Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-111Q20112Q20113Q20114Q2011Yr 2011FloorCeilingJan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-121Q20122Q20123Q20124Q2012Yr 2012FloorCeilingJan-13Feb-13Mar-13Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-131Q20132Q20133Q20134Q2013Yr 2013

Gas Fixed Swaps (MTM 11/30/08)$8.11$8.11990,0001,340,0001,390,0001,360,0001,010,0001,340,0001,280,000950,0001,250,0001,250,0001,210,0001,210,0003,720,0003,710,0003,480,0003,670,00014,580,000Gas MTM$7.21$7.21250,0001,250,0001,250,0001,250,000150,000150,000530,000530,000530,000500,0001,200,0001,200,0002,750,0001,550,0001,590,0002,900,0008,790,000Gas MTM$7.11$7.111,100,0001,150,0001,590,0001,480,0001,400,0001,350,0001,300,0001,200,0001,200,0001,150,0001,150,0001,150,0003,840,0004,230,0003,700,0003,450,00015,220,000Gas MTM$6.28$6.281,550,0001,750,0001,700,0001,660,0001,620,0001,590,0001,560,0001,530,0001,510,0001,480,0001,460,0001,450,0005,000,0004,870,0004,600,0004,390,00018,860,000Gas MTM$5.04$5.04500,000500,000500,000500,000500,000500,000500,000500,000500,000500,000500,000500,0001,500,0001,500,0001,500,0001,500,0006,000,000Gas MTM$0.00$0.0000000000000000000

Hedge Price$8.17$8.50$8.38$7.87$7.76$7.88$7.91$7.87$7.98$8.03$8.28$8.53$8.37$7.84$7.93$8.28$8.11$7.76$6.03$6.02$6.01$8.37$8.45$8.37$8.42$8.44$8.52$7.60$7.97$6.18$6.47$8.41$7.91$7.21$7.68$7.61$6.89$6.58$6.62$6.74$6.87$7.08$7.11$7.27$7.53$7.84$7.33$6.64$7.01$7.55$7.11$6.68$6.42$6.33$5.89$5.90$5.98$6.10$6.19$6.23$6.35$6.58$6.86$6.47$5.92$6.17$6.59$6.28$5.07$5.07$5.05$5.00$5.00$5.00$5.01$5.02$5.02$5.04$5.07$5.12$5.06$5.00$5.02$5.08$5.04$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00

Domestic Gas - Fixed Swaps$8.11$8.11990,0001,340,0001,390,0001,360,0001,010,0001,340,0001,280,000950,0001,250,0001,250,0001,210,0001,210,0003,720,0003,710,0003,480,0003,670,00014,580,000Domestic Gas - MTM$7.21$7.21250,0001,250,0001,250,0001,250,000150,000150,000530,000530,000530,000500,0001,200,0001,200,0002,750,0001,550,0001,590,0002,900,0008,790,000Domestic Gas - MTM$7.11$7.111,100,0001,150,0001,590,0001,480,0001,400,0001,350,0001,300,0001,200,0001,200,0001,150,0001,150,0001,150,0003,840,0004,230,0003,700,0003,450,00015,220,000Domestic Gas - MTM$6.28$6.281,550,0001,750,0001,700,0001,660,0001,620,0001,590,0001,560,0001,530,0001,510,0001,480,0001,460,0001,450,0005,000,0004,870,0004,600,0004,390,00018,860,000Domestic Gas - MTM$5.04$5.04500,000500,000500,000500,000500,000500,000500,000500,000500,000500,000500,000500,0001,500,0001,500,0001,500,0001,500,0006,000,000Domestic Gas - MTM$0.00$0.0000000000000000000

Gas Collars$10.00$17.270000000000100,000100,000000200,000200,000Gas Collars$10.00$13.93200,000200,000200,000200,000200,000200,000330,000330,000330,000330,000330,000330,000600,000600,000990,000990,0003,180,000Gas Collars$10.00$11.60280,000280,000280,000280,000150,000150,000150,000150,000150,000150,000150,000150,000840,000580,000450,000450,0002,320,000Gas Collars$0.00$0.0000000000000000000Gas Collars$0.00$0.0000000000000000000Gas Collars$0.00$0.0000000000000000000

