Top 50 Small - Cap North America Independent Exploration and Production (E&P) Companies - Financial & Operational Fundamental Analysis and Benchmarking - 2010


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Top 50 Small-Cap North American Independent Exploration and Production (E&P) Companies Financial and Operational Fundamental Analysis and Benchmarking 2010" is a energy benchmarking report from GlobalData, that offers comprehensive information on the operational and financial performance of top 50 small-cap North American independent exploration and production (E&P) companies. The report benchmarks and analyzes top 50 small-cap North America independent exploration and productioncompanies on various operational and financial parameters. The report is an essential source for key operational data, analysis and strategic insights into companies. It provides detailed information on the key operational and financial parameters for the last five years. It also highlights the top ranked company on various operational and financial parameters such as proved oil and gas reserves, production, capital expenditures, F&D costs, acreage, performance metrics, results of oil and gas operations and valuation metrics.

Proved oil and gas reserves of the top 50 small-cap North America independent exploration and production companies decreased in 2009, down from 2.51 billion barrels of oil equivalent (boe) in 2008 to 2.50 billion boe in 2009. Petroleum Development Corporation had the highest oil and gas proved reserves of 119.5 MMboe among the top 50 small-cap North America independent exploration and production (E&P) companies. Decreased exploration and drilling activities along with a significant fall in unproved property acquisition costs led to fall in total costs incurred by the top 50 small-cap North America independent exploration and production (E&P) companies to $ 5.59 billion in 2009, down by 63.4% from the previous year. Total acquisition spending decreased by 77.9% in 2009, down from $5.8 billion in 2008 to $1.2 billion in 2009, mainly due to the fall in unproved property acquisition costs. 

Scope

The report provides in-depth analysis and insights into companies capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes:
 
  • Detailed and unique insights into the key operational and financial parameters. The report provides a comprehensive overview of production, production change, production growth, reserves, reserve changes, reserve growth, capital expenditures, acreage, performance metrics, valuation metrics and results of oil and gas operations.
  • Provides annual information on key operational and financial parameters for the period 2005 to 2009. 
  • Benchmarks the US (United States) and Canadian independent E&P companies on operational and financial parameters. 
  • Companies covered include; NAL Oil & Gas Trust, Vermilion Energy Trust, Baytex Energy Trust, Paramount Energy Trust, Vanguard Natural Resources, LLC, GeoResources, Inc., Petrobank Energy and Resources Ltd., Unit Corporation, Rosetta Resources Inc., EV Energy Partners, L.P., Carrizo Oil & Gas, Inc., Venoco, Inc., W&T Offshore, Inc., Daylight Resources Trust, Rex Energy Corporation, Goodrich Petroleum Corporation, Brigham Exploration Company, Fairborne Energy Ltd., Legacy Reserves LP, Bonterra Oil & Gas Ltd., Stone Energy Corporation, Petroleum Development Corporation, Galleon Energy Inc., Iteration Energy Ltd., Arena Resources, Inc., Black Hills Exploration and Production, Birchcliff Energy Ltd., Trilogy Energy Corp., RAM Energy Resources, Inc., Delta Petroleum Corporation, PetroQuest Energy, Inc., Celtic Exploration Ltd., Provident Energy Trust, Approach Resources Inc., Contango Oil & Gas Company, Bankers Petroleum Ltd., Constellation Energy Partners LLC, Anderson Energy Ltd., Energy Partners Limited, Cano Petroleum Inc., Warren Resources, Inc., Crew Energy Inc., Compton Petroleum Corporation, Abraxas Petroleum Corporation, BP Prudhoe Bay Royalty Trust, Bucking Horse Energy Inc., Gran Tierra Energy Inc., San Juan Basin Royalty Trust, Advantage Oil & Gas Ltd. and Sterling Resources Ltd..
  • Data in this report is based on publicly available data filed with the US Securities and Exchange Commission (SEC) and other similar agencies worldwide. This has then been analyzed by GlobalDatas in house team of experts.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to:

  • Rank your performance against other top 50 small-cap North America independent exploration and production (E&P) companies using operational and financial benchmarking metrics
  • Identify M&A targets from up-to-date information and in-depth analysis on financial and operational parameters of your competitors.
  • Formulate your strategies based on in-depth analysis of your competitors in oil and gas markets. 
  • Improve decision making on the basis of peer comparison.
  • Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational parameters.
Table Of Contents

