88的寸ciN 叫s9Rg后 吗89:9ss= 9 8825号吧后3 a88目e 下8品器器到器8 ?寸-No寸 日55 后于导:后导 ?m只上导@出的 N ( oo) 目8游器器图岛 9:N=5N回 8可导R可 当8 翼正8 e8@更包宫g更88DO NOT COPY 295-029 -11- Exhibit 4 xxx Proved Undeveloped Reserves: Production and Cash Flow Projections ($ millions except as noted) Proved Undeveloped Reserves Year 1 2 3 4 5 6 7 8 9 1 0 11 1 2 1 3 1 4 1 5 Production: (1) Crude and condensates (MB) 0.3 0.6 0.5 0.5 0.5 0.5 0.5 0.7 0.8 0.7 0.7 0.7 0.7 0.7 0.6 (2) Gas (MMCF) 1.7 4.9 5.6 3.3 2.3 2.0 2.0 2.2 2.3 1.9 1.6 1.3 1.3 1.0 0.9 Cash Flows (in millions): (3) Revenues - oil 6.0 14.0 12.9 11.8 12.3 13.2 16.1 21.0 27.1 25.2 25.3 26.8 28.7 30.9 29.3 (4) Revenues - gas 3.4 11.3 14.5 9.1 6.7 6.2 6.6 7.1 8.2 7.2 6.6 5.5 5.2 5.2 4.5 (5) Total revenues 9.4 25.3 27.4 20.9 19.0 19.4 22.7 28.1 35.3 32.4 31.9 32.3 33.9 36.1 33.8 (6) Direct production taxes 0.9 2.4 2.3 1.8 1.7 1.7 2.0 2.5 3.1 2.8 2.8 3.0 3.1 2.9 3.0 (7) Direct operating expense 1.2 1.5 2.0 2.3 2.8 3.4 3.3 3.3 4.5 3.4 3.7 4.2 4.5 4.7 4.8 (8) Overhead 1.1 3.1 3.2 2.4 2.1 2.2 2.5 3.0 3.7 3.3 2.9 2.9 3.0 3.1 2.8 (9) Fin. book DD&A 12.3 12.6 10.6 9.3 8.1 6.7 6.8 5.8 4.6 3.7 4.3 3.6 3.0 2.5 2.1 (10) Net income before taxes (6.2) 5.7 9.2 5.1 4.2 5.5 8.1 13.5 19.5 19.2 18.2 18.6 20.3 22.8 21.1 (11) Federal and state income taxes: (12) Current 2.1 6.4 7.0 5.0 4.3 4.1 5.1 6.5 8.0 7.7 7.6 7.5 7.9 8.8 8.1 (13) Deferred (4.1) (4.2) (3.5) (3.0) (2.6) (2.1) (2.1) (1.8) (1.3) (1.1) (1.2) (1.0) (0.9) (0.7) (0.6) (14) Total income taxes (2.0) 2.2 3.5 2.0 1.7 2.1 2.9 4.7 6.7 6.6 6.3 6.5 7.1 8.1 7.5 (15) Profit contribution (4.2) 3.5 5.8 3.1 2.6 3.4 5.1 8.8 12.8 12.6 11.8 12.1 13.3 14.7 13.5 (16) Non-cash charges 8.3 8.4 7.1 6.3 5.5 4.6 4.7 4.0 3.2 2.6 3.1 2.5 2.2 1.9 1.6 (17) Cash from operations 4.0 11.9 12.9 9.3 8.1 8.0 9.8 12.8 16.0 15.2 14.9 14.7 15.4 16.6 15.1 (18) Capital expenditures 17.5 17.7 5.3 4.1 3.5 1.3 0.1 0.3 0.0 0.1 8.1 (0.0) 0.2 0.0 (0.0) (19) Cash flow (13.5) (5.8) 7.6 5.2 4.6 6.7 9.7 12.5 16.0 15.1 6.8 14.7 15.2 16.5 15.1 (20) Terminal value 67.8 (21) Cumulative cash flow (13.5) (19.3) (11.7) (6.4) (1.9) 4.9 14.6 27.1 43.1 58.2 65.0 79.7 95.0 111.5 194.3 Notes follow Exhibit 7