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Price Volatility Mitigation

Daily Volume (Bbl/d)

2010

2,000

2010

1,000

2010

1,000

2010

1,000

2010

1,000

2010

4,000*

* Jan March

2011

1,000

2011

1,000

2009

3,000**

2009

2,000**

2009

4,000**

  • *

    * October December

$63.00

Swap Contract

$64.05

Swap Contract

$60.20

Swap Contract

$75.00

Swap Contract

$75.25

Swap Contract

$73.65

Swap Contract

$70.05

Swap Contract

$78.20

Swap Contract

Oil

Floor

Ceiling

$50.00

Swap Contract

$50.45

Swap Contract

$71.25

Swap Contract

Collar

Floor

Ceiling

20,000

$8.00

$14.30

20,000**

$5.00

Swap Contract

20,000**

$5.13

Swap Contract

$6.97

Swap Contract

$6.50

Swap Contract

$6.50

Swap Contract

Natural Gas

Daily Volume (MBtu/d)

Collar

Swap Contract

20,000 20,000 10,000

10,000

$6.83

Oil

Gas

Total

2009(4Q) 47%

50%

49%

2010

37%

45%

41%

2011

11%

9%

10%

Approximate Percentage Hedged

8

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