Hedge Price (floor prece only)$0.51$0.00$0.00$0.00$1.00$0.00$0.00$0.00$0.00$0.00$10.00$10.00$0.51$1.00$0.00$10.00$10.00Floor$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00Floor$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00$10.00Floor$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00Floor$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00Floor$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00

Ceiling$14.06$14.06$14.06$14.06$14.06$14.06$13.85$13.85$13.85$13.85$13.85$13.85$14.06$14.06$13.85$13.85$13.93Ceiling$11.53$11.53$11.53$11.53$11.67$11.67$11.67$11.67$11.67$11.67$11.67$11.67$11.53$11.60$11.67$11.67$11.60Ceiling$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00Ceiling$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00Ceiling$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00

Domestic Gas - Collars$10.00$17.270000000000100,000100,000000200,000200,000Domestic Gas - Collars$10.00$13.93200,000200,000200,000200,000200,000200,000330,000330,000330,000330,000330,000330,000600,000600,000990,000990,0003,180,000Domestic Gas - Collars$10.00$11.60280,000280,000280,000280,000150,000150,000150,000150,000150,000150,000150,000150,000840,000580,000450,000450,0002,320,000Domestic Gas - Collars$0.00$0.0000000000000000000Domestic Gas - Collars$0.00$0.0000000000000000000Domestic Gas - Collars$0.00$0.0000000000000000000

Gas Hedges & Non-hedges$8.13$8.23990,0001,340,0001,390,0001,360,0001,010,0001,340,0001,280,000950,0001,250,0001,250,0001,310,0001,310,0003,720,0003,710,0003,480,0003,870,00014,780,000Domestic Gas Hedges$7.95$8.99450,0001,450,0001,450,0001,450,000350,000350,000860,000860,000860,000830,0001,530,0001,530,0003,350,0002,150,0002,580,0003,890,00011,970,000Domestic Gas Hedges$7.49$7.711,380,0001,430,0001,870,0001,760,0001,550,0001,500,0001,450,0001,350,0001,350,0001,300,0001,300,0001,300,0004,680,0004,810,0004,150,0003,900,00017,540,000Domestic Gas Hedges$6.28$6.281,550,0001,750,0001,700,0001,660,0001,620,0001,590,0001,560,0001,530,0001,510,0001,480,0001,460,0001,450,0005,000,0004,870,0004,600,0004,390,00018,860,000Domestic Gas Hedges$5.04$5.04500,000500,000500,000500,000500,000500,000500,000500,000500,000500,000500,000500,0001,500,0001,500,0001,500,0001,500,0006,000,000Domestic Gas Hedges$0.00$0.0000000000000000000

Average Hedge Price$ 8.175$ 8.499$ 8.384$ 7.869$ 7.762$ 7.881$ 7.914$ 7.870$ 7.978$ 8.025$ 8.411$ 8.644$ 8.370$ 7.844$ 7.925$ 8.365$ 8.132Average Hedge Price$ 8.755$ 6.573$ 6.567$ 6.558$ 9.303$ 9.337$ 8.993$ 9.025$ 9.038$ 9.109$ 8.119$ 8.411$ 6.864$ 7.457$ 9.019$ 8.445$ 7.949Average Hedge Price$ 8.149$ 8.077$ 7.353$ 7.121$ 6.945$ 7.065$ 7.194$ 7.401$ 7.428$ 7.581$ 7.817$ 8.092$ 7.809$ 7.047$ 7.338$ 7.830$ 7.493Average Hedge Price$ 6.678$ 6.417$ 6.329$ 5.890$ 5.897$ 5.984$ 6.100$ 6.187$ 6.234$ 6.345$ 6.580$ 6.860$ 6.468$ 5.923$ 6.173$ 6.593$ 6.284Average Hedge Price$ 5.074$ 5.066$ 5.052$ 4.996$ 4.998$ 5.004$ 5.014$ 5.020$ 5.024$ 5.038$ 5.074$ 5.120$ 5.064$ 4.999$ 5.019$ 5.077$ 5.040Average Hedge Price$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0

