• $312.0¹ million equity value, $95.9² million debt, $4.5² million working capital

• 3.4x EBITDA and 6.37 P/E Ratio

• $23.9 million of operating cash flow
• $24.8 million of EBITDA
• $14.1 million of net income available to common share

• No long-term drilling contracts or similar obligations
• Fixed price contracts lock in solid prices through 2009
• Considerable flexibility with regard to where and when future activies are funded 

• PV-10% of $821 million for YE'07 based upon a price deck of $92.50 WTI oil and $6.80 HH gas
• Investments in the Bakken, Canadian Oil Sands, and Thailand are not reflected in the PV-10% provided in the YE'07 reserve report

Low-risk cash generation through developmental drilling in Southern Louisiana and now the Permian Basin

Activity ramping-up in the Bakken, one of North America's hottest plays

Canadian Oil Sands investment adds substantial upside value

Conservative financial structure with hdedges in place to secure cash flow

Production and reserve mixes are heavily oil-weighted

Asset portfolio provides great diversity, providing tremendous exposure to multiple rich oil plays