Key Takeaways 4th Quarter Highlights o Natural gas production including natural gas liquids in the fourth quarter grew by 91% year-over-year and 25% over the 3rd quarter of 2009. Total production on an Mcfe basis grew by 7%…
Proved Reserves (1) Proved reserves increased 90% in 2009 to Proved Reserves 125.2 Bcfe 160 o 55% Oil and NGLs 140 o 54% Proved Developed 120 o 190.5 Million SEC PV-10 100 Bcfe o Reserve replacement ratio of 410% 80 o F&D…
2010 Capital Program 19 gross (15 net) horizontal Marcellus wells ( in millions) Appalachia Illinois Total o 1 operated rig in Butler County, PA Drilling & Exploitation 43.2 3.5 46.7 throughout the year (10 horizontal wells) Tertiary…
Daily Production & Pricing 1st 2nd 3rd 4th 3rd to 4th Quarter Quarter Quarter Quarter Quarter Change % Change Production average per day Oil (Bbls) 2,013 2,019 1,930 1,930 0 0% Gas (Mcf) 3,407 3,459 4,402 5,262 860 20% Natural Gas…
Selected Financial Highlights 1st 2nd 3rd 4th 3rd to 4th Quarter (in millions except per share data) Quarter Quarter Quarter Quarter Change % Change Operating Revenue 8.9 11.5 13.0 15.3 2.3 18% Gain on Cash Settled Derivatives 8.3(1)…
Hedging as of December 31, 2009 Volume at Volume Volume at % of Current Avg. Average Average Year 09-30-09 Change 12-31-09 Production (1) Floor Ceiling Crude Oil 2010 588 MBbls 588 MBbls 83% 62.71 79.31 2011 156 MBbls 72 MBbls 228…
2010 Projected Production Profile 2010 Assumptions: Projected Annual Daily Average Production (1) o 2-rig Marcellus horizontal well 35 program (19 gross/15 net wells) 30 Oil Gas 25 +79% o Marcellus well 30 day rate (1)…
5-Yr Projected Production Profile 2011-2013 Annual Assumptions: o Base oil decline of 6% Projected Production Growth (1) o Base gas decline of 10% Low Case High Case o 3-rig Marcellus horizontal well 120 program (32 gross/22 net…
Marcellus Projects Update Butler Project Area o 39,100 net acres / 100% working Interest 85,000 gross (68,700 net) Marcellus Fairway Acres o Liquids rich area o 2 horizontal well drilled awaiting frac in March o 2 wells drilling…
Projected Marcellus Growth Low Mid High Marcellus Shale Potential Reserve Upside (3) Case Case Case 2,000 Net Acres 68,700 (1) Assumed % Drilled 75% Well Spacing 80 Acres 1,500 Net Potential Wells 644 EUR (Bcfe) (2) 2.5 3.0 3.5…
Lawrence Field ASP Update The company is preparing to commence chemical injection in its first field sized ASP Lawrence Field unit in the Bridgeport Sandstone called the Middagh Unit. North & Central Area (10,000 acres) o Wells in…
Upcoming Events IPAA OGIS New York - Presenting on April 14th - New York, NY Marcellus Midstream Conference - Presenting on JV Panel - Pittsburgh, PA 15
Appendix Non-GAAP Reconciliation Tables 16
EBITDAX (in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Net Loss from Continuing Operations (1,349) (9,437) (1,186) (4,597) Add Back (Less): DD&A & Accretion 6,171 6,193 6,059 6,782 Non-Cash Compensation (Income) 475…
Clean Earnings (in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Net Loss from Continuing Operations (1,349) (9,437) (1,186) (4,597) Add Back (Less): Unrealized Loss (Gain) on Derivatives 2,701 12,064 192 2,598 Non-Cash…
Calculation of F&D Costs (in thousands, except per Mcfe data) 2009 2008 2007 Combined Costs Incurred Acquisitions: Unproved leasehold acquired 17,949 57,224 4,141 79,314 Proved oil and gas properties 39 4,950 1,090 6,079 Development…
Reconciliation of SEC PV-10 Reconciliation of PV-10 to Standardized Measure ( in millions) SEC Case Flat Case NYMEX Case Standardized measure of discounted future net cash flows 144.4 241.4 301.5 Discounted future net cash flows for…
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