GEOI » Topics » Net Oil and Gas Production, Average Price and Average Production Cost

These excerpts taken from the GEOI 10-K filed Jun 11, 2009.

Net Oil and Gas Production, Average Price and Average Production Cost

The net quantities of oil and gas produced and sold by us for each of the three fiscal years ended December 31, the average sales price per unit sold and the average production cost per unit are presented below.

 

     Year Ended December 31,
     2008    2007    2006

Oil Production (MBbls)

     743      392      184

Gas Production (MMcf)

     2,962      1,648      577

Total Production (MBOE)*

     1,236      667      280

Average sales price (net of hedging):

        

Oil per Bbl

   $ 82.42    $ 67.20    $ 54.61

Gas per Mcf

   $ 8.12    $ 6.19    $ 6.83

BOE

   $ 68.96    $ 54.74    $ 49.92

Production cost per BOE**

   $ 27.46    $ 23.67    $ 20.37

 

*

Barrels of oil equivalent have been calculated on the basis of six thousand cubic feet (Mcf) of natural gas equal to one barrel of oil equivalent (1 BOE).

**

Average production cost includes lifting costs, remedial workover expenses and production taxes.

Our production is sold to large petroleum purchasers. Due to the quality and location of our crude oil production, we may receive a discount or premium from index prices or “posted” prices in the area. Our gas production is sold primarily to pipelines and/or gas marketers under short-term contracts at prices which are tied to the “spot” market for gas sold in the area.

In 2008, one purchaser accounted for 16% of our consolidated oil and gas revenue, two more accounted for 11% each and two purchasers accounted for 10% each of our oil and gas revenues. In 2007, two purchasers accounted for 17% and 14% of our consolidated oil and gas revenues. In 2006, four purchasers accounted for 27%, 18%, 15% and 12% of our consolidated oil and gas revenues. No other single purchaser accounted for 10% or more of our oil and gas revenues in 2008, 2007, or 2006. There are adequate alternate purchasers of our production such that we believe the loss of one or more of the above purchasers would not have a material adverse effect on our results of operations or cash flows.

Net Oil and Gas Production, Average Price and Average Production Cost

STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%" ALIGN="justify">The net quantities of oil and gas produced and sold by us for each of the three fiscal years ended December 31, the average sales
price per unit sold and the average production cost per unit are presented below.

 



















































































































   Year Ended December 31,
   2008  2007  2006

Oil Production (MBbls)

   743   392   184

Gas Production (MMcf)

   2,962   1,648   577

Total Production (MBOE)*

   1,236   667   280

Average sales price (net of hedging):

      

Oil per Bbl

  $82.42  $67.20  $54.61

Gas per Mcf

  $8.12  $6.19  $6.83

BOE

  $68.96  $54.74  $49.92

Production cost per BOE**

  $27.46  $23.67  $20.37

 





*

Barrels of oil equivalent have been calculated on the basis of six thousand cubic feet (Mcf) of natural gas equal to one barrel of oil equivalent (1 BOE).





**

Average production cost includes lifting costs, remedial workover expenses and production taxes.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%" ALIGN="justify">Our production is sold to large petroleum purchasers. Due to the quality and location of our crude oil production, we may receive a
discount or premium from index prices or “posted” prices in the area. Our gas production is sold primarily to pipelines and/or gas marketers under short-term contracts at prices which are tied to the “spot” market for gas sold in
the area.

In 2008, one purchaser accounted for 16% of our consolidated oil and gas revenue, two more accounted for 11%
each and two purchasers accounted for 10% each of our oil and gas revenues. In 2007, two purchasers accounted for 17% and 14% of our consolidated oil and gas revenues. In 2006, four purchasers accounted for 27%, 18%, 15% and 12% of our consolidated
oil and gas revenues. No other single purchaser accounted for 10% or more of our oil and gas revenues in 2008, 2007, or 2006. There are adequate alternate purchasers of our production such that we believe the loss of one or more of the above
purchasers would not have a material adverse effect on our results of operations or cash flows.