WTI Fixed Swaps$70.09$70.09211,000208,000210,000206,000206,000203,000201,000197,000197,000197,000184,000184,000629,000615,000595,000565,0002,404,000WTI Fixed Swaps$65.73$65.7351,00057,00051,00051,000211,000229,000193,000190,000188,000186,000184,000183,000159,000491,000571,000553,0001,774,000WTI Fixed Swaps$72.22$72.22210,000207,000205,000170,000223,000221,000219,000217,000216,000212,000211,000210,000622,000614,000652,000633,0002,521,000WTI Fixed Swaps$75.07$75.07270,000269,000264,000259,000255,000252,000248,000245,000243,000240,000238,000236,000803,000766,000736,000714,0003,019,000WTI Fixed Swaps$93.42$93.42152,000152,000152,000152,000152,000152,000152,000152,000152,000152,000152,000152,000456,000456,000456,000456,0001,824,000WTI Fixed Swaps$100.00$100.0010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00030,00030,00030,00030,000120,000

Hedge Price$70.09$69.73$69.95$70.34$70.19$69.90$69.90$69.94$69.82$69.70$70.89$70.73$69.92$70.14$69.89$70.42$70.09$71.76$72.91$71.42$71.25$58.15$58.50$67.35$67.47$67.60$67.42$67.49$67.50$72.06$59.68$67.47$67.47$65.73$67.90$67.74$67.61$68.77$73.18$73.58$74.16$74.23$74.35$74.62$74.65$74.67$67.75$72.10$74.25$74.65$72.22$75.60$75.65$75.48$75.54$75.37$75.21$75.04$74.84$74.73$74.54$74.41$74.22$75.58$75.38$74.87$74.39$75.07$93.44$93.43$93.43$93.43$93.42$93.41$93.41$93.41$93.42$93.43$93.43$93.41$93.43$93.42$93.41$93.42$93.42$100.00$100.00$100.00$100.00$100.00$100.00$100.00$100.00$100.00$100.00$100.00$100.00$100.00$100.00$100.00$100.00$100.00

Domestic Oil - Fixed Swaps$70.09$70.09211,000208,000210,000206,000206,000203,000201,000197,000197,000197,000184,000184,000629,000615,000595,000565,0002,404,000Domestic Oil - Fixed Swaps$65.73$65.7351,00057,00051,00051,000211,000229,000193,000190,000188,000186,000184,000183,000159,000491,000571,000553,0001,774,000Domestic Oil - Fixed Swaps$72.22$72.22210,000207,000205,000170,000223,000221,000219,000217,000216,000212,000211,000210,000622,000614,000652,000633,0002,521,000Domestic Oil - Fixed Swaps$75.07$75.07270,000269,000264,000259,000255,000252,000248,000245,000243,000240,000238,000236,000803,000766,000736,000714,0003,019,000Domestic Oil - Fixed Swaps$93.42$93.42152,000152,000152,000152,000152,000152,000152,000152,000152,000152,000152,000152,000456,000456,000456,000456,0001,824,000Domestic Oil - Fixed Swaps$100.00$100.0010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00030,00030,00030,00030,000120,000

WTI Collars$110.00$160.4300000020,00020,00020,00020,00020,00020,0000060,00060,000120,000WTI Collars$110.00$165.9010,00010,00010,00010,00010,00010,00020,00020,00020,00020,00020,00020,00030,00030,00060,00060,000180,000WTI Collars$110.00$168.5520,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00060,00060,00060,00060,000240,000WTI Collars$110.00$153.007,0007,0007,0007,0007,0007,0007,0007,0007,0007,0007,0007,00021,00021,00021,00021,00084,000WTI Collars$87.50$108.8060,00060,00060,00060,00060,00060,00060,00060,00060,00060,00060,00060,000180,000180,000180,000180,000720,000WTI Collars$0.00$0.0000000000000000000

