~ 80% gas leverage
Intermediate
gas- focused producer/explorer
64.1
million shares + ≤
5% dilution for options
Market
Cap. @ $30.00/share = $1,923 million
50%
management ownership
Successful
efforts accounting
Current
production : ≈
45,000 Boe/d @ 6:1
2004
Production : 36,150 Boe/d @ 6:1
2004
Cash Flow : $295 million ($4.95/share)
2005E
Cash Flow : $425 million ($6.66/share)
3.4
million acres undeveloped lands