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U.S. Upstream Almanac
      January 2011
U.S. Upstream Almanac
                            January 2011
Table of Contents


                1.        Introduction                                                                           4
                2.        Continental United States                                                              8
                3.        Rocky Mountain Region                                                                 30
                4.        Alaska Region                                                                         159
                5.        Offshore GoM Region                                                                   173
                6.        Gulf Coast Region                                                                     187
                7.        Mid-Continent Region                                                                  208
                8.        Permian Region                                                                        283
                9.        Ark-LA-Tex Region                                                                     291
                10. Central Texas Region                                                                        312
                11. West Coast Region                                                                           333
                12. Eastern U.S. Region                                                                         374
                13. Offshore Pacific Region                                                                     404




                Data Source: HPDI, LLC. Production data as of August 2010; permitting data as of January 2011


                    U.S. Upstream Almanac
                    January 2011                                                                                      2
Introduction




U.S. Upstream Almanac
January 2011
Introduction
                          Key Themes
Oil Plays Are Being Targeted1

  As the oil price/gas price
                                                           26.00x                           8.0                                                                                                                                                                                      80%
  ratio has climbed from 8x
  to nearly 26x, drillers
  have           progressively                                                                                                                           7.0
  focused more efforts to
                                                                                                                                          6.4                      6.5
  oil-rich plays                                                                                            6.3
                                                                                                                      6.1
                                                           21.00x                           6.0                                 5.7                                                                                                                                                  70%
  The graph at right                                                                              5.5
  compares:
     Total oil and gas wells




                                                                                                                                                                                                                                                                                           % Gas of Total Wells Drilled
                                                                                                                                                                             4.7
     drilled      (blue/gray                                                                                                                                                                                                                         4.6
                                   Oil Price / Gas Price




                                                                                                                                                                                                                                         4.5
                                                                    Wells Drilled (000's)




     bars)
     The percentage of                                     16.00x                           4.0
                                                                                                                                                                                                                               3.9                              3.9
                                                                                                                                                                                                                                                                                     60%
     wells drilled targeting                                                                                                                                                                                    3.6
     gas (red line)                                                                                                                                                                         3.3
                                                                                                                                                                                                      3.1
     The oil/gas price ratio                                                                                                                                                                                                                                               2.9

     (blue line)

  Gas plays are clearly                                    11.00x                           2.0                                                                                                                                                                                      50%
  losing favor as gas wells
  have dropped from ~75%
  of total wells drilled in Q1
  2007 to ~45% in Q4 2010

                                                            6.00x                           0.0                                                                                                                                                                                      40%
                                                                                                  2007 Q1


                                                                                                            2007 Q2


                                                                                                                      2007 Q3


                                                                                                                                2007 Q4


                                                                                                                                          2008 Q1


                                                                                                                                                         2008 Q2


                                                                                                                                                                   2008 Q3


                                                                                                                                                                             2008 Q4


                                                                                                                                                                                            2009 Q1


                                                                                                                                                                                                      2009 Q2


                                                                                                                                                                                                                2009 Q3


                                                                                                                                                                                                                               2009 Q4


                                                                                                                                                                                                                                         2010 Q1


                                                                                                                                                                                                                                                      2010 Q2


                                                                                                                                                                                                                                                                2010 Q3


                                                                                                                                                                                                                                                                           2010 Q4
                                                                                                                                                    Gas Wells Drilled                  Oil Wells Drilled                  % Gas Wells              Oil Price / Gas Price


                                                                                                                      ________________________________________
                  U.S. Upstream Almanac                                                                               1. Wells drilled are based on permits "At Total Depth" with timing based on permit granted date. Only wells classified as "Oil", "Gas" or                                                           4
                                                                                                                         "CBM" are included (i.e., well types including Injection, CO2, Oil & Gas, Unclassified, etc. were excluded)
                  January 2011
Introduction
                          Key Themes (cont'd)
Horizontal Wells Are Increasing1

                                                      9,000                                                                                                                                                                                                                                                                                                                                   90%
  As horizontal drilling




                                                                                                                                                                                                                      8,149
                                                                                    8,121
  techniques are refined




                                                                                                    8,049
                                                                    7,950
  and      optimized,      an




                                                                                                                                                      7,559




                                                                                                                                                                                                                                      7,413
  increasing proportion of




                                                                                                                                                                                                      7,351
                                                                                                                                                                      7,151
  wells drilled are utilizing




                                                                                                                    6,988




                                                                                                                                                                                      6,840
  this technology




                                                                                                                                      6,643
  Since Q1 2006, horizontal
  wells have increased from                           6,000                                                                                                                                                                                                                                                                                                                                   60%
  9% of total wells drilled to




                                                                                                                                                                                                                                                      5,034
  34% Q4 2010




                                                                                                                                                                                                                                                                                                                                                      4,493
                                      Wells Drilled




                                                                                                                                                                                                                                                                                                                                      4,331




                                                                                                                                                                                                                                                                                                                                                                                                    % of Total
  In the same time period,




                                                                                                                                                                                                                                                                                                                                                                      4,040
  vertical     wells      have




                                                                                                                                                                                                                                                                                                                      3,631
  dropped from 81% of




                                                                                                                                                                                                                                                                                                      3,351




                                                                                                                                                                                                                                                                                                                                                                                      3,275
                                                                                                                                                                                                                                                                      3,139
  total wells drilled to 57%




                                                                                                                                                                                                                                                                                      2,891
                                                      3,000                                                                                                                                                                                                                                                                                                                                   30%




                                                                                                                                                                                                                                                                                                                                              2,458

                                                                                                                                                                                                                                                                                                                                                              2,289
                                                                                                                                                                                                                                                                                                                              2,143
                                                                                                                                                                                                                              2,122
                                                                                                                                                                                                              2,093




                                                                                                                                                                                                                                                                                                                                                                              1,986
                                                                                                                                                                                                                                                                                                              1,932
                                                                                                                                                                                              1,765




                                                                                                                                                                                                                                              1,758




                                                                                                                                                                                                                                                                                              1,650
                                                                                                                                                              1,616

                                                                                                                                                                              1,521
                                                                                                                                              1,408




                                                                                                                                                                                                                                                              1,323

                                                                                                                                                                                                                                                                              1,320
                                                                                                                              1,201
                                                                                                            1,102
                                                                                            1,041
                                                                            1,008
                                                              903




                                                         0                                                                                                                                                                                                                                                                                                                                    0%
                                                                2006 Q1

                                                                               2006 Q2

                                                                                               2006 Q3

                                                                                                               2006 Q4

                                                                                                                                 2007 Q1

                                                                                                                                                 2007 Q2

                                                                                                                                                                 2007 Q3

                                                                                                                                                                                 2007 Q4

                                                                                                                                                                                                 2008 Q1

                                                                                                                                                                                                                 2008 Q2

                                                                                                                                                                                                                                 2008 Q3

                                                                                                                                                                                                                                                 2008 Q4

                                                                                                                                                                                                                                                                 2009 Q1

                                                                                                                                                                                                                                                                                 2009 Q2

                                                                                                                                                                                                                                                                                                 2009 Q3

                                                                                                                                                                                                                                                                                                                 2009 Q4

                                                                                                                                                                                                                                                                                                                                 2010 Q1

                                                                                                                                                                                                                                                                                                                                                 2010 Q2

                                                                                                                                                                                                                                                                                                                                                                 2010 Q3

                                                                                                                                                                                                                                                                                                                                                                                 2010 Q4
                                                                                                                                                                                                                                              Horizontal                                   Vertical                           % Horizontal                                    % Vertical