Hedge Price$0.00$0.00$0.00$0.00$0.00$0.00$110.00$110.00$110.00$110.00$110.00$110.00$0.00$0.00$110.00$110.00$110.00Floor$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00Floor$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00Floor$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00$110.00Floor$87.50$87.50$87.50$87.50$87.50$87.50$87.50$87.50$87.50$87.50$87.50$87.50$87.50$87.50$87.50$87.50$87.50Floor$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00

Ceiling$169.15$169.15$169.15$169.15$169.15$169.15$164.28$164.28$164.28$164.28$164.28$164.28$169.15$169.15$164.28$164.28$165.90Ceiling$168.55$168.55$168.55$168.55$168.55$168.55$168.55$168.55$168.55$168.55$168.55$168.55$168.55$168.55$168.55$168.55$168.55Ceiling$153.00$153.00$153.00$153.00$153.00$153.00$153.00$153.00$153.00$153.00$153.00$153.00$153.00$153.00$153.00$153.00$153.00Ceiling$108.80$108.80$108.80$108.80$108.80$108.80$108.80$108.80$108.80$108.80$108.80$108.80$108.80$108.80$108.80$108.80$108.80Ceiling$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00

Domestic Oil - Collars$110.00$160.4300000020,00020,00020,00020,00020,00020,0000060,00060,000120,000Domestic Oil - Collars$110.00$165.9010,00010,00010,00010,00010,00010,00020,00020,00020,00020,00020,00020,00030,00030,00060,00060,000180,000Domestic Oil - Collars$110.00$168.5520,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00060,00060,00060,00060,000240,000Domestic Oil - Collars$110.00$153.007,0007,0007,0007,0007,0007,0007,0007,0007,0007,0007,0007,00021,00021,00021,00021,00084,000Domestic Oil - Collars$87.50$108.8060,00060,00060,00060,00060,00060,00060,00060,00060,00060,00060,00060,000180,000180,000180,000180,000720,000Domestic Oil - Collars$0.00$0.0000000000000000000

WTI MTM$67.53$67.5320,00020,00020,00020,00020,00020,00020,00020,00020,00020,00027,00027,00060,00060,00060,00074,000254,000WTI MTM$66.42$66.427,0007,0007,00000030,00030,00030,00030,00030,00030,00021,000090,00090,000201,000WTI MTM$0.00$0.0000000000000000000WTI MTM$0.00$0.0000000000000000000WTI MTM$0.00$0.0000000000000000000WTI MTM$0.00$0.0000000000000000000

Hedge Price$67.39$67.49$67.55$67.60$67.64$67.66$67.66$67.64$67.62$67.58$67.37$67.32$67.48$67.63$67.64$67.41$67.53$66.82$66.78$66.74$0.00$0.00$0.00$66.69$66.57$66.45$66.30$66.19$66.06$66.78$0.00$66.57$66.18$66.42$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00

Domestic Oil - MTM$67.53$67.5320,00020,00020,00020,00020,00020,00020,00020,00020,00020,00027,00027,00060,00060,00060,00074,000254,000Domestic Oil - MTM$66.42$66.427,0007,0007,00000030,00030,00030,00030,00030,00030,00021,000090,00090,000201,000Domestic Oil - MTM$0.00$0.0000000000000000000Domestic Oil - MTM$0.00$0.0000000000000000000Domestic Oil - MTM$0.00$0.0000000000000000000Domestic Oil - MTM$0.00$0.0000000000000000000