1 Table of contents 2
1.1 List of Tables 5
1.2 List of Figures 8

2 Reserves and Production Analysis 11
2.1 Analysis of leading 200 Oil and Gas Companies 11
2.2 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Trend, 2005-2009 12
2.2.1 Total Proved Oil and Gas Reserves, 2005-2009 12
2.2.2 Oil and Gas Finding and Development Reserves Additions, 2005-2009 15
2.2.3 Oil and Gas Reserves Replacement Additions (Excluding Sales), 2005-2009 18
2.2.4 Oil and Gas Finding Reserves Additions, 2005-2009 20
2.2.5 Proved Oil Reserves Trend, 2005-2009 23
2.2.6 Proved Gas Reserves Trend, 2005-2009 26
2.2.7 Proved Oil Reserves as a % of Total Oil and Gas Reserves, 2005-2009 29
2.2.8 Proved Gas Reserves as a % of Total Oil and Gas Reserves, 2005-2009 31
2.3 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Trend, 2005-2009 33
2.3.1 Oil and Gas Production Trend, 2005-2009 33
2.3.2 Oil Production Trend, 2005-2009 36
2.3.3 Gas Production Trend, 2005-2009 38
2.4 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Reserves and Production Trend, 2005-2009 40
2.4.1 Oil and Gas Reserves Growth, 3-Year, CAGR, 2007-2009 40
2.4.2 Oil and Gas Reserves Growth, 5 year, CAGR, 2005-2009 42
2.4.3 Oil and Gas Reserves Change, 2008-2009 44
2.4.4 Oil and Gas Production Growth, 3-Year, CAGR, 2007-2009 46
2.4.5 Oil and Gas Production Growth, 5 Year, CAGR, 2005-2009 48
2.4.6 Oil and Gas Production Change, 2008-2009 50
2.5 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Reserves Life Ratio, 2005-2009 52
2.5.1 Oil and Gas Reserve/Oil and Gas Production Ratio, Years, 2005-2009 52
2.5.2 Oil Reserve/Oil Production Ratio, Years, 2005-2009 54
2.5.3 Gas Reserve/Gas Production Ratio, Years, 2005-2009 56

3 Reserve Replacement Ratio Analysis 58
3.1 Analysis of leading 200 Oil and Gas Companies 58
3.2 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), Annual %, 2005-2009 58
3.3 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 3-Year, %, 2005-2009 61
3.4 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 5-Year, %, 2005-2009 64
3.5 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), Annual, %, 2005-2009 66
3.6 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 3-Year, %, 2005-2009 69
3.7 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 5-Year, %, 2005-2009 71

4 Costs Incurred In Upstream Oil and Gas Operations 74
4.1 Analysis of leading 200 Oil and Gas Companies 74
4.2 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Costs Incurred, 2005-2009 75
4.3 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, E&P Upstream Capital Expenditure By Type, 2005-2009 77
4.3.1 Total Acquisition Costs, 2005-2009 77
4.3.2 Exploration Costs, 2005-2009 80
4.3.3 Development Costs, 2005-2009 82
4.3.4 Exploration and Development Costs, 2005-2009 85
4.3.5 Exploration and Development Cost as a % of Total Cost Incurred, 2005-2009 87
4.3.6 Upstream Capex as a % of Cash Flow, 2005-2009 89
4.3.7 Finding and Development Costs, 2005-2009 91
4.4 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Costs Per boe, $/boe, 2005-2009 93
4.4.1 Oil and Gas Reserve Replacement Costs Per boe, Annual, $/boe, 2005-2009 93
4.4.2 Oil and Gas Reserve Replacement Cost Per boe, 3-Year, $/boe, 2005-2009 95
4.4.3 Oil and Gas Reserve Replacement Cost Per boe, 5-Year, $/boe 2005-2009 97
4.4.4 Oil and Gas Finding and Development Cost Per boe, Annual, $/boe, 2005-2009 99
4.4.5 Oil and Gas Finding and Development Cost Per boe, 3-Year, $/boe, 2005-2009 101
4.4.6 Oil and Gas Finding and Development Cost Per boe, 5-Year, $/boe, 2005-2009 103