                                                                                                                            ________________________________________
                  U.S. Upstream Almanac                                                                                     1. Wells drilled are based on permits "At Total Depth" with timing based on permit granted date. Directional are not shown on graph but                                                                                                                                              5
                                                                                                                               are included in "% of Total" calculations
                  January 2011
Introduction
                         Key Themes (cont'd)
Top Horizontal Plays
                                                                                                                                             1,353
                                               Barnett                                                                                                              0.45x
  The     Barnett     Shale                                                                                                                 3,030
  retained the top spot for                                                                                                970
                                             Marcellus                                                                                                                             10.66x
  horizontally       drilled                                           91
  formation, but also came                                                                                        820
                                            Haynesville                                                                                                                         7.39x
  up the biggest loser in                                              111
  terms of growth                          Fayetteville
                                                                                                                  812
                                                                                                                                                                      0.88x
                                                                                                                         928
  The Eagleford, Niobrara,                                                                                  724
  Marcellus and Haynesville                  Eagleford                                                                                                                                                                    45.25x
                                                              16
  shales showed the largest                                                                         575
                                               Bakken                                                                                                                 0.97x
  two-year growth, with                                                                              591
  multiples ranging from                                                           280
                                             Woodford                                                                                                                 1.07x
  10x to 45x from 2008 to                                                         261
  2010                                                                      181
                                             Cleveland                                                                                                                1.01x
                                                                            180
  Moderate gains were
                                                                            171
  seen in the Granite Wash,               Granite Wash
                                                                   61
                                                                                                                                                                        2.80x

  Bone               Spring,                                            120
  Mississippian         and                Bone Spring                                                                                                                   3.53x
                                                                  34
  Spraberry      Wolfcamp                                              102
                                           Austin Chalk                                                                                                               0.80x
  formations                                                            128
                                                                       95
  The Bakken, Woodford                        Niobrara                                                                                                                                   13.57x
                                                              7
  and      Cleveland    held
                                                                       93
  relatively flat, while the                Mississippi
                                                              24
                                                                                                                                                                         3.88x
  Fayetteville, Austin Chalk
                                                                    83
  and Cotton Valley showed          Spraberry Wolfcamp
                                                                   66
                                                                                                                                                                      1.26x

  negative growth                                                  80
                                          Cotton Valley                                                                          2010      2008                       0.68x
                                                                    118

                                                          0                                500                          1,000                   1,500         0.00x           10.00x        20.00x    30.00x     40.00x   50.00x
                                                                                              Horizontal Wells Drilled                                                                 Two-Year Growth (2008-2010)

                                                                                         ________________________________________
                 U.S. Upstream Almanac                                                   1. Wells drilled are based on permits "At Total Depth" with timing based on permit granted date.                                          6
                 January 2011
Introduction
                         Key Themes (cont'd)
Top Horizontal Areas
                                                                                                                       3,468
                                         TX                                                                                                                      0.84x
  Texas retained the top                                                                                                             4,114
  spot by a wide margin for                                         1,005
                                     ND                                                                                                                              1.45x
  horizontal wells drilled,                                  691
  but came up a loser in                                           923
                                     OK                                                                                                                           1.02x
  terms of growth                                                  908
                                                                   911
  The     biggest     growth             LA
                                                       169
                                                                                                                                                                                             5.39x
  occurred in Colorado,                                        881
  Pennsylvania,     Louisiana        PA                                                                                                                                                        5.76x
                                                    153
  and New Mexico driven by                                     822
                                     AR                                                                                                                          0.86x
  the Niobrara, Marcellus,                                       959
  Haynesville and Bone                               239
                                     NM                                                                                                                                      2.37x
  Spring/Spraberry,                                101
  respectively                                      150
                                         KY                                                                                                                     0.70x
                                                     215
                                                   118
                                     WV                                                                                                                           1.01x
                                                   117
                                                   107
                                     CO                                                                                                                                                                7.13x
                                                  15
                                                  74
                                     MT                                                                                                                            1.14x
                                                  65
                                                  55
                                     WY                                                                                                                                1.53x
                                                  36
                                                  43
                                         IN                                                                                                                             1.65x
                                                  26
                                                  20
                                     MS                                                                                                                        0.63x
                                                  32
                                                  19
                                     MI                                                                                2010        2008                      0.34x
                                                   56

                                              0                          1,500                         3,000                            4,500        0.00x                           5.00x                     10.00x
                                                                             Horizontal Wells Drilled                                                                      Two-Year Growth (2008-2010)

                                                                                 ________________________________________
                 U.S. Upstream Almanac                                           1. Wells drilled are based on permits "At Total Depth" with timing based on permit granted date.                                       7
                 January 2011
Introduction
                         Presentation Guide
Organization & Flow                                                       Standard Slides
  Integral Advisors' US Upstream Almanac is a comprehensive
                                                                                            Introduction Slide
  analysis of drilling and permitting data, providing key insights that
                                                                                               Key information
  oil & gas professionals find useful
                                                                                               Top producers and permitters
  The Almanac is organized in order of increased detail, beginning                             Well & permit activity map
  with the Continental United States, followed by Regions, and
  ending with Basins.
  Integral worked with our data provider HPDI, LLC (www.hpdi.com)
  to parse production and permitting data out into 54 specific basins,                      Vintaged Rate & Well Additions
  which Integral has further grouped in 12 regions                                             Production and well additions by year
                                                                                               since 2001
  There are two key data sets in the Almanac:                                                  Data parsed by gas, oil and total
     Historical Activity: Historical production and well additions are                         equivalent
     broken out by oil and gas, and top operators are ranked over
     the last twelve month ("LTM") time period
     Future Activity: Permitting activity is broken out by operator
                                                                                            Quarterly Permits
     and targeted formation
                                                                                              Top formations permitted over last 5
                                                                                              years
                 Continental United States                                                    Shown quarterly on graph, with
                                                                                              annual data below
                            Regions (12)
                (Rockies, Alaska, Offshore GoM, etc.)
                                                                                            Tabular Data
                                Basins (54)                                                   Top producers and permitters shown
                            (Green River, DJ,                                                 for last twelve months ("LTM")
                            Sacramento, etc.)




                 U.S. Upstream Almanac
                 January 2011                                                                                                          8
Continental United States




U.S. Upstream Almanac
January 2011
INSERT 11X17 MAP FOLDED HERE



U.S. Upstream Almanac
January 2011                                      10
Continental United States
                                                              Overview
Continental U.S. Summary

Production Statistics                                                                                                                               Top Operators by Production (LTM)

                              Wells Drilled: 2,800,000+                                                                                                 BP AMERICA PRODUCTION COMPANY                                                     15,533
                                                                                                                                                               EXXON MOBIL CORPORATION                            6,156
                              First Reported Production: 1900
                                                                                                                                                               CONOCOPHILLIPS COMPANY                          5,053
                              % Gas (LTM Production): 69%                                                                                                            CHEVRON, U.S.A., INC.                     4,654
                              Cum. Production: 891.8 Tcf (gas) & 116,799 MMBbl (oil)                                                                     CHESAPEAKE ENERGY CORPORATION                    3,860

                              No. Active Wells: 954,541                                                                                               ANADARKO PETROLEUM CORPORATION                      3,490
                                                                                                                                                             DEVON ENERGY CORPORATION                  2,708
                              Avg. Daily Production (LTM): 99,867 MMcfepd
                                                                                                                                                                                 RD SHELL              2,572
                              Implied Prod. / Active Well: 105 Mcfepd                                                                                              ENCANA CORPORATION                  2,539
                                                                                                                                                         OCCIDENTAL ENERGY COMPANY,INC.                2,430
Incremental Wells Drilled                                                                                                                                           APACHE CORPORATION             2,006
                                                                                                                                                            EOG RESOURCES INCORPORATED             1,992
                            60,000                                                                                             80%                       SOUTHWESTERN ENERGY COMPANY              1,391
                                                                                                  49,716                       75%                           THE WILLIAMS COMPANIES, INC          1,323
                            50,000
                                                                                  44,255 44,261                                                                   QUESTAR CORPORATION            1,070
                                                                                                                               70%
                                                                                                                                                          AERA ENERGY SERVICES COMPANY
Incremental Wells Drilled




                                                                         38,757                                                                                                                  966
                            40,000
                                                                33,271                                                         65%                                  EL PASO CORPORATION          888
                                                                                                                                      % Gas Wells