Oil Hedges & Non-hedges$71.58$73.76231,000228,000230,000226,000226,000223,000241,000237,000237,000237,000231,000231,000689,000675,000715,000699,0002,778,000Oil Hedges & Non-hedges$69.49$74.1668,00074,00068,00061,000221,000239,000243,000240,000238,000236,000234,000233,000210,000521,000721,000703,0002,155,000Oil Hedges & Non-hedges$75.51$80.60230,000227,000225,000190,000243,000241,000239,000237,000236,000232,000231,000230,000682,000674,000712,000693,0002,761,000Oil Hedges & Non-hedges$76.02$77.18277,000276,000271,000266,000262,000259,000255,000252,000250,000247,000245,000243,000824,000787,000757,000735,0003,103,000Oil Hedges & Non-hedges$91.75$97.77212,000212,000212,000212,000212,000212,000212,000212,000212,000212,000212,000212,000636,000636,000636,000636,0002,544,000Oil Hedges & Non-hedges$100.00$100.0010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00010,00030,00030,00030,00030,000120,000

Average Hedge Price$ 69.854$ 69.532$ 69.740$ 70.093$ 69.967$ 69.696$ 73.043$ 73.127$ 73.022$ 72.921$ 73.862$ 73.730$ 69.709$ 69.920$ 73.064$ 73.499$ 71.578Average Hedge Price$ 76.874$ 77.345$ 76.612$ 77.604$ 60.501$ 60.659$ 70.782$ 70.897$ 71.021$ 70.887$ 70.957$ 70.962$ 76.955$ 62.576$ 70.899$ 70.935$ 69.489Average Hedge Price$ 71.557$ 71.460$ 71.375$ 73.113$ 76.211$ 76.601$ 77.159$ 77.252$ 77.376$ 77.671$ 77.713$ 77.746$ 71.465$ 75.477$ 77.262$ 77.710$ 75.507Average Hedge Price$ 76.470$ 76.520$ 76.371$ 76.451$ 76.294$ 76.153$ 76.004$ 75.820$ 75.721$ 75.541$ 75.424$ 75.246$ 76.454$ 76.300$ 75.849$ 75.405$ 76.019Average Hedge Price$ 91.757$ 91.750$ 91.750$ 91.750$ 91.746$ 91.741$ 91.737$ 91.738$ 91.743$ 91.751$ 91.753$ 91.735$ 91.752$ 91.746$ 91.739$ 91.746$ 91.746Average Hedge Price$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000

Hedged Volumes (Mcfe)$10.14$10.382,376,0002,708,0002,770,0002,716,0002,366,0002,678,0002,726,0002,372,0002,672,0002,672,0002,696,0002,696,0007,854,0007,760,0007,770,0008,064,00031,448,000Hedged Volumes$9.84$10.74858,0001,894,0001,858,0001,816,0001,676,0001,784,0002,318,0002,300,0002,288,0002,246,0002,934,0002,928,0004,610,0005,276,0006,906,0008,108,00024,900,000Hedged Volumes$9.97$10.492,760,0002,792,0003,220,0002,900,0003,008,0002,946,0002,884,0002,772,0002,766,0002,692,0002,686,0002,680,0008,772,0008,854,0008,422,0008,058,00034,106,000Hedged Volumes$9.46$9.553,212,0003,406,0003,326,0003,256,0003,192,0003,144,0003,090,0003,042,0003,010,0002,962,0002,930,0002,908,0009,944,0009,592,0009,142,0008,800,00037,478,000Hedged Volumes$12.40$13.121,772,0001,772,0001,772,0001,772,0001,772,0001,772,0001,772,0001,772,0001,772,0001,772,0001,772,0001,772,0005,316,0005,316,0005,316,0005,316,00021,264,000Hedged Volumes$16.67$16.6760,00060,00060,00060,00060,00060,00060,00060,00060,00060,00060,00060,000180,000180,000180,000180,000720,000

