|
Period
|
Type of Contract
|
Volume (Mbtu)
|
Daily Volume (Mbtu/d)
|
Avg. Floor Price
|
Avg. Ceiling Price
|
Avg. Short Put Price |
Put Spread |
Basis Differential
|
% of Q1 Gas Production
|
|
Q3 2011
|
Total Volume Swaps Collars Basis Swap
|
7,636,000 5,428,000 2,208,000
6,256,000
|
85,000 60,000
24,000 68,000
|
$5.49
$6.64
|
$6.61
|
$5.62
|
$1.02
|
($0.29)
|
67.60% 48.05%
19.55%
|
|
Q4 2011
|
Total Volume Swaps Collars Basis Swap
|
7,544,000 3,903,000 3,641,000
6,164,000
|
82,000 43,000
40,000 67,000
|
$5.51
$6.22
|
$6.54
|
$4.99
|
$1.23
|
($0.31)
|
66.78% 34.21%
32.58%
|
|
Q1 2012
|
Total Volume Swaps Collars Basis Swap
|
5,096,000 3,185,000 1,911,000 2,821,000
|
57,000 35,000 21,000 31,000
|
$5.56
$6.99
|
$7.29
|
$5.45
|
$1.54
|
($0.31)
|
45.61% 28.50%
17.10%
|
|
Q2 2012
|
Total Volume Swaps C0llars Basis Swap
|
4,095,000 2,730,000 1,365,000 2,730,000
|
45,000 30,000 15,000 30,000
|
$5.34
$6.46
|
$6.57
|
$5.44
|
$1.02
|
($0.33)
|
36.65% 24.43%
12.22%
|
|
Q3 2012
|
Total Volume Swaps Collars Basis Swap
|
4,876,000 3,312,000 1,564,000 3,036,000
|
53,000 36,000 17,000 33,000
|
$5.51
$6.02
|
$6.38
|
$4.94
|
$1.09
|
($0.27)
|
43.16% 29.32%
13.85%
|
|
Q4 2012
|
Total Volume Swaps Collars Basis Swap
|
4,876,000 3,312,000 1,564,000 3,036,000
|
53,000 36.000 17,000 33,000
|
$5.56
$6.19
|
$6.60
|
$5.06
|
$1.14
|
($0.38)
|
43.16% 29.32%
13.85%
|
-----------------------------
For 2011, we have a deferred put premium liability of approximately $0.70 on an average of 15,000 Mbtu/d: Q2 = -$974,155 Q3 = -$984,860 Q4 = -$984,860. For basis swaps: apply average 70% WAHA differential and 30% HSC differential for 2011 and 75% WAHA differential and 25% HSC differential for 2012. Swaps settle against NYMEX final day average for each quarter.
|