                                     31,373
                                                       29,787                                                                                                   SAMSON OIL & GAS USA INC         887
                            30,000            27,346                                                       27,136              60%
                                                                                                                     24,041                                                  BHP BILLITON        865
                                                                                                                               55%                       NEWFIELD EXPLORATION COMPANY            819
                            20,000
                                                                                                                                                                  MERIT ENERGY COMPANY           771
                                                                                                                               50%
                                                                                                                                                                  SANDRIDGE ENERGY, INC.         769
                            10,000
                                                                                                                               45%                                    NOBLE ENERGY, INC.         763
                                                                                                                                                           KINDER MORGAN INCORPORATED            762
                                0                                                                                              40%
                                     2001     2002     2003     2004     2005     2006   2007     2008     2009     2010                             PIONEER NATURAL RESOURCES COMPANY           742
                                                                                                                  Annualized
                                                                                                                                                                                             0           5,000         10,000    15,000        20,000
                                                                                                   Gas         Oil            % Gas                                                                                    MMcfepd



                                                  U.S. Upstream Almanac
                                                  January 2011                                                                                                                                                                                          11
Continental United States
                                         Production & Well Additions
Rate & Annual Well Additions by Year (Gross)
                   7                                                                                                                   14,533                              16,000
                   6                                                                                                                                                     14,000




                                                                                                                                                                                         Incremental Oil Wells
                                                                                                           10,365    10,602                                        10,93512,000
                   5                                                                          9,705
 Oil (MMBopd)




                                                                                                                                                        9,046
                                                                                                                                                                           10,000
                   4                 7,767                                     7,766
                                                                    7,078
                                                       6,259                                                                                                               8,000
                   3
                                                                                                                                                                           6,000
                   2                                                                                                                                                       4,000
                   1                                                                                                                                                       2,000
                   0                                                                                                                                                       0
                  80                                                                                                                   35,183                              40,000
                                                                                                           33,890    33,659
                  70                                                                                                                                                       35,000
                                                                                             29,052




                                                                                                                                                                                       Incremental Gas Wells
                  60                                                           25,505                                                                                      30,000
  Gas (Bcfpd)




                                    23,606                          22,709
                  50                                   21,087                                                                                                              25,000
                                                                                                                                                        18,090
                  40                                                                                                                                                     20,000
                                                                                                                                                                   13,106
                  30                                                                                                                                                     15,000
                  20                                                                                                                                                       10,000
                  10                                                                                                                                                       5,000
                   0                                                                                                                                                       0
                 120                                                                                                                                                       60,000
                                                                                                                                   49,716
                 100                                                                                       44,255    44,261                                                50,000




                                                                                                                                                                                    Total Incremental Wells
Total (Bcfepd)




                                                                                             38,757
                  80                                                           33,271                                                                                      40,000
                                    31,373                          29,787
                                                       27,346                                                                                           27,136
                  60                                                                                                                                              24,04130,000

                  40                                                                                                                                                       20,000

                  20                                                                                                                                                       10,000

                   0                                                                                                                                                       0
                    Jan-01            Jan-02            Jan-03       Jan-04     Jan-05        Jan-06        Jan-07     Jan-08           Jan-09           Jan-10
                             Prior Years        2001         2002     2003    2004       2005       2006      2007   2008       2009             2010      Wells Drilled


                                 U.S. Upstream Almanac
                                 January 2011                                                                                                                                                                    12
Continental United States
                          Quarterly Permits by Region
Summary

x                                                                                                                                                                                                                                             x




                                                                                                                           23,069

                                                                                                                                    23,239
                 25,000




                                                20,136
                                       20,117




                                                                                                                20,035




                                                                                                                                                 19,663
                                                                                          19,579
                                                                                 19,403
                            18,948




                                                                                                       18,829
                                                             17,972




                                                                      17,912




                                                                                                                                                                                                               16,893

                                                                                                                                                                                                                        15,935
                 20,000




                                                                                                                                                                                                                                     15,680
                                                                                                                                                                                                    14,769
                                                                                                                                                          13,485




                                                                                                                                                                              12,265

                                                                                                                                                                                           12,230
                                                                                                                                                                     11,246
                 15,000


                 10,000


                  5,000


                     0
                            Q1         Q2       Q3           Q4       Q1         Q2       Q3           Q4       Q1         Q2       Q3           Q4       Q1         Q2       Q3           Q4       Q1         Q2       Q3           Q4

                                           2006                                      2007                                      2008                                      2009                                       2010
                                     No.                 %                     No.                 %                     No.                 %                     No.                 %                     No.                 %
Rocky Mountain                   17,026             22.1%                15,633               20.6%                17,384               20.2%                 9,592               19.5%                12,982               20.5%
Eastern U.S.                     15,932             20.6%                15,373               20.3%                16,890               19.6%                11,295               22.9%                10,707               16.9%
Mid-Continent                    12,827             16.6%                12,414               16.4%                14,480               16.8%                 7,129               14.5%                 9,838               15.5%
Permian                           7,919             10.3%                 7,775               10.3%                 9,745               11.3%                 5,556               11.3%                 9,796               15.5%
Gulf Coast                        7,407              9.6%                 7,106                9.4%                 7,689                8.9%                 4,373                8.9%                 6,324               10.0%
Ark-La-Tex                        6,081              7.9%                 6,382                8.4%                 6,903                8.0%                 4,074                8.3%                 4,422                7.0%
West Coast                        5,577              7.2%                 5,617                7.4%                 6,603                7.7%                 3,930                8.0%                 5,512                8.7%
Central Texas                     4,007              5.2%                 5,040                6.7%                 5,950                6.9%                 2,930                6.0%                 3,441                5.4%
Alaska                              185              0.2%                   175                0.2%                   196                0.2%                   182                0.4%                   175                0.3%
Offshore Gom                        212              0.3%                   208                0.3%                   166                0.2%                   165                0.3%                    80                0.1%
Total                            77,173         100.0%                   75,723           100.0%                   86,006           100.0%                   49,226           100.0%                   63,277           100.0%
                                                                                                                                                                                                                                              x


                  U.S. Upstream Almanac
                  January 2011                                                                                                                                                                                                                13
Continental United States
                                   Data by Region
Gross Production by Region                                                                     Permits by Region
                                                                      LTM Production
                                                   Active       Total        % of                                                       LTM Permits
Rank    Region                                     Wells      (Mcfepd)       Total     % Gas   Rank    Region             Drilling   Permit'd   Drilled   Total

   1    ROCKIES                                    131,626    19,178,088     19.1%      80%      1     Rocky Mountain         220      7,935      4,827   12,982
   2    OFFSHORE GOM                                 4,404    16,002,251     15.9%      40%      2     Eastern U.S.           103      8,302      2,302   10,707
   3    ALASKA                                       1,858    12,291,956     12.2%      71%      3     Mid-Continent           95      4,712      5,031    9,838
   4    MID-CON                                    148,532    10,909,741     10.8%      83%      4     Permian                124      3,164      6,508    9,796
   5    PERMIAN                                    124,539    10,175,647     10.1%      46%      5     Gulf Coast              65      3,187      3,072    6,324
   6    GULF COAST                                  49,651     9,780,578      9.7%      73%      6     West Coast              22      3,123      2,367    5,512
   7    ARK-LA-TEX                                  62,078     9,411,247      9.3%      93%      7     Ark-La-Tex              81      2,457      1,884    4,422
   8    CENTRAL TEXAS                               50,568     5,570,803      5.5%      94%      8     Central Texas           41      1,273      2,127    3,441
   9    WEST COAST                                  48,634     3,980,601      4.0%      17%      9     Alaska                   1         80         94      175
  10    EASTERN U.S.                               129,457     2,882,520      2.9%      91%     10     Offshore Gom             4         28         48       80
  11    OFFSHORE PACIFIC                               387       479,864      0.5%      24%     11     Offshore Pacific         0          0          0        0
Total                                              751,735   100,663,296   100.0%       68%    Total                          756     34,261     28,260   63,277