Basis$0.92$0.92690,000690,000690,000740,000690,000740,000740,000740,000740,000740,000690,000840,0002,070,0002,170,0002,220,0002,270,0008,730,000Basis$0.94$0.941,740,0001,740,0001,740,0001,720,0001,720,0001,720,0001,540,0001,540,0001,540,0001,540,0001,450,0001,450,0005,220,0005,160,0004,620,0004,440,00019,440,000Basis$0.78$0.781,650,0001,650,0001,650,0001,400,0001,370,0001,350,0001,330,0001,310,0001,290,0001,450,0001,450,0001,450,0004,950,0004,120,0003,930,0004,350,00017,350,000Basis$0.67$0.671,400,0001,400,0001,400,0001,300,0001,290,0001,270,0001,250,0001,240,0001,230,0001,220,0001,200,0001,190,0004,200,0003,860,0003,720,0003,610,00015,390,000Basis$0.30$0.30700,000700,000700,000700,000700,000700,000700,000700,000700,000700,000700,000700,0002,100,0002,100,0002,100,0002,100,0008,400,000Basis$0.00$0.0000000000000000000

Average Hedge Price$ 1.015$ 1.015$ 1.015$ 0.896$ 0.896$ 0.896$ 0.905$ 0.905$ 0.905$ 0.905$ 0.957$ 0.957$ 1.015$ 0.896$ 0.905$ 0.939$ 0.940Average Hedge Price$ 0.937$ 0.937$ 0.937$ 0.721$ 0.727$ 0.731$ 0.736$ 0.740$ 0.745$ 0.684$ 0.707$ 0.707$ 0.937$ 0.726$ 0.740$ 0.699$ 0.783Average Hedge Price$ 0.726$ 0.726$ 0.726$ 0.639$ 0.639$ 0.640$ 0.642$ 0.643$ 0.644$ 0.644$ 0.646$ 0.646$ 0.726$ 0.640$ 0.643$ 0.646$ 0.665Average Hedge Price$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304$ 0.304Average Hedge Price$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0

Domestic Gas - Basis$0.92$0.92690,000690,000690,000740,000690,000740,000740,000740,000740,000740,000690,000840,0002,070,0002,170,0002,220,0002,270,0008,730,000Domestic Gas - Basis$0.94$0.941,740,0001,740,0001,740,0001,720,0001,720,0001,720,0001,540,0001,540,0001,540,0001,540,0001,450,0001,450,0005,220,0005,160,0004,620,0004,440,00019,440,000Domestic Gas - Basis$0.78$0.781,650,0001,650,0001,650,0001,400,0001,370,0001,350,0001,330,0001,310,0001,290,0001,450,0001,450,0001,450,0004,950,0004,120,0003,930,0004,350,00017,350,000Domestic Gas - Basis$0.67$0.671,400,0001,400,0001,400,0001,300,0001,290,0001,270,0001,250,0001,240,0001,230,0001,220,0001,200,0001,190,0004,200,0003,860,0003,720,0003,610,00015,390,000Domestic Gas - Basis$0.30$0.30700,000700,000700,000700,000700,000700,000700,000700,000700,000700,000700,000700,0002,100,0002,100,0002,100,0002,100,0008,400,000Domestic Gas - Basis$0.00$0.0000000000000000000

Oil Fixed Swaps Average$ 69.854$ 69.532$ 69.740$ 70.093$ 69.967$ 69.696$ 73.043$ 73.127$ 73.022$ 72.921$ 73.862$ 73.730Oil Fixed Swaps Average$ 76.874$ 77.345$ 76.612$ 77.604$ 60.501$ 60.659$ 70.782$ 70.897$ 71.021$ 70.887$ 70.957$ 70.962$ 76.955$ 62.576$ 70.899$ 70.935$ 69.489Oil Fixed Swaps Average$ 71.557$ 71.460$ 71.375$ 73.113$ 76.211$ 76.601$ 77.159$ 77.252$ 77.376$ 77.671$ 77.713$ 77.746$ 71.465$ 75.477$ 77.262$ 77.710$ 75.507Oil Fixed Swaps Average$ 76.470$ 76.520$ 76.371$ 76.451$ 76.294$ 76.153$ 76.004$ 75.820$ 75.721$ 75.541$ 75.424$ 75.246$ 76.454$ 76.300$ 75.849$ 75.405$ 76.019Oil Fixed Swaps Average$ 91.757$ 91.750$ 91.750$ 91.750$ 91.746$ 91.741$ 91.737$ 91.738$ 91.743$ 91.751$ 91.753$ 91.735$ 91.752$ 91.746$ 91.739$ 91.746$ 91.746Oil Fixed Swaps Average$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000$ 100.000

