Combined Circus in Austin Six Mile areas give exploratory latitude both north and south and east and west in targeting these large scale multiple structural features.

In Bighorn basin project of north central Wyoming, the company is targeting a multi-TCF basin-centered gas play.

The company re-completed five Mesa Verde stages and Seller’s Draw number one and the company is in the process of connecting it to a sales line.

The company should begin selling anywhere from 200 to 300 Mcf per day from the Mesa Verde section.

- The 3D does not support original premise suggesting the presumption of innocence of classic structural and those drew to Seller’s Draw area but it does define the presence of a prominent and tested structural feature deep inner the section, which the company interprets as an ancient meteor impact feature.

Fiscal 2007 Outlook

- The company plans to spend between $425 million to $550 million of CapEx.

- The company made important progress in each of core development areas and are well-positioned to do deliver full year production within the guidance range of 159 million to 173 million cubic feet per day. With the conclusion of Williston sale, production will be concentrated in four basins, and development activity concentrated in three of them, the Uinta, the Piceance and Powder River Basin.

- The company is testing increased well density in the field to 40 acres in three wells this year. The pilot data gathering includes microseismic, crosswell seismic tomography, pressure testing, volumetric and outcrop study work. The company plans to be in a position by the end of the year to begin booking 40-acre wells.

- At West Tavaputs, the company expects the record of decision to the EIS during the spring 2008. Like virtually every EIS conducted recently, this scheduling represents some slippage from earlier estimates.
- The company plans 102 wells.

- Like in West Tavaputs, in the Piceance, the company is piloting increased well density. The company has seven pilot areas established and plans to drill 27 10-acre wells. The data gathering efforts will be similar to West Tavaputs, and targets yearend 2007 to begin booking 10-acre wells.

- Gathering is likely to increase by some 3 to 5 cents full year versus guidance. This is a result of contracting for services that provide improved marketing. As an example, in the Piceance the company is moving a portion of gas production through EnCana system rather than through direct connect with Questar system. Even though this service comes at a cost, the improved pricing and greater assurance that gas will flow more than offset the increased gathering costs.

- The company plans a minimum of three wells in the Lake Canyon area and a minimum of five wells in Blacktail Ridge area or a numerous existing Wasatch wells are proven productive. The company has a 56% to 75% working interest in Lake Canyon and a 50% to 100% working interest in the Blacktail Ridge area.

- Later in the third and fourth quarters of 2007 the company plans to test shell gas concept in the Hook area just north of the Woodside project area. Both Hook and Woodside lie to the Southwest of West Tavaputs development program in the Unite which Joe talked about previously.

- The company plans to inquire an additional 75 square miles of 3D seismic this summer to the west of circus project area. The company refers to this as the Austin Six Mile area. This is an area where the company accumulated over 65,000 gross acres along with partner and adds a whole new dynamic to the surface region.

- During the summer of 2007 in the Bighorn, the company will commence the acquisition of 43-square mile 3D seismic survey in red point area where the company continues to target a perspective basin-centered gas concept along a large regional structural feature. This is a prominent transitional structure which transfer over 60 miles.

- At Red Point area, the company is targeting over pressure tight gas sands in the Mesa Verde lands where they intersect this larger structural feature in the central portion of the basin. First well in this area is scheduled for 2008.

- In the Wind River Basin, the company is seeking a partner to participate in deep drilling program at Cave Gulch, Bullfrog area targeting the Lakota, Muddy and Frontier intervals in the 16,000 to 19,000 foot range.

- The company plans to implement a continuous one-rig deep program and begins this project by year end 2007. In the Wind River Basin, south of Bullfrog area along the Waltman Arch, the company also plans to drill a 16,400 Muddy/Frontier test. This is a step out to an original Muddy discovery drilled by the Company back in 2003, the Stone Cabin number one which accumulated approximately 4.2 Bcfe.

- The EIS at West Tavaputs will likely be delayed into 2008. The company looks forward to a substantial program at West Tavaputs after the EIS is completed in getting more wells drilled while the EIS is finishing up.