                           U.S. Upstream Almanac
                           January 2011                                                                                                                           14
Continental United States
                                Production by Region
Annual Production by Region

Annual Production                                                                                        Three-Year Compound Annual Growth Rate

                                                                                   19,178
         ROCKIES                                                                                                  ROCKIES                                     3%
                                                                             17,322

                                                                          16,002
   OFFSHORE GOM                                                                                             OFFSHORE GOM                                 2%
                                                                       15,295

                                                            12,292
          ALASKA                                                                                                   ALASKA        (4%)
                                                                    14,060

                                                        10,910
        MID-CON                                                                                                  MID-CON                                           5%
                                                  9,384

                                                    10,176
        PERMIAN                                                                                                  PERMIAN                     (0%)
                                                    10,244

                                                   9,781
      GULF COAST                                                                                               GULF COAST    (6%)
                                                           11,778

                                                  9,411
       ARK-LA-TEX                                                                                               ARK-LA-TEX                                                    10%
                                          6,979

                                       5,571
   CENTRAL TEXAS                                                                                            CENTRAL TEXAS                                                                       21%
                              3,118

                                3,981
      WEST COAST                                                                                               WEST COAST           (4%)
                                  4,503

                              2,883
     EASTERN U.S.                                                                                             EASTERN U.S.            (3%)
                              3,123

                        480
 OFFSHORE PACIFIC                                                               LTM         LTM-3         OFFSHORE PACIFIC   (6%)
                        582

                    0          5,000           10,000            15,000         20,000          25,000                   (10%)       (5%)           0%        5%        10%         15%   20%     25%
                                                    MMcfepd                                                                                    3 Year Compound Annual Growth Rate


                        U.S. Upstream Almanac
                        January 2011                                                                                                                                                                    15
Continental United States
                                        Production by Basin
Annual Production and 3-Year CAGR by Basin (1 – 27)                                                                       Annual Production and 3-Year CAGR by Basin (28 – 54)

      ARCTIC SLOPE                                            11,872           (4%)                                                     RATON                                                  421                            4%
 GOM - DEEPWATER                                            10,742                                  9%                              COOK INLET                                                 420        (9%)
          PERMIAN                                       10,176                                                   33%             POWDER RIVER…                                      292                      (6%)
TX & LA GULF COAST                                  8,679                     (7%)                                              CENTRAL KANSAS…                                     281                                      1%
        ANADARKO                           5,542                                   (1%)                                               BIG HORN                                    265                        (6%)
         FT WORTH                         5,407                                                            22%                  BLACK WARRIOR                                     250                          (5%)
       GOM - SHELF                        5,260                             (9%)                                                  SACRAMENTO                                187                                 (2%)
        EAST TEXAS                        5,247                                                4%                                    SEDGWICK                             165                                                2%
       GREEN RIVER                      4,573                                                  5%                             OUACHITA FOLDED…                            164                                                      12%
             ARKLA                      4,164                                                              23%                        CHEROKEE                            156                                                     7%
          SAN JUAN                 3,588                                       (4%)                                                   VENTURA                         147                                        (0%)
          ARKOMA                   3,317                                                                         31%                  PARADOX                         137                                 (11%)
      SAN JOAQUIN                 2,951                                        (5%)                                                    COASTAL…                     103                                                                      21%
         WILLISTON               2,514                                                               13%                        SANTA BARBARA                   74                                               (1%)
      APPALACHIAN               2,116                                             (2%)                                        SWEET GRASS ARCH                 65                                        (11%)
          PICEANCE              1,974                                                                12%                       LAS ANIMAS ARCH                 64                                                            2%
POWDER RIVER CBM            1,522                                                                   10%                             PALO DURO              50                                                (6%)
             UINTA         1,395                                                                5%                              WASATCH UPLIFT             46                                                                          13%
MS & AL GULF COAST         1,101                                                   (0%)                                       CENTRAL MT UPLIFT            38                                            (11%)
 DENVER JULESBURG          1,047                                                                5%                            NEMAHA ANTICLINE            30                                                                 1%
     CHAUTAUQUA           802                                                                  2%                                   FOREST CITY           22                                                    (1%)
        WIND RIVER        632                                                 (5%)                                               CHADRON ARCH             20                                                                  4%
  CEN. W. O'THRUST        578                                                     (3%)                                        FLORIDA PLATFORM        10                                               (16%)
  S. OK FOLDED BELT       539                                              (10%)                                                   GREAT BASIN        5                                                        (5%)
       LOS ANGELES        516                                                  (3%)                                                     SALINA        4                                                                           7%
         MICHIGAN         507                                                  (5%)                                               N. CALIFORNIA       2                                                   (9%)
  PACIFIC OFFSHORE        480                                                                               125%                   NORTH PARK         1                                                                                       101%

                      0           5,000            10,000        15,000   (20%)           0%         20%         40%                              0                         250                  500    (20%)           0%         20%             40%
                                         MMcfepd                                                                                                                          MMcfepd
                                                                          3-Year Compound Annual Growth Rate                                                                                           3-Year Compound Annual Growth Rate


                          U.S. Upstream Almanac                                          ROCKIES                 WEST COAST         EASTERN U.S.                MID-CON                   ARK-LA-TEX            OFFSHORE GOM
                          January 2011                                                   CENTRAL TEXAS           ALASKA             GULF COAST                  PERMIAN                   OFFSHORE PACIFIC      Total
                                                                                                                                                                                                                                                         16
Continental United States
                                     Permits by Region
Annual Permits by Region

Annual Permits                                                                                                     Annual Increase / (Decrease)

                                                                                                         12,929
Rocky Mountain                                                                                                     Rocky Mountain                                                         75%
                                                                        7,379

                                                                                            10,707
   Eastern U.S.                                                                                                       Eastern U.S.                                        26%
                                                                                8,485

                                                                                        9,891
 Mid-Continent                                                                                                      Mid-Continent                                                  57%
                                                                6,303

                                                                                        9,796
       Permian                                                                                                            Permian                                                                 96%
                                                      4,989

                                                                6,324
     Gulf Coast                                                                                                         Gulf Coast                                                        76%
                                             3,591

                                                            5,512
    West Coast                                                                                                         West Coast                                                         76%
                                        3,132

                                                    4,422
     Ark-La-Tex                                                                                                         Ark-La-Tex                                         31%
                                            3,370

                                            3,441
  Central Texas                                                                                                      Central Texas                                          33%
                                     2,591

                       175
         Alaska                                                                                                             Alaska                             2%
                       172

                       80
 Offshore Gom                                                                                                       Offshore Gom (44%)
                       144

                       0
Offshore Pacific                                                                                                   Offshore Pacific                            0%
                                                                                                                                                               NA
                       0                                                                        2010     2009

                   0         2,000      4,000          6,000        8,000          10,000       12,000    14,000                  (60%)   (40%)   (20%)   0%        20%    40%    60%    80%    100%    120%



                             U.S. Upstream Almanac
                             January 2011                                                                                                                                                                      17
Continental United States
                                         Permits by Basin
Annual Production and 3-Year CAGR by Basin (1 – 24)                                                                  Annual Production and 3-Year CAGR by Basin (25 – 49)

          Appalachian                                    10,035                         25%                                     Sedgwick Basin                                           304                                      91%
        Permian Basin                                    9,796                                      96%                            Sacramento                                      263                                      8%

 Texas & Louisiana Gulf…                        5,739                                             74%                                     Alaska                             175                                            2%

           San Joaquin                       4,450                                                 85%                      Black Warrior Basin                             165                                             18%

        Ft Worth Basin                  3,282                                               31%                            Ouachita Folded Belt                             159                                                    104%