(Should agree with Marketing STRIPNYMEX)(Should agree with Marketing STRIPNYMEX)(Should agree with Marketing STRIPNYMEX)(Should agree with Marketing STRIPNYMEX)(Should agree with Marketing STRIPNYMEX)(Should agree with Marketing STRIPNYMEX)

Hedged at 85% PDP% PDP Hedged% PDP Hedged% PDP Hedged% PDP Hedged% PDP Hedged

Contracts Available - OilOil HedgesOil0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%Oil HedgesOil0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%Oil HedgesOil0.00%0.00%84.56%84.78%85.07%85.50%85.46%85.63%86.00%85.77%86.06%86.26%84.56%85.11%85.69%86.03%85.49%Oil HedgesOil76.13%76.98%77.81%78.61%79.41%80.17%80.94%81.68%82.41%83.12%83.83%84.53%76.97%79.39%81.67%83.82%80.38%Oil HedgesOil4.08%4.11%4.14%4.18%4.21%4.24%4.27%4.30%4.33%4.36%4.39%4.42%4.11%4.21%4.30%4.39%4.25%

Contracts Available - GasGas HedgesGas0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%Gas HedgesGas0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%Gas HedgesGas0.00%0.00%89.09%89.35%89.32%89.61%89.74%89.71%90.15%89.80%90.02%90.85%89.09%89.42%89.86%90.22%89.74%Gas HedgesGas31.80%32.28%32.75%33.21%33.67%34.12%34.56%35.00%35.43%35.85%36.29%36.70%32.27%33.66%35.00%36.28%34.24%Gas HedgesGas0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Contracts Available - BasisBasis HedgesGas0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%Basis HedgesGas0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%Basis HedgesGas0.00%0.00%73.37%69.97%71.12%71.58%71.91%72.71%73.43%74.03%73.99%74.56%73.37%70.88%72.67%74.19%72.61%Basis HedgesGas44.53%45.20%45.85%46.50%47.14%47.76%48.39%49.00%49.60%50.19%50.80%51.38%45.18%47.13%48.99%50.79%47.93%Basis HedgesGas0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Hedged at 85% PDPHedged at 90% PDP90%Hedged at 90% PDP90%Hedged at 90% PDP90%Hedged at 90% PDP90%Hedged at 90% PDP90%

Contracts Available - OilContracts Available - OilOil- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - OilOil- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - OilOil- 0- 017.4416.3815.1913.6413.5612.8711.6212.1811.2210.5317.4445.2038.0433.93134.62Contracts Available - OilOil38.6135.8433.2230.7128.2825.9823.7421.5919.5317.5415.6113.72107.6784.9764.8646.88304.38Contracts Available - OilOil210.61208.87207.19205.55203.96202.40200.68199.18197.73196.31194.91193.54626.66611.91597.59584.762,420.93

Contracts Available - GasContracts Available - GasGas- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - GasGas- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - GasGas- 0- 01.741.221.240.680.450.49(0.24)0.33(0.03)(1.36)1.743.140.70(1.06)4.52Contracts Available - GasGas91.4989.3987.4085.4983.6481.9080.1978.5677.0175.5174.0272.62268.28251.03235.77222.15977.23Contracts Available - GasGas117.58116.29115.05113.86112.70111.56110.39109.29108.23107.21106.19105.22348.92338.11327.90318.631,333.56