These excerpts taken from the GEOI 10-K filed Mar 25, 2009.

Net Oil and Gas Production, Average Price and Average Production Cost

The net quantities of oil and gas produced and sold by us for each of the three fiscal years ended December 31, the average sales price per unit sold and the average production cost per unit are presented below.

 

     Year Ended December 31,
     2008    2007    2006

Oil Production (MBbls)

     743      392      184

Gas Production (MMcf)

     2,962      1,648      577

Total Production (MBOE)*

     1,236      667      280

Average sales price (net of hedging):

        

Oil per Bbl

   $ 82.42    $ 67.20    $ 54.61

Gas per Mcf

   $ 8.12    $ 6.19    $ 6.83

BOE

   $ 68.96    $ 54.74    $ 49.92

Production cost per BOE**

   $ 27.46    $ 23.67    $ 20.37

 

*

Barrels of oil equivalent have been calculated on the basis of six thousand cubic feet (Mcf) of natural gas equal to one barrel of oil equivalent (1 BOE).

**

Average production cost includes lifting costs, remedial workover expenses and production taxes.

Our production is sold to large petroleum purchasers. Due to the quality and location of our crude oil production, we may receive a discount or premium from index prices or “posted” prices in the area. Our gas production is sold primarily to pipelines and/or gas marketers under short-term contracts at prices which are tied to the “spot” market for gas sold in the area.

In 2008, one purchaser accounted for 16% of our consolidated oil and gas revenue, two more accounted for 11% each and two purchasers accounted for 10% each of our oil and gas revenues. In 2007, two purchasers accounted for 17% and 14% of our consolidated oil and gas revenues. In 2006, four purchasers accounted for 27%, 18%, 15% and 12% of our consolidated oil and gas revenues. No other single purchaser accounted for 10% or more of our oil and gas revenues in 2008, 2007, or 2006. There are adequate alternate purchasers of our production such that we believe the loss of one or more of the above purchasers would not have a material adverse effect on our results of operations or cash flows.

Net Oil and Gas Production, Average Price and Average Production Cost

The net quantities of oil and gas produced and sold by us for each of the three fiscal years ended December 31, the average sales price per unit sold and the average production cost per unit are presented below.

 

     Year Ended December 31,
     2008    2007    2006

Oil Production (MBbls)

     743      392      184

Gas Production (MMcf)

     2,962      1,648      577

Total Production (MBOE)*

     1,236      667      280

Average sales price (net of hedging):

        

Oil per Bbl

   $ 82.42    $ 67.20    $ 54.61

Gas per Mcf

   $ 8.12    $ 6.19    $ 6.83

BOE

   $ 68.96    $ 54.74    $ 49.92

Production cost per BOE**

   $ 27.46    $ 23.67    $ 20.37

 

*

Barrels of oil equivalent have been calculated on the basis of six thousand cubic feet (Mcf) of natural gas equal to one barrel of oil equivalent (1 BOE).

**

Average production cost includes lifting costs, remedial workover expenses and production taxes.

Our production is sold to large petroleum purchasers. Due to the quality and location of our crude oil production, we may receive a discount or premium from index prices or “posted” prices in the area. Our gas production is sold primarily to pipelines and/or gas marketers under short-term contracts at prices which are tied to the “spot” market for gas sold in the area.

In 2008, one purchaser accounted for 16% of our consolidated oil and gas revenue, two more accounted for 11% each and two purchasers accounted for 10% each of our oil and gas revenues. In 2007, two purchasers accounted for 17% and 14% of our consolidated oil and gas revenues. In 2006, four purchasers accounted for 27%, 18%, 15% and 12% of our consolidated oil and gas revenues. No other single purchaser accounted for 10% or more of our oil and gas revenues in 2008, 2007, or 2006. There are adequate alternate purchasers of our production such that we believe the loss of one or more of the above purchasers would not have a material adverse effect on our results of operations or cash flows.