      Denver Julesburg                                                                                    135%                Sweet Grass Arch                          147                                                 15%
                                        3,275
                                                                                                                                       Ventura                          147                                                      75%
           Arkla Basin                 3,086                                                 48%
                                                                                                                                    Wind River                         121                                                  6%
       Anadarko Basin                  3,080                                                      69%
                                                                                                                                     Ca Coastal                        121                                                   38%
              Piceance                2,562                                                       67%
                                                                                                                               Las Animas Arch                        113                                                         98%
              Williston               2,395                                                              127%
                                                                                                                                 Santa Barbara                        112                                                    45%
  Chautauqua Platform            1,558                                                        63%
                                                                                                                                Palo Duro Basin                       108                                                         89%
         Arkoma Basin            1,424                                                 10%
                                                                                                                                          Raton                       104                                                                 197%
      East Texas Basin           1,336                                                 3%
                                                                                                                              Nemaha Anticline                    94                                                         45%
         Powder River           1,185                                                                   114%
                                                                                                                                 Offshore Gom                     80                                      (44%)
                 Uinta          1,140                                                   26%
                                                                                                                                      Big Horn                   68                                                                113%
           Green River          1,089                                                       40%
                                                                                                                         Central Montana Uplift                  63                                             (3%)
      Forest City Basin         987                                                                 93%
                                                                                                                                       Paradox               59                                            (12%)
       Cherokee Basin           947                                                          49%                                  Chadron Arch               53                                                                  56%
  Central Kansas Uplift         915                                                               69%                Central Western Overthrust              52                                                              27%
 Mississippi & Alabama…        585                                                                  98%                            Salina Basin             25                                                                         150%
              San Juan         532                                         (7%)                                                     Great Basin         9                                                (53%)
             Michigan          507                                                                67%                               North Park          8                                                (56%)
           Los Angeles         419                                                                74%                                Park Basin         4                                                                    33%
South Oklahoma Folded…         396                                                                 82%                           Wasatch Uplift         3                                                                    50%

                          0          4,000       8,000   12,000   (100%)          0%          100%          200%                                   0         100        200        300     400   (300%) (150%)         0%        150%     300%
                                         Permits                              Growth 2009-2010                                                                         Permits                            Growth 2009-2010


                              U.S. Upstream Almanac                               ROCKIES                   WEST COAST       EASTERN U.S.              MID-CON                      ARK-LA-TEX          OFFSHORE GOM
                              January 2011                                        CENTRAL TEXAS             ALASKA           GULF COAST                PERMIAN                      OFFSHORE PACIFIC    Total
                                                                                                                                                                                                                                                 18
Continental United States
                               Production by Basin
Gross Production by Basin (1 – 27)                                                        Gross Production by Basin (28 – 54)
                                                                 LTM Production                                                                    LTM Production
                                               Active      Total        % of                                                    Active       Total        % of
Rank   Basin                                   Wells     (Mcfepd)       Total     % Gas   Rank    Basin                         Wells      (Mcfepd)       Total     % Gas
  1    ARCTIC SLOPE                              1,576   11,871,997     11.8%      70%      28    RATON                           3,577      420,546       0.4%     100%
  2    GOM - DEEPWATER                             516   10,741,938     10.7%      28%      29    COOK INLET                        282      419,959       0.4%      86%
  3    PERMIAN                                 124,539   10,175,647     10.1%      46%      30    POWDER RIVER CONVENTIONAL       5,012      292,337       0.3%      22%
  4    TEXAS & LOUISIANA GULF COAST             46,032    8,679,393      8.6%      75%      31    CENTRAL KANSAS UPLIFT          10,511      281,381       0.3%       6%
  5    ANADARKO                                 66,716    5,541,774      5.5%      85%      32    BIG HORN                        3,175      264,800       0.3%      19%
  6    FT WORTH                                 45,032    5,407,170      5.4%      94%      33    BLACK WARRIOR                   4,780      249,998       0.2%      99%
  7    GOM - SHELF                               3,888    5,260,312      5.2%      66%      34    SACRAMENTO                      1,197      186,943       0.2%     100%
  8    EAST TEXAS                               31,395    5,247,052      5.2%      93%      35    SEDGWICK                        5,452      164,843       0.2%      56%
  9    GREEN RIVER                              10,087    4,573,441      4.5%      95%      36    OUACHITA FOLDED BELT            5,536      163,633       0.2%      88%
 10    ARKLA                                    30,683    4,164,196      4.1%      94%      37    CHEROKEE                       13,907      156,256       0.2%      78%
 11    SAN JUAN                                 28,893    3,588,398      3.6%      99%      38    VENTURA                         1,524      147,311       0.1%      14%
 12    ARKOMA                                   14,191    3,317,341      3.3%      99%      39    PARADOX                         1,133      136,649       0.1%      49%
 13    SAN JOAQUIN                              40,210    2,951,301      2.9%      14%      40    COASTAL CALIFORNIA                504      102,642       0.1%       4%
 14    WILLISTON                                 9,730    2,513,903      2.5%      19%      41    SANTA BARBARA                     958       74,346       0.1%      13%
 15    APPALACHIAN                             111,157    2,115,654      2.1%      94%      42    SWEET GRASS ARCH                3,718       65,357       0.1%      71%
 16    PICEANCE                                 10,979    1,973,588      2.0%      94%      43    LAS ANIMAS ARCH                 1,142       64,031       0.1%      51%
 17    POWDER RIVER CBM                         15,467    1,521,653      1.5%     100%      44    PALO DURO                       1,435       49,966       0.0%      31%
 18    UINTA                                     8,380    1,395,115      1.4%      81%      45    WASATCH UPLIFT                     20       45,892       0.0%       0%
 19    MISSISSIPPI & ALABAMA GULF COAST          3,619    1,101,185      1.1%      56%      46    CENTRAL MONTANA UPLIFT            967       37,982       0.0%      70%
 20    DENVER JULESBURG                         23,392    1,047,410      1.0%      67%      47    NEMAHA ANTICLINE                1,995       30,485       0.0%       3%
 21    CHAUTAUQUA PLATFORM                      18,579      802,241      0.8%      69%      48    FOREST CITY                     6,797       22,390       0.0%       6%
 22    WIND RIVER                                2,735      631,898      0.6%      80%      49    CHADRON ARCH                    1,083       20,335       0.0%      15%
 23    CENTRAL WESTERN OVERTHRUST                2,041      578,125      0.6%      95%      50    FLORIDA PLATFORM                   15       10,221       0.0%       2%
 24    SOUTH OKLAHOMA FOLDED BELT                8,753      538,891      0.5%      50%      51    GREAT BASIN                        61        5,468       0.0%       0%
 25    LOS ANGELES                               4,211      515,837      0.5%       9%      52    SALINA                            197        4,173       0.0%       0%
 26    MICHIGAN                                 13,505      506,647      0.5%      79%      53    NORTHERN CALIFORNIA                31        2,222       0.0%     100%
 27    PACIFIC OFFSHORE                            387      479,864      0.5%      24%      54    NORTH PARK                         35        1,158       0.0%      13%
                                                                                          Total                                 751,735   100,663,296   100.0%       68%




                       U.S. Upstream Almanac
                       January 2011                                                                                                                                         19
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ALMANAC_TEST

