The State of Wyoming has a long history of oil and gas production, and its producing basins remain some of the most active in terms of current drilling activity and production. Oil wells were first drilled in Wyoming beginning in 1884 and the largest oil producing regions are the Powder River Basin, the Green River Basin, the Big Horn Basin, the Overthrust Belt, and the Wind River Basin.

For the year ended December 31, 2006, net production was approximately 2,000 Boe per day and estimated proved reserves at December 31, 2006 totaled 13.2 MMBoe. Four fields, Black Mountain, Gebo, North Sunshine and Hidden Dome, make up 84% of our production and 91% of our estimated proved reserves in Wyoming.

Black Mountain Field
We operate 57 wells in the Black Mountain Field and hold a 98% working interest and 87% net revenue interest. Discovered in 1924, we currently produce from 43 active production wells from formations with producing zones as shallow as 2,000 feet and as deep as 4,500 feet. Net production is approximately 490 Boe per day in 2006 and our estimated proved reserves as of December 31, 2006 were 5.3 MMBoe, of which 80% was proved developed.

Gebo Field
We operate 71 wells in the Gebo Field and hold a 100% working interest and 86% net revenue interest. Discovered in 1943, the Gebo Field production comes from formations between 3,000 to 5,000 feet deep. In 2006, net production was approximately 700 Boe per day and our estimated proved reserves as of December 31, 2006 were 2.9 MMBoe.

North Sunshine Field
We operate 27 wells in the North Sunshine Field and hold a 100% working interest and 87% net revenue interest. Discovered in 1928, the North Sunshine Field’s production comes from formations at 3,000 feet and at about 3,500 feet. In 2006, net production was approximately 300 Boe per day and our estimated proved reserves as of December 31, 2006 were 2.8 MMBoe, of which 75% was proved developed. In 2006, we drilled four successful crude oil wells.

Hidden Dome Field
We operate 28 wells in the Hidden Dome Field and hold a 100% working interest and 90% net revenue interest. Discovered in 1918, the Hidden Dome Field produces from two formations with the producing zones as shallow as 1,200 feet and as deep as 4,500 feet. In 2006, net production was approximately 184 Boe per day and our estimated proved reserves as of December 31, 2006 were 1.0 MMBoe.

Other Wyoming Fields
Our other fields include the Sheldon Dome Field and Rolf Lake Fields in Fremont County, where we operate 26 wells producing from formations at depths up to 7,300 feet. In 2006, our Sheldon Dome and Rolf Lake fields produced approximately 154 net Boe per day and 64 net Boe per day, respectively. We also operate six wells in the Lost Dome Field in Natrona County (outside the Wind River and Big Horn Basin), which was discovered in 1998 and produced approximately 60 net Boe per day in 2006. The other two fields we operate are the West Oregon Basin and Half Moon Fields in Park County, with seven total wells with five producing wells. We produce approximately 48 net Boe per day between the two fields from a formation at approximately 4,000 feet.

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