5 Result of Oil and Gas Operations 106
5.1 Analysis of leading 200 Oil and Gas Companies 106
5.2 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue, Cash Flow and Total Expenses, 2005-2009 107
5.2.1 Oil and Gas Revenue From Upstream Oil and Gas Operations, $m, 2005-2009 107
5.2.2 Net Income/ Loss From Upstream Oil and Gas Operations, $m, 2005-2009 109
5.2.3 Free Cash Flow from Upstream Oil and Gas Operations, $m, 2005-2009 112
5.3 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Performance Metrics, $/boe, 2005-2009 114
5.3.1 Oil and Gas Revenue per boe, $/boe, 2005-2009 114
5.3.2 Net Income per boe, $/boe, 2005-2009 116
5.3.3 Cash Flow per boe, $/boe, 2005-2009 118
5.3.4 Total Depreciation, Depletion & Amortization (DD&A) per boe, $/boe, 2005-2009 121
5.3.5 Lifting Cost per boe, $/boe, 2005-2009 123
5.3.6 Net-back per boe, $/boe, 2005-2009 125

6 Acreage and Well Analysis 127
6.1 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed and Undeveloped Acreage, 2005-2009 127
6.1.1 Total Net Undeveloped Acreage, (Thousand Acres), 2005-2009 127
6.1.2 Total Net Developed and Undeveloped Acreage, (Thousand Acres), 2005-2009 129
6.1.3 Total Net Developed Acreage, (Thousand Acres), 2005-2009 132
6.2 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Well Data, 2005-2009 134
6.2.1 F&D Cost per Drilled Well, 2005-2009 134
6.2.2 F&D Reserves Additions per Net E&D Well Drilled, 2005-2009 136
6.2.3 Developed Oil and Gas Reserves per well, 2005-2009 138
6.2.4 Developed Oil Reserves per well, 2005-2009 140
6.2.5 Developed Gas Reserves per well, 2005-2009 142

7 Financial Performance Analysis 145
7.1 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Revenue, $m, 2005-2009 145
7.2 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Operating Income, $m, 2005-2009 148
7.3 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income/Loss, $m, 2005-2009 150
7.4 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EBITDA, $m, 2005-2009 152
7.5 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Operating Cash Flow, $m, 2005-2009 155
7.6 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Growth Ratio, 2005-2009 157
7.6.1 Revenue Growth, 2005-2009 157
7.6.2 Operating Cash Flow Growth, 2005-2009 159
7.7 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exposure Ratio, 2005-2009 161
7.7.1 Debt leverage, %, 2005-2009 161
7.7.2 Total Debt/Proved Reserves, $/boe, 2005-2009 163
7.8 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Valuation Metrics, 2005-2009 165
7.8.1 Market Capitalization, 2005-2009 165
7.8.2 Enterprise Value, 2005-2009 168
7.8.3 EV/Proved Reserves, $/boe, 2005-2009 170
7.8.4 EV/EBITDA, (times), 2005-2009 172
7.8.5 EV/Per Daily BOE Produced, $/boe, 2005-2009 174

8 Appendix 177
8.1 Methodology 177
8.1.1 Coverage 177
8.1.2 Secondary Research 178
8.1.3 Primary Research 178
8.1.4 Expert Panel Validation 178
8.2 Data Sources 179
8.2.1 Company Source 179
8.2.2 SEC/Other Regulatory Filings 179
8.2.3 Agency Reports 179
8.2.4 Other Sources 179
8.3 Definition 179
8.3.1 Oil and Gas Reserves 179
8.3.2 Acreage and Well Information 179
8.3.3 Cost Incurred in Oil and Gas Operations 180
8.3.4 Reserves Replacement Ratio 183
8.3.5 Results of Oil & Gas Operations 185
8.3.6 Results of Oil & Gas Operations per boe Produced 188
8.4 Contact Us 191
8.5 About GlobalData 191
8.6 Disclaimer 191

