RE: RE: RE: TOP PICK toniteI think 3900 BOE/D is a bit more than a couple of hundred?
1. OIL & GAS DIVISION
Through a combination of acquisition activity andinternally generated capital expenditure programs, the Oil and GasDivision was able to increase production volumes in 2010 by 16% to 3,964BOE/D. In comparison to the prior year, reported oil and natural gasliquids for 2010 averaged up 16% to 1,646 bbl per day while natural gassales were up 17% to 13,909 MCF/D. As the impacts of the Great Plainscorporate acquisition were realised in the fourth quarter of 2010,AvenEx achieved record production levels of 5,201 BOE/D comprised of 42%oil and natural gas liquids and 58% natural gas. This represents a 50%increase in production volumes over the fourth quarter 2009 productionrate of 3,456 BOE/D. Exit rates for the Corporation in 2010 reached5,300 BOE/D with an oil and natural gas liquids weighting of 47%.
Total gross revenue from petroleum and natural gassales in 2010 was $69.3 million up 27% from $54.7 million in 2009 due tothe increased production volumes and a 19% increase in realized oil andnatural gas liquids pricing. The average price received for crude oiland natural gas liquids during the year ended December 31, 2010 was$69.88 per barrel compared $58.75 per barrel after hedging in 2009.Natural gas pricing for the twelve months of 2010 averaged $5.29 per MCFversus $5.58 per MCF in the same period of 2009 representing only a 5%decrease due to the positive impacts of hedging. In comparison to theaverage market spot price of $4.00 per MCF in 2010, the Corporation wasable to realize a 64% premium to the spot market from both physical andfinancial hedging with 56% of gas sales in 2010 hedged at an averageprice of $6.54 per MCF. The Corporation has approximately 25% of the2011 forecast gas sales volumes hedged at $5.78 per MCF.