  • 1. U.S. Upstream Almanac January 2011
  • 2. U.S. Upstream Almanac January 2011 Table of Contents 1. Introduction 4 2. Continental United States 8 3. Rocky Mountain Region 30 4. Alaska Region 159 5. Offshore GoM Region 173 6. Gulf Coast Region 187 7. Mid-Continent Region 208 8. Permian Region 283 9. Ark-LA-Tex Region 291 10. Central Texas Region 312 11. West Coast Region 333 12. Eastern U.S. Region 374 13. Offshore Pacific Region 404 Data Source: HPDI, LLC. Production data as of August 2010; permitting data as of January 2011 U.S. Upstream Almanac January 2011 2
  • 4. Introduction Key Themes Oil Plays Are Being Targeted1 As the oil price/gas price 26.00x 8.0 80% ratio has climbed from 8x to nearly 26x, drillers have progressively 7.0 focused more efforts to 6.4 6.5 oil-rich plays 6.3 6.1 21.00x 6.0 5.7 70% The graph at right 5.5 compares: Total oil and gas wells % Gas of Total Wells Drilled 4.7 drilled (blue/gray 4.6 Oil Price / Gas Price 4.5 Wells Drilled (000's) bars) The percentage of 16.00x 4.0 3.9 3.9 60% wells drilled targeting 3.6 gas (red line) 3.3 3.1 The oil/gas price ratio 2.9 (blue line) Gas plays are clearly 11.00x 2.0 50% losing favor as gas wells have dropped from ~75% of total wells drilled in Q1 2007 to ~45% in Q4 2010 6.00x 0.0 40% 2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 Gas Wells Drilled Oil Wells Drilled % Gas Wells Oil Price / Gas Price ________________________________________ U.S. Upstream Almanac 1. Wells drilled are based on permits "At Total Depth" with timing based on permit granted date. Only wells classified as "Oil", "Gas" or 4 "CBM" are included (i.e., well types including Injection, CO2, Oil & Gas, Unclassified, etc. were excluded) January 2011
  • 5. Introduction Key Themes (cont'd) Horizontal Wells Are Increasing1 9,000 90% As horizontal drilling 8,149 8,121 techniques are refined 8,049 7,950 and optimized, an 7,559 7,413 increasing proportion of 7,351 7,151 wells drilled are utilizing 6,988 6,840 this technology 6,643 Since Q1 2006, horizontal wells have increased from 6,000 60% 9% of total wells drilled to 5,034 34% Q4 2010 4,493 Wells Drilled 4,331 % of Total In the same time period, 4,040 vertical wells have 3,631 dropped from 81% of 3,351 3,275 3,139 total wells drilled to 57% 2,891 3,000 30% 2,458 2,289 2,143 2,122 2,093 1,986 1,932 1,765 1,758 1,650 1,616 1,521 1,408 1,323 1,320 1,201 1,102 1,041 1,008 903 0 0% 2006 Q1 2006 Q2 2006 Q3 2006 Q4 2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 Horizontal Vertical % Horizontal % Vertical ________________________________________ U.S. Upstream Almanac 1. Wells drilled are based on permits "At Total Depth" with timing based on permit granted date. Directional are not shown on graph but 5 are included in "% of Total" calculations January 2011
  • 6. Introduction Key Themes (cont'd) Top Horizontal Plays 1,353 Barnett 0.45x The Barnett Shale 3,030 retained the top spot for 970 Marcellus 10.66x horizontally drilled 91 formation, but also came 820 Haynesville 7.39x up the biggest loser in 111 terms of growth Fayetteville 812 0.88x 928 The Eagleford, Niobrara, 724 Marcellus and Haynesville Eagleford 45.25x 16 shales showed the largest 575 Bakken 0.97x two-year growth, with 591 multiples ranging from 280 Woodford 1.07x 10x to 45x from 2008 to 261 2010 181 Cleveland 1.01x 180 Moderate gains were 171 seen in the Granite Wash, Granite Wash 61 2.80x Bone Spring, 120 Mississippian and Bone Spring 3.53x 34 Spraberry Wolfcamp 102 Austin Chalk 0.80x formations 128 95 The Bakken, Woodford Niobrara 13.57x 7 and Cleveland held 93 relatively flat, while the Mississippi 24 3.88x Fayetteville, Austin Chalk 83 and Cotton Valley showed Spraberry Wolfcamp 66 1.26x negative growth 80 Cotton Valley 2010 2008 0.68x 118 0 500 1,000 1,500 0.00x 10.00x 20.00x 30.00x 40.00x 50.00x Horizontal Wells Drilled Two-Year Growth (2008-2010) ________________________________________ U.S. Upstream Almanac 1. Wells drilled are based on permits "At Total Depth" with timing based on permit granted date. 6 January 2011
  • 7. Introduction Key Themes (cont'd) Top Horizontal Areas 3,468 TX 0.84x Texas retained the top 4,114 spot by a wide margin for 1,005 ND 1.45x horizontal wells drilled, 691 but came up a loser in 923 OK 1.02x terms of growth 908 911 The biggest growth LA 169 5.39x occurred in Colorado, 881 Pennsylvania, Louisiana PA 5.76x 153 and New Mexico driven by 822 AR 0.86x the Niobrara, Marcellus, 959 Haynesville and Bone 239 NM 2.37x Spring/Spraberry, 101 respectively 150 KY 0.70x 215 118 WV 1.01x 117 107 CO 7.13x 15 74 MT 1.14x 65 55 WY 1.53x 36 43 IN 1.65x 26 20 MS 0.63x 32 19 MI 2010 2008 0.34x 56 0 1,500 3,000 4,500 0.00x 5.00x 10.00x Horizontal Wells Drilled Two-Year Growth (2008-2010) ________________________________________ U.S. Upstream Almanac 1. Wells drilled are based on permits "At Total Depth" with timing based on permit granted date. 7 January 2011
  • 8. Introduction Presentation Guide Organization & Flow Standard Slides Integral Advisors' US Upstream Almanac is a comprehensive Introduction Slide analysis of drilling and permitting data, providing key insights that Key information oil & gas professionals find useful Top producers and permitters The Almanac is organized in order of increased detail, beginning Well & permit activity map with the Continental United States, followed by Regions, and ending with Basins. Integral worked with our data provider HPDI, LLC (www.hpdi.com) to parse production and permitting data out into 54 specific basins, Vintaged Rate & Well Additions which Integral has further grouped in 12 regions Production and well additions by year since 2001 There are two key data sets in the Almanac: Data parsed by gas, oil and total Historical Activity: Historical production and well additions are equivalent broken out by oil and gas, and top operators are ranked over the last twelve month ("LTM") time period Future Activity: Permitting activity is broken out by operator Quarterly Permits and targeted formation Top formations permitted over last 5 years Continental United States Shown quarterly on graph, with annual data below Regions (12) (Rockies, Alaska, Offshore GoM, etc.) Tabular Data Basins (54) Top producers and permitters shown (Green River, DJ, for last twelve months ("LTM") Sacramento, etc.) U.S. Upstream Almanac January 2011 8