Net Oil and Gas Production, Average Price and Average Production Cost

The net quantities of oil and gas produced and sold by us for each of the three fiscal years ended December 31, the average sales price per unit sold and the average production cost per unit are presented below.

 

     Year Ended December 31,
     2008    2007    2006

Oil Production (MBbls)

     743      392      184

Gas Production (MMcf)

     2,962      1,648      577

Total Production (MBOE)*

     1,236      667      280

Average sales price (net of hedging):

        

Oil per Bbl

   $ 82.42    $ 67.20    $ 54.61

Gas per Mcf

   $ 8.12    $ 6.19    $ 6.83

BOE

   $ 68.96    $ 54.74    $ 49.92

Production cost per BOE**

   $ 27.46    $ 23.67    $ 20.37

 

*

Barrels of oil equivalent have been calculated on the basis of six thousand cubic feet (Mcf) of natural gas equal to one barrel of oil equivalent (1 BOE).

**

Average production cost includes lifting costs, remedial workover expenses and production taxes.

Our production is sold to large petroleum purchasers. Due to the quality and location of our crude oil production, we may receive a discount or premium from index prices or “posted” prices in the area. Our gas production is sold primarily to pipelines and/or gas marketers under short-term contracts at prices which are tied to the “spot” market for gas sold in the area.

In 2008, one purchaser accounted for 16% of our consolidated oil and gas revenue, two more accounted for 11% each and two purchasers accounted for 10% each of our oil and gas revenues. In 2007, two purchasers accounted for 17% and 14% of our consolidated oil and gas revenues. In 2006, four purchasers accounted for 27%, 18%, 15% and 12% of our consolidated oil and gas revenues. No other single purchaser accounted for 10% or more of our oil and gas revenues in 2008, 2007, or 2006. There are adequate alternate purchasers of our production such that we believe the loss of one or more of the above purchasers would not have a material adverse effect on our results of operations or cash flows.

Net Oil and Gas Production, Average Price and Average Production Cost

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%" ALIGN="justify">The net quantities of oil and gas produced and sold by us for each of the three fiscal years ended December 31, the average sales
price per unit sold and the average production cost per unit are presented below.

 



















































































































   Year Ended December 31,
   2008  2007  2006

Oil Production (MBbls)

   743   392   184

Gas Production (MMcf)

   2,962   1,648   577

Total Production (MBOE)*

   1,236   667   280

Average sales price (net of hedging):

      

Oil per Bbl

  $82.42  $67.20  $54.61

Gas per Mcf

  $8.12  $6.19  $6.83

BOE

  $68.96  $54.74  $49.92

Production cost per BOE**

  $27.46  $23.67  $20.37

 





*

Barrels of oil equivalent have been calculated on the basis of six thousand cubic feet (Mcf) of natural gas equal to one barrel of oil equivalent (1 BOE).





**

Average production cost includes lifting costs, remedial workover expenses and production taxes.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%" ALIGN="justify">Our production is sold to large petroleum purchasers. Due to the quality and location of our crude oil production, we may receive a
discount or premium from index prices or “posted” prices in the area. Our gas production is sold primarily to pipelines and/or gas marketers under short-term contracts at prices which are tied to the “spot” market for gas sold in
the area.

In 2008, one purchaser accounted for 16% of our consolidated oil and gas revenue, two more accounted for 11%
each and two purchasers accounted for 10% each of our oil and gas revenues. In 2007, two purchasers accounted for 17% and 14% of our consolidated oil and gas revenues. In 2006, four purchasers accounted for 27%, 18%, 15% and 12% of our consolidated
oil and gas revenues. No other single purchaser accounted for 10% or more of our oil and gas revenues in 2008, 2007, or 2006. There are adequate alternate purchasers of our production such that we believe the loss of one or more of the above
purchasers would not have a material adverse effect on our results of operations or cash flows.

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