Our operations in California are concentrated in several large, complex oil fields within the Los Angeles Basin. The Los Angeles Basin is one of the most prolific oil-producing basins in the world, with over 7.4 billion barrels of oil having been produced since the late 1800s. Exploration began in the basin in the 1880s and one of the first discoveries was the Brea-Olinda field, a portion of which we now own.

For the year ended December 31, 2006, our California production was approximately 2,480 Boe per day and estimated proved reserves as of December 31, 2006 were 17.5 MMBoe. Our three largest fields make up 95% of our production and 94.5% of our estimated proved reserves in California and include the Santa Fe Springs Field, the Rosecrans Field and the Brea Olinda Field.

Santa Fe Springs Field
Our largest property in the Los Angeles Basin, measured both by current production as well as by proved reserves, is the Santa Fe Springs Field. We operate 97 active producing wells in the Santa Fe Springs Field and own on average a 99.6% working interest and a 92.9% net revenue interest. Santa Fe Springs was discovered in 1919 and has produced to date from up to 10 productive sands ranging in depth from 3,000 feet to more than 9,000 feet. In 2006, net production was approximately 1,700 Boe per day and our estimated proved reserves as of December 31, 2006 were 11.9 MMBoe, of which 99% was proved developed.

Rosecrans Field
Our second largest property in the Los Angeles Basin is the Rosecrans Field. We operate 42 wells in the Rosecrans Field and own a 99.5% working interest and a 91% net revenue interest. Discovered in 1925, the Rosecrans Field has produced from several productive sands ranging in depth from 3,700 feet to 10,000 feet. In 2006, net production was approximately 392 Boe per day and our estimated proved reserves as of December 31, 2006 were 2.7 MMBoe.

Brea Olinda Field
Our third largest property in the Los Angeles Basin is the Brea Olinda Field. We operate 75 active producing wells at the Brea Olinda property and own a 100% working and net revenue interest. Discovered in approximately 1880, the Brea Olinda Field produces from formations ranging in depth from approximately 1,000 feet to 6,000 feet. In 2006, net production was approximately 234 Boe per day and our estimated proved reserves as of December 31, 2006 were 1.9 MMBoe.

East Coyote Field
The field has 50 producing wells with a 95% working interest and 82% net revenue interest. Discovered in approximately November 1909, the East Coyote Field produces from formations ranging in depth from approximately 2,500 feet to 7,000 feet. Net estimated proved reserves as of June 1, 2007 were 3.8 MMBoe. We expect net production to be approximately 500 Boe per day in 2007.

Sawtelle Field
The field has 10 producing wells with a 95% working interest and 82% net revenue interest. Discovered in approximately August 1965, the Sawtelle Field produces from formations ranging in depth from approximately 8,000 feet to 10,500 feet. Net estimated proved reserves as of June 1, 2007 were 2.6 MMBoe. We expect net production to be approximately 400 Boe per day in 2007.

Other California Fields
Our other fields include the Alamitos lease of the Seal Beach Field, which has 12 wells producing approximately 62 net Boe per day from formations at approximately 7,000 feet, and the Recreation Park lease of the Long Beach Field, which has seven wells producing approximately 49 Boe per day from the same zones as the Alamitos lease but approximately 1,000 feet deeper.

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