  • 9. Continental United States U.S. Upstream Almanac January 2011
  • 10. INSERT 11X17 MAP FOLDED HERE U.S. Upstream Almanac January 2011 10
  • 11. Continental United States Overview Continental U.S. Summary Production Statistics Top Operators by Production (LTM) Wells Drilled: 2,800,000+ BP AMERICA PRODUCTION COMPANY 15,533 EXXON MOBIL CORPORATION 6,156 First Reported Production: 1900 CONOCOPHILLIPS COMPANY 5,053 % Gas (LTM Production): 69% CHEVRON, U.S.A., INC. 4,654 Cum. Production: 891.8 Tcf (gas) & 116,799 MMBbl (oil) CHESAPEAKE ENERGY CORPORATION 3,860 No. Active Wells: 954,541 ANADARKO PETROLEUM CORPORATION 3,490 DEVON ENERGY CORPORATION 2,708 Avg. Daily Production (LTM): 99,867 MMcfepd RD SHELL 2,572 Implied Prod. / Active Well: 105 Mcfepd ENCANA CORPORATION 2,539 OCCIDENTAL ENERGY COMPANY,INC. 2,430 Incremental Wells Drilled APACHE CORPORATION 2,006 EOG RESOURCES INCORPORATED 1,992 60,000 80% SOUTHWESTERN ENERGY COMPANY 1,391 49,716 75% THE WILLIAMS COMPANIES, INC 1,323 50,000 44,255 44,261 QUESTAR CORPORATION 1,070 70% AERA ENERGY SERVICES COMPANY Incremental Wells Drilled 38,757 966 40,000 33,271 65% EL PASO CORPORATION 888 % Gas Wells 31,373 29,787 SAMSON OIL & GAS USA INC 887 30,000 27,346 27,136 60% 24,041 BHP BILLITON 865 55% NEWFIELD EXPLORATION COMPANY 819 20,000 MERIT ENERGY COMPANY 771 50% SANDRIDGE ENERGY, INC. 769 10,000 45% NOBLE ENERGY, INC. 763 KINDER MORGAN INCORPORATED 762 0 40% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 PIONEER NATURAL RESOURCES COMPANY 742 Annualized 0 5,000 10,000 15,000 20,000 Gas Oil % Gas MMcfepd U.S. Upstream Almanac January 2011 11
  • 12. Continental United States Production & Well Additions Rate & Annual Well Additions by Year (Gross) 7 14,533 16,000 6 14,000 Incremental Oil Wells 10,365 10,602 10,93512,000 5 9,705 Oil (MMBopd) 9,046 10,000 4 7,767 7,766 7,078 6,259 8,000 3 6,000 2 4,000 1 2,000 0 0 80 35,183 40,000 33,890 33,659 70 35,000 29,052 Incremental Gas Wells 60 25,505 30,000 Gas (Bcfpd) 23,606 22,709 50 21,087 25,000 18,090 40 20,000 13,106 30 15,000 20 10,000 10 5,000 0 0 120 60,000 49,716 100 44,255 44,261 50,000 Total Incremental Wells Total (Bcfepd) 38,757 80 33,271 40,000 31,373 29,787 27,346 27,136 60 24,04130,000 40 20,000 20 10,000 0 0 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Prior Years 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Wells Drilled U.S. Upstream Almanac January 2011 12
  • 13. Continental United States Quarterly Permits by Region Summary x x 23,069 23,239 25,000 20,136 20,117 20,035 19,663 19,579 19,403 18,948 18,829 17,972 17,912 16,893 15,935 20,000 15,680 14,769 13,485 12,265 12,230 11,246 15,000 10,000 5,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2007 2008 2009 2010 No. % No. % No. % No. % No. % Rocky Mountain 17,026 22.1% 15,633 20.6% 17,384 20.2% 9,592 19.5% 12,982 20.5% Eastern U.S. 15,932 20.6% 15,373 20.3% 16,890 19.6% 11,295 22.9% 10,707 16.9% Mid-Continent 12,827 16.6% 12,414 16.4% 14,480 16.8% 7,129 14.5% 9,838 15.5% Permian 7,919 10.3% 7,775 10.3% 9,745 11.3% 5,556 11.3% 9,796 15.5% Gulf Coast 7,407 9.6% 7,106 9.4% 7,689 8.9% 4,373 8.9% 6,324 10.0% Ark-La-Tex 6,081 7.9% 6,382 8.4% 6,903 8.0% 4,074 8.3% 4,422 7.0% West Coast 5,577 7.2% 5,617 7.4% 6,603 7.7% 3,930 8.0% 5,512 8.7% Central Texas 4,007 5.2% 5,040 6.7% 5,950 6.9% 2,930 6.0% 3,441 5.4% Alaska 185 0.2% 175 0.2% 196 0.2% 182 0.4% 175 0.3% Offshore Gom 212 0.3% 208 0.3% 166 0.2% 165 0.3% 80 0.1% Total 77,173 100.0% 75,723 100.0% 86,006 100.0% 49,226 100.0% 63,277 100.0% x U.S. Upstream Almanac January 2011 13
  • 14. Continental United States Data by Region Gross Production by Region Permits by Region LTM Production Active Total % of LTM Permits Rank Region Wells (Mcfepd) Total % Gas Rank Region Drilling Permit'd Drilled Total 1 ROCKIES 131,626 19,178,088 19.1% 80% 1 Rocky Mountain 220 7,935 4,827 12,982 2 OFFSHORE GOM 4,404 16,002,251 15.9% 40% 2 Eastern U.S. 103 8,302 2,302 10,707 3 ALASKA 1,858 12,291,956 12.2% 71% 3 Mid-Continent 95 4,712 5,031 9,838 4 MID-CON 148,532 10,909,741 10.8% 83% 4 Permian 124 3,164 6,508 9,796 5 PERMIAN 124,539 10,175,647 10.1% 46% 5 Gulf Coast 65 3,187 3,072 6,324 6 GULF COAST 49,651 9,780,578 9.7% 73% 6 West Coast 22 3,123 2,367 5,512 7 ARK-LA-TEX 62,078 9,411,247 9.3% 93% 7 Ark-La-Tex 81 2,457 1,884 4,422 8 CENTRAL TEXAS 50,568 5,570,803 5.5% 94% 8 Central Texas 41 1,273 2,127 3,441 9 WEST COAST 48,634 3,980,601 4.0% 17% 9 Alaska 1 80 94 175 10 EASTERN U.S. 129,457 2,882,520 2.9% 91% 10 Offshore Gom 4 28 48 80 11 OFFSHORE PACIFIC 387 479,864 0.5% 24% 11 Offshore Pacific 0 0 0 0 Total 751,735 100,663,296 100.0% 68% Total 756 34,261 28,260 63,277 U.S. Upstream Almanac January 2011 14
  • 15. Continental United States Production by Region Annual Production by Region Annual Production Three-Year Compound Annual Growth Rate 19,178 ROCKIES ROCKIES 3% 17,322 16,002 OFFSHORE GOM OFFSHORE GOM 2% 15,295 12,292 ALASKA ALASKA (4%) 14,060 10,910 MID-CON MID-CON 5% 9,384 10,176 PERMIAN PERMIAN (0%) 10,244 9,781 GULF COAST GULF COAST (6%) 11,778 9,411 ARK-LA-TEX ARK-LA-TEX 10% 6,979 5,571 CENTRAL TEXAS CENTRAL TEXAS 21% 3,118 3,981 WEST COAST WEST COAST (4%) 4,503 2,883 EASTERN U.S. EASTERN U.S. (3%) 3,123 480 OFFSHORE PACIFIC LTM LTM-3 OFFSHORE PACIFIC (6%) 582 0 5,000 10,000 15,000 20,000 25,000 (10%) (5%) 0% 5% 10% 15% 20% 25% MMcfepd 3 Year Compound Annual Growth Rate U.S. Upstream Almanac January 2011 15
