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From 1990-96, the first phase
of our history, we acquired 3-D seismic data in 28 plays, seven basins and seven
states. In 1997 and 1998, the second phase of our history, we invested $64
million on 3-D seismic data and acreage in selected plays where we were
experiencing attractive 3-D delineated drilling economics and meaningful
repeatability. These investments provided us with possibly the largest 3-D
delineated prospect inventory of any small independent in the domestic basins.
In 1999, we entered our third
phase, the harvesting phase. That year we began to intently focus our
resources on drilling in our 3-D delineated prospect inventory, primarily in the
five focus plays where we had experienced excellent results.
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