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Question 1 - Show Answer / Hide Answer
The Company had an opportunity in the first quarter to drill two wells it had originally planned for the third quarter because of the unexpected availability of a coiled tubing drilling unit before breakup, and with enough of a window to complete both wells.

Question 2 - Show Answer / Hide Answer
The Company drilled 24 wells in 2005 of which six were drilled at Oil City resulting in five gas wells and one dry hole, seven were drilled at Oil City South resulting in six gas wells and one dry hole and 11 were drilled at Oil City North resulting in eight oil wells and three dry holes.

Question 3 - Show Answer / Hide Answer
Net income increased 13.5 percent over the six months ended June 30, 1998, from $720,000 to $817,200 for the comparable six month period of 1997 of revenues of $7.0 million for the first six months of 1998 compared to revenues of $6.3 million in the first half of 1997, an increase of 11 percent.

Question 4 - Show Answer / Hide Answer
Net earnings were negatively impacted by increased cost of transportation as well as by rising supply outlay.

Question 5 - Show Answer / Hide Answer
These volume percentages should increase in 1999 with the bringing on stream of additional gas production at Oil City as a result of the acquisition of additional processing capacity and development of the Flatlands pool and at Midtown with the drilling of more horizontal wells and with the inclusion of a full year of production from Midtown.

Question 6 - Show Answer / Hide Answer
The net proceeds of the offering, together with working capital, were used to pay the 17% Subordinated Debenture Series A.

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