  • 16. Continental United States Production by Basin Annual Production and 3-Year CAGR by Basin (1 – 27) Annual Production and 3-Year CAGR by Basin (28 – 54) ARCTIC SLOPE 11,872 (4%) RATON 421 4% GOM - DEEPWATER 10,742 9% COOK INLET 420 (9%) PERMIAN 10,176 33% POWDER RIVER… 292 (6%) TX & LA GULF COAST 8,679 (7%) CENTRAL KANSAS… 281 1% ANADARKO 5,542 (1%) BIG HORN 265 (6%) FT WORTH 5,407 22% BLACK WARRIOR 250 (5%) GOM - SHELF 5,260 (9%) SACRAMENTO 187 (2%) EAST TEXAS 5,247 4% SEDGWICK 165 2% GREEN RIVER 4,573 5% OUACHITA FOLDED… 164 12% ARKLA 4,164 23% CHEROKEE 156 7% SAN JUAN 3,588 (4%) VENTURA 147 (0%) ARKOMA 3,317 31% PARADOX 137 (11%) SAN JOAQUIN 2,951 (5%) COASTAL… 103 21% WILLISTON 2,514 13% SANTA BARBARA 74 (1%) APPALACHIAN 2,116 (2%) SWEET GRASS ARCH 65 (11%) PICEANCE 1,974 12% LAS ANIMAS ARCH 64 2% POWDER RIVER CBM 1,522 10% PALO DURO 50 (6%) UINTA 1,395 5% WASATCH UPLIFT 46 13% MS & AL GULF COAST 1,101 (0%) CENTRAL MT UPLIFT 38 (11%) DENVER JULESBURG 1,047 5% NEMAHA ANTICLINE 30 1% CHAUTAUQUA 802 2% FOREST CITY 22 (1%) WIND RIVER 632 (5%) CHADRON ARCH 20 4% CEN. W. O'THRUST 578 (3%) FLORIDA PLATFORM 10 (16%) S. OK FOLDED BELT 539 (10%) GREAT BASIN 5 (5%) LOS ANGELES 516 (3%) SALINA 4 7% MICHIGAN 507 (5%) N. CALIFORNIA 2 (9%) PACIFIC OFFSHORE 480 125% NORTH PARK 1 101% 0 5,000 10,000 15,000 (20%) 0% 20% 40% 0 250 500 (20%) 0% 20% 40% MMcfepd MMcfepd 3-Year Compound Annual Growth Rate 3-Year Compound Annual Growth Rate U.S. Upstream Almanac ROCKIES WEST COAST EASTERN U.S. MID-CON ARK-LA-TEX OFFSHORE GOM January 2011 CENTRAL TEXAS ALASKA GULF COAST PERMIAN OFFSHORE PACIFIC Total 16
  • 17. Continental United States Permits by Region Annual Permits by Region Annual Permits Annual Increase / (Decrease) 12,929 Rocky Mountain Rocky Mountain 75% 7,379 10,707 Eastern U.S. Eastern U.S. 26% 8,485 9,891 Mid-Continent Mid-Continent 57% 6,303 9,796 Permian Permian 96% 4,989 6,324 Gulf Coast Gulf Coast 76% 3,591 5,512 West Coast West Coast 76% 3,132 4,422 Ark-La-Tex Ark-La-Tex 31% 3,370 3,441 Central Texas Central Texas 33% 2,591 175 Alaska Alaska 2% 172 80 Offshore Gom Offshore Gom (44%) 144 0 Offshore Pacific Offshore Pacific 0% NA 0 2010 2009 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 (60%) (40%) (20%) 0% 20% 40% 60% 80% 100% 120% U.S. Upstream Almanac January 2011 17
  • 18. Continental United States Permits by Basin Annual Production and 3-Year CAGR by Basin (1 – 24) Annual Production and 3-Year CAGR by Basin (25 – 49) Appalachian 10,035 25% Sedgwick Basin 304 91% Permian Basin 9,796 96% Sacramento 263 8% Texas & Louisiana Gulf… 5,739 74% Alaska 175 2% San Joaquin 4,450 85% Black Warrior Basin 165 18% Ft Worth Basin 3,282 31% Ouachita Folded Belt 159 104% Denver Julesburg 135% Sweet Grass Arch 147 15% 3,275 Ventura 147 75% Arkla Basin 3,086 48% Wind River 121 6% Anadarko Basin 3,080 69% Ca Coastal 121 38% Piceance 2,562 67% Las Animas Arch 113 98% Williston 2,395 127% Santa Barbara 112 45% Chautauqua Platform 1,558 63% Palo Duro Basin 108 89% Arkoma Basin 1,424 10% Raton 104 197% East Texas Basin 1,336 3% Nemaha Anticline 94 45% Powder River 1,185 114% Offshore Gom 80 (44%) Uinta 1,140 26% Big Horn 68 113% Green River 1,089 40% Central Montana Uplift 63 (3%) Forest City Basin 987 93% Paradox 59 (12%) Cherokee Basin 947 49% Chadron Arch 53 56% Central Kansas Uplift 915 69% Central Western Overthrust 52 27% Mississippi & Alabama… 585 98% Salina Basin 25 150% San Juan 532 (7%) Great Basin 9 (53%) Michigan 507 67% North Park 8 (56%) Los Angeles 419 74% Park Basin 4 33% South Oklahoma Folded… 396 82% Wasatch Uplift 3 50% 0 4,000 8,000 12,000 (100%) 0% 100% 200% 0 100 200 300 400 (300%) (150%) 0% 150% 300% Permits Growth 2009-2010 Permits Growth 2009-2010 U.S. Upstream Almanac ROCKIES WEST COAST EASTERN U.S. MID-CON ARK-LA-TEX OFFSHORE GOM January 2011 CENTRAL TEXAS ALASKA GULF COAST PERMIAN OFFSHORE PACIFIC Total 18
  • 19. Continental United States Production by Basin Gross Production by Basin (1 – 27) Gross Production by Basin (28 – 54) LTM Production LTM Production Active Total % of Active Total % of Rank Basin Wells (Mcfepd) Total % Gas Rank Basin Wells (Mcfepd) Total % Gas 1 ARCTIC SLOPE 1,576 11,871,997 11.8% 70% 28 RATON 3,577 420,546 0.4% 100% 2 GOM - DEEPWATER 516 10,741,938 10.7% 28% 29 COOK INLET 282 419,959 0.4% 86% 3 PERMIAN 124,539 10,175,647 10.1% 46% 30 POWDER RIVER CONVENTIONAL 5,012 292,337 0.3% 22% 4 TEXAS & LOUISIANA GULF COAST 46,032 8,679,393 8.6% 75% 31 CENTRAL KANSAS UPLIFT 10,511 281,381 0.3% 6% 5 ANADARKO 66,716 5,541,774 5.5% 85% 32 BIG HORN 3,175 264,800 0.3% 19% 6 FT WORTH 45,032 5,407,170 5.4% 94% 33 BLACK WARRIOR 4,780 249,998 0.2% 99% 7 GOM - SHELF 3,888 5,260,312 5.2% 66% 34 SACRAMENTO 1,197 186,943 0.2% 100% 8 EAST TEXAS 31,395 5,247,052 5.2% 93% 35 SEDGWICK 5,452 164,843 0.2% 56% 9 GREEN RIVER 10,087 4,573,441 4.5% 95% 36 OUACHITA FOLDED BELT 5,536 163,633 0.2% 88% 10 ARKLA 30,683 4,164,196 4.1% 94% 37 CHEROKEE 13,907 156,256 0.2% 78% 11 SAN JUAN 28,893 3,588,398 3.6% 99% 38 VENTURA 1,524 147,311 0.1% 14% 12 ARKOMA 14,191 3,317,341 3.3% 99% 39 PARADOX 1,133 136,649 0.1% 49% 13 SAN JOAQUIN 40,210 2,951,301 2.9% 14% 40 COASTAL CALIFORNIA 504 102,642 0.1% 4% 14 WILLISTON 9,730 2,513,903 2.5% 19% 41 SANTA BARBARA 958 74,346 0.1% 13% 15 APPALACHIAN 111,157 2,115,654 2.1% 94% 42 SWEET GRASS ARCH 3,718 65,357 0.1% 71% 16 PICEANCE 10,979 1,973,588 2.0% 94% 43 LAS ANIMAS ARCH 1,142 64,031 0.1% 51% 17 POWDER RIVER CBM 15,467 1,521,653 1.5% 100% 44 PALO DURO 1,435 49,966 0.0% 31% 18 UINTA 8,380 1,395,115 1.4% 81% 45 WASATCH UPLIFT 20 45,892 0.0% 0% 19 MISSISSIPPI & ALABAMA GULF COAST 3,619 1,101,185 1.1% 56% 46 CENTRAL MONTANA UPLIFT 967 37,982 0.0% 70% 20 DENVER JULESBURG 23,392 1,047,410 1.0% 67% 47 NEMAHA ANTICLINE 1,995 30,485 0.0% 3% 21 CHAUTAUQUA PLATFORM 18,579 802,241 0.8% 69% 48 FOREST CITY 6,797 22,390 0.0% 6% 22 WIND RIVER 2,735 631,898 0.6% 80% 49 CHADRON ARCH 1,083 20,335 0.0% 15% 23 CENTRAL WESTERN OVERTHRUST 2,041 578,125 0.6% 95% 50 FLORIDA PLATFORM 15 10,221 0.0% 2% 24 SOUTH OKLAHOMA FOLDED BELT 8,753 538,891 0.5% 50% 51 GREAT BASIN 61 5,468 0.0% 0% 25 LOS ANGELES 4,211 515,837 0.5% 9% 52 SALINA 197 4,173 0.0% 0% 26 MICHIGAN 13,505 506,647 0.5% 79% 53 NORTHERN CALIFORNIA 31 2,222 0.0% 100% 27 PACIFIC OFFSHORE 387 479,864 0.5% 24% 54 NORTH PARK 35 1,158 0.0% 13% Total 751,735 100,663,296 100.0% 68% U.S. Upstream Almanac January 2011 19