HKN » Topics » GEM Operations:

This excerpt taken from the HKN 10-K filed Feb 28, 2006.

GEM Operations:

Our GEM segment comprises all of our exploration, development, production and acquisition efforts in the United States. GEM is headquartered in Houston, Texas. The following table sets forth GEM’s operating results for each of the years in the three-year period ended December 31, 2005:

 

(Thousands of dollars, except per-unit amounts)

   2003    2004    2005

Oil and Gas Revenues

   $ 18,753    $ 18,334    $ 18,164
                    

Operating profit

   $ 11,682    $ 12,906    $ 12,844
                    

Net oil sold (thousands of bbls)

     238      182      135

Net gas sold (thousands of mcf)

     2,133      1,788      1,299

Average price of oil sold (per bbls)

   $ 30.38    $ 40.05    $ 52.65

Average price of gas sold (per mcf)

   $ 5.40    $ 6.18    $ 8.51

Average production & transportation costs (per mcfe)

   $ 1.99    $ 1.88    $ 2.52
This excerpt taken from the HKN 10-Q filed Nov 9, 2005.

GEM Operations:

 

During the nine months ended September 30, 2005, GEM’s oil and gas revenues increased 2% to approximately $13.8 million compared to approximately $13.6 million for the prior year period due to the increase in both oil and gas prices as compared to the prior year period.

 

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GEM’s gas revenues decreased 9% during the nine months ended September 30, 2005 compared to the first nine months of 2004. GEM received an overall average price of $7.40 per Mcf of gas during the nine months ended September 30, 2005 compared to $5.83 per Mcf received during the first nine months of 2004.

 

GEM’s oil revenues increased 20% to approximately $6.3 million during the nine months ended September 30, 2005 compared to approximately $5.3 million during the first nine months of 2004 due to an increase in oil prices. This increase is due to GEM’s oil prices received during the nine months ended September 30, 2005 which averaged $51.85 per barrel compared to $37.81 per barrel in the prior year period.

 

GEM’s oil and gas operating expense increased 2% to approximately $4.2 million during the nine months ended September 30, 2005 compared to approximately $4.1 million during the nine months ended September 30, 2004, primarily due to the effects of demand driven price increases for oilfield services and equipment associated with increased oilfield activity along with insurance deductibles associated with Hurricanes Katrina and Rita.

 

This excerpt taken from the HKN 10-Q filed Aug 9, 2005.

GEM Operations:

 

During the six months ended June 30, 2005, GEM’s oil and gas revenues increased 9% to approximately $9.7 million compared to approximately $8.9 million for the prior year period due to the increase in both oil and gas prices as compared to the prior year period.

 

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GEM’s gas revenues remained flat at approximately $5.3 million during the six months ended June 30, 2005 compared to the first six months of 2004. GEM received an overall average price of $7.04 per Mcf of gas during the six months ended June 30, 2005 compared to $5.65 per Mcf received during the first six months of 2004.

 

GEM’s oil revenues increased 21% to approximately $4.4 million during the six months ended June 30, 2005 compared to approximately $3.6 million during the first six months of 2004 due to an increase in oil prices. This increase is due to GEM’s oil prices received during the six months ended June 30, 2005 which averaged $49.08 per barrel compared to $36.19 per barrel in the prior year period.

 

GEM’s oil and gas operating expense decreased 8% to approximately $2.6 million during the six months ended June 30, 2005 compared to approximately $2.9 million during the six months ended June 30, 2004, primarily due to a decrease in oil and gas sales volumes.

 

This excerpt taken from the HKN 10-K filed Apr 13, 2005.

GEM Operations:

 

Our GEM segment comprises all of our exploration, development, production and acquisition efforts in the United States. GEM is headquartered in Houston, Texas. The following table sets forth our GEM operating results for each of the years in the three-year period ended December 31, 2004:

 

(Thousands of dollars, except per-unit amounts)


   2002

   2003

   2004

Oil and Gas Revenues

   $ 17,370    $ 18,753    $ 18,334
    

  

  

Operating profit

   $ 10,078    $ 11,682    $ 12,906
    

  

  

Net oil sold (thousands of bbls)

     267      238      182

Net gas sold (thousands of mcf)

     3,225      2,133      1,788

Average price of oil sold (per bbls)

   $ 24.78    $ 30.38    $ 40.05

Average price of gas sold (per mcf)

   $ 3.33    $ 5.40    $ 6.18

Average production & transportation costs (per mcfe)

   $ 1.51    $ 1.99    $ 1.88

 

This excerpt taken from the HKN 10-K filed Apr 5, 2005.

GEM Operations:

 

Our GEM segment comprises all of our exploration, development, production and acquisition efforts in the United States. GEM is headquartered in Houston, Texas. The following table sets forth our GEM operating results for each of the years in the three-year period ended December 31, 2004:

 

(Thousands of dollars, except per-unit amounts)


   2002

   2003

   2004

Oil and Gas Revenues

   $ 17,370    $ 18,753    $ 18,334
    

  

  

Operating profit

   $ 10,078    $ 11,682    $ 12,906
    

  

  

Net oil sold (thousands of bbls)

     267      238      182

Net gas sold (thousands of mcf)

     3,225      2,133      1,788

Average price of oil sold (per bbls)

   $ 24.78    $ 30.38    $ 40.05

Average price of gas sold (per mcf)

   $ 3.33    $ 5.40    $ 6.18

Average production & transportation costs (per mcfe)

   $ 1.51    $ 1.99    $ 1.88

 

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Index to Financial Statements
This excerpt taken from the HKN 10-K filed Mar 16, 2005.

GEM Operations:

 

Our GEM segment comprises all of our exploration, development, production and acquisition efforts in the United States. GEM is headquartered in Houston, Texas. The following table sets forth our GEM operating results for each of the years in the three-year period ended December 31, 2004:

 

(Thousands of dollars, except per-unit amounts)


   2002

   2003

   2004

Oil and Gas Revenues

   $ 17,370    $ 18,753    $ 18,334
    

  

  

Operating profit

   $ 10,078    $ 11,682    $ 12,906
    

  

  

Net oil sold (thousands of bbls)

     267      238      182

Net gas sold (thousands of mcf)

     3,225      2,133      1,788

Average price of oil sold (per bbls)

   $ 24.78    $ 30.38    $ 40.05

Average price of gas sold (per mcf)

   $ 3.33    $ 5.40    $ 6.18

Average production & transportation costs (per mcfe)

   $ 1.51    $ 1.99    $ 1.88

 

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