Contracts Available - BasisContracts Available - BasisGas- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - BasisGas- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - BasisGas- 0- 031.7437.2234.2432.6831.4529.4927.7626.3325.9724.6431.74104.1488.7076.94301.52Contracts Available - BasisGas71.4969.3967.4065.4963.6461.9060.1958.5657.0155.5154.0252.62208.28191.03175.77162.15737.23Contracts Available - BasisGas117.58116.29115.05113.86112.70111.56110.39109.29108.23107.21106.19105.22348.92338.11327.90318.631,333.56

Hedged at 85% PDPHedged at 85% PDP85%Hedged at 85% PDP85%Hedged at 85% PDP85%Hedged at 85% PDP85%Hedged at 85% PDP85%

Contracts Available - OilContracts Available - OilOil- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - OilOil- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - OilOil- 0- 01.410.69(0.21)(1.51)(1.36)(1.85)(2.92)(2.22)(3.01)(3.55)1.41(1.03)(6.13)(8.79)(14.53)Contracts Available - OilOil24.6922.0719.5917.2314.9312.7610.658.616.674.792.971.1866.3544.9225.938.94146.14Contracts Available - OilOil198.35196.71195.12193.58192.07190.60188.97187.56186.19184.85183.52182.23590.18576.25562.73550.602,279.76

Contracts Available - GasContracts Available - GasGas- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - GasGas- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - GasGas- 0- 0(7.80)(8.07)(7.83)(8.19)(8.24)(8.03)(8.62)(7.91)(8.14)(9.34)(7.80)(24.09)(24.90)(25.39)(82.17)Contracts Available - GasGas83.6381.6579.7677.9676.2174.5772.9671.4269.9568.5467.1365.81245.04228.75214.33201.48889.60Contracts Available - GasGas111.05109.83108.66107.53106.43105.36104.25103.21102.22101.25100.2999.38329.54319.33309.69300.921,259.48

Contracts Available - BasisContracts Available - BasisGas- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - BasisGas- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - BasisGas- 0- 022.2027.9325.1723.8122.7620.9719.3818.0917.8616.6622.2076.9163.1052.61214.83Contracts Available - BasisGas63.6361.6559.7657.9656.2154.5752.9651.4249.9548.5447.1345.81185.04168.75154.33141.48649.60Contracts Available - BasisGas111.05109.83108.66107.53106.43105.36104.25103.21102.22101.25100.2999.38329.54319.33309.69300.921,259.48

Hedged at 80% PDP80%Hedged at 80% PDP80%Hedged at 80% PDP80%Hedged at 80% PDP80%Hedged at 80% PDP80%

Contracts Available - OilOil- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - OilOil- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - OilOil- 0- 0(14.61)(15.00)(15.61)(16.65)(16.28)(16.56)(17.45)(16.62)(17.25)(17.64)(14.61)(47.26)(50.29)(51.51)(163.67)Contracts Available - OilOil10.768.315.973.741.58(0.46)(2.45)(4.37)(6.19)(7.96)(9.68)(11.36)25.044.87(13.01)(29.00)(12.10)Contracts Available - OilOil186.09184.55183.05181.60180.19178.80177.27175.94174.65173.39172.14170.92553.70540.59527.86516.452,138.60

Contracts Available - GasGas- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - GasGas- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - GasGas- 0- 0(17.34)(17.36)(16.90)(17.06)(16.93)(16.56)(16.99)(16.15)(16.25)(17.32)(17.34)(51.32)(50.49)(49.72)(168.87)Contracts Available - GasGas75.7773.9072.1370.4468.7967.2465.7364.2862.9061.5760.2459.00221.81206.47192.90180.80801.98Contracts Available - GasGas104.51103.37102.27101.21100.1799.1698.1297.1496.2195.3094.4093.53310.15300.54291.47283.221,185.39

Contracts Available - BasisGas- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - BasisGas- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Contracts Available - BasisGas- 0- 012.6618.6416.1014.9414.0712.4411.019.85

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