Production
Sales volumes averaged 1,817 boe/d in 2007, an increase of 181% compared to 2006. Fourth quarter sales volumes averaged 3,769 boe/d, an increase of 629% compared to the fourth quarter of 2006. Production, including accruals and accrual adjustments averaged 4,388 boe/d in the fourth quarter of 2007. Actual production for the fourth quarter was estimated to be 4,134 boe/d. As production exceeded sales, oil inventory grew by 57,300 barrels in the quarter, ending at 130,300 barrels.
Sales volumes averaged 2,443 boe/d in 2006, down 24% compared to 2005. Fourth quarter sales volumes averaged 2,107 boe/d, down 24% compared to the fourth quarter of 2005.
Sales volumes averaged 3,227 boe/d in 2005, up 22% compared to 2004. Fourth quarter sales volumes were 2,785 boe/d, up 5% compared to the fourth quarter of 2004.
Reserves
Proved plus probable reserves increased 100% to 26.7 million boe, due to the acquisition of an interest in the Peik field. Total proved reserves increased 36% to 6.7 million boe due to the Enoch and Blane fields reaching first production. The net present value (NPVBT10 forecast pricing) of proved plus probable reserves increased 103% to $711.6 million.
In 2006, corporate total proved reserves increased 7% to 7.4 mmboe, total proved plus probable reserves remained flat at 17.2 mmboe.
