Reserves - 65% gas & 35% oil Revenues - 60% gas & 40% oil
That's what I remember, as of late. Hopefully, the crew will convert the California 'oil in place' to 'reserves' the next few years...and perhaps the Michigan assets will prove plentiful and oily, as well. As crwmith said in a previous post...don't harsh my mellow.
“.. Our capital budget for 2012 is $68 million. As you know, we’re fortunate to have a balance portfolio of all our gas-producing assets. We’ll be focusing our spending on oil-producing assets with approximately 95% of our capital spending allocated to oil-producing projects. We plan to drill (in 2012) approximately 30 well, which represent about 65% of our total capital spending. For the 30 wells we plan to drill, 15 are expected to be in Wyoming, nine in Michigan, three in California and three in We’re forecasting production levels between 7.8 million barrels and 8.3 million barrels of oil equivalent. We anticipate spending approximately 60% of our 2012 capital in the Southern Division principally on oil projects in California and Florida and we will spend approximately 40% in the Northern Division, principally on oil projects in Michigan and Wyoming. As Mark mentioned, 2012 production guidance reflects reduced drilling activities on our gas properties due to the recent decline in natural gas prices. We project our production mix for the year to be 57% gas, and 43% oil. In addition, our California oil production representing approximately 30% of the total oil production is expected to be sold based on Brent pricing. The year-end 2011 reserves consist of about 65% natural gas and 35% crude oil, and 87% of our crude reserves was classified as crude developed….”