Production
The Company’s average lifting rate for 2007 was 70.5 MBOEPD (2006: 78.1 MBOEPD). Average realized prices of USD 72.5 per barrel for oil and USD 3.2 per MMBTU for gas were achieved over the year (2006: USD 64.0 per barrel for oil and USD 2.8 per MMBTU for gas).
In the first nine months of 2006, Medco's oil and gas production had reached 78,170 barrels of oil equivalent per day - this figure is expected to edge up 78,200 by the end of 2006. In 2005, the company produced 81,860 barrels of oil equivalent per day.
Reserves
At year end 2007, the Company had 199.9 million barrels of proven and probable reserves.