Director's Cut, March, 2013, for January, 2013, Data

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Highlights:

• 2nd time in last few months that production dropped from previous month; due to weather
• about 410 wells awaiting completion
• new metric: 90 new wells/month needed to maintain current production

Flaring

Additions to gathering and processing capacity are helping with the percentage of gas flared holding at 29%. The historical high was 36% in September 2011.

Oil

• Jan:  738,022 bopd (decrease; see director's comments; high was in Dec, 2012)
• Dec: 770,111 bopd (5% increase over previous month; 3% over previous high)
• Nov: 733,078 bopd (~ 2.0 % decrease; see comments from director below)
• Oct: 747,212 bopd
• Sept: 729,248 bopd

Producing wells

• Jan: 8,322 (preliminary) (new all-time high)
• Dec: 8,2237
• Nov: 8,101
• Oct: 8,035
• Sept: 7,899

Permitting

• Feb: 185 (note the decrease)
• Jan: 218 (note the increase)
• Dec: 154 ( significant decrease)
• Nov: 211 (all-time high was 370 in Oct 2012)
• Oct: 370 (all-time high)
• Sept: 273

Pricing

• Feb: $88/bbl (no change)
• Jan: $88/bbl (note the nice increase)
• Dec: $77/bbl
• Nov: $81/bbl
• Oct: $87/bbl
• Sept: $85/bbl

Rig count

• Feb: 183
• Jan: 185
• Dec: 184
• Nov: 186
• Oct: 188
• Sept: 190

Comments:

• January: Winter Storm Gandolph followed by over a week of sub-zero temperatures and wind chills. Rig count remained the same but well completions plummeted 26% to 85. That represents one-half of the previous 12-month average and the below the threshold needed to maintain production (90 wells).