Table 1: Leading 200 North American Oil and Gas Companies, Oil and Gas Reserves and Production, 2005-2009 12
Table 2: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Proved Oil and Gas Reserves, MMboe, 2005-2009 13
Table 3: Top 50 Small-Cap Independent Exploration and Production (E&P) Companies, Oil and Gas Finding and Development Reserves Additions, MMboe, 2005-2009 16
Table 4: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement Additions(Excluding Sales), MMboe, 2009 19
Table 5: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Finding Reserves Additions, MMboe, 2009 21
Table 6: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Oil Reserves, MMbbl, 2005-2009 24
Table 7: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Gas Reserves, Bcf, 2005-2009 27
Table 8: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Oil Reserves as a % of Total Oil and Gas Reserves, %, 2005-2009 29
Table 9: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Gas Reserves as a % of Total Oil and Gas Reserves, %, 2005-2009 31
Table 10: Top 50 Small-Cap North America Exploration and Production (E&P) Companies, Total Oil and Gas Production, MMboe, 2005-2009 34
Table 11: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil Production, MMbbl, 2005-2009 36
Table 12: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Gas Production, Bcf, 2005-2009 38
Table 13: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Growth, 3-Year, CAGR, 2007-2009 41
Table 14: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Growth, 5-Year, CAGR, 2005-2009 42
Table 15: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Change, 2008-2009 44
Table 16: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Growth, 3-Year, CAGR, 2007-2009 46
Table 17: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Growth, 5-Year, CAGR, 2005-2009 48
Table 18: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Change, 2008-2009 50
Table 19: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve/Oil and Gas Production Ratio, Years, 2005-2009 52
Table 20: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil Reserve/Oil Production Ratio, Years, 2009 54
Table 21: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Gas Reserve/Gas Production Ratio, Years, 2009 56
Table 22: Leading 200 North American Oil and Gas Companies, Reserve Replacement Ratio, %, Median, 2005-2009 58
Table 23: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement (Including Sales), Annual, %, 2005-2009 59
Table 24: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 3-Year, %, 2005-2009 62
Table 25: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement (Including Sales), 5-Year, %, 2009 64
Table 26: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), Annual, %, 2005-2009 66
Table 27: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 3-Year, %, 2005-2009 69
Table 28: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 5-Year, %, 2005-2009 72
Table 29: Leading 200 North American Oil and Gas Companies, Total Costs Incurred In Upstream Operations, 2005-2009 ($m) 74
Table 30: Leading 200 North American Oil and Gas Companies, Cost per boe, $/boe, Median, 2005-2009 74
Table 31: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Costs Incurred, $m, 2005-2009 75
Table 32: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Acquisition Costs, $m, 2005-2009 78
Table 33: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exploration Costs, $m, 2005-2009 80
Table 34: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Development Costs, $m, 2005-2009 83
Table 35: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exploration and Development Cost, $m, 2005-2009 85
Table 36: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exploration and Development Cost as a % of Total Cost Incurred, %, 2005-2009 87
Table 37: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Upstream Capex as a percentage of Cash Flow, %, 2005-2009 89
Table 38: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Finding and Development Costs, $m, 2005-2009 91
Table 39: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Reserve Replacement Cost Per boe, Annual, $/boe, 2005-2009 93
Table 40: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 3-Year Weighted Average Reserve Replacement Cost Per boe, $/boe, 2005-2009 95
Table 41: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 5-Year Weighted Average Oil and Gas Reserve Replacement Costs Per boe, $/boe, 2005-2009 97
Table 42: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Finding and Development Cost Per boe, Annual, $/boe, 2005-2009 99
Table 43: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 3-Year Weighted Average Oil and Gas Finding and Development Cost Per boe, $/boe, 2005-2009 101
Table 44: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 5-Year Weighted Average Oil and Gas Finding and Development Cost per boe, $/boe, 2005-2009 103
Table 45: Leading 200 North American Oil and Gas Companies, Results of Oil & Gas Operations per boe, $/boe, Median, 2005-2009 106
Table 46: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue From Upstream Oil and Gas Operations, $m , 2005-2009 108
Table 47: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income/ Loss From Upstream Oil and Gas Operations, $m, 2005-2009 110
Table 48: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Free Cash Flow From Upstream Oil and Gas Operations, $m, 2005-2009 113
Table 49: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue per boe, $/boe, 2005-2009 115
Table 50: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income per boe, $/boe, 2005-2009 117
Table 51: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Cash Flow per boe, $/boe, 2005-2009 119
Table 52: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total DD&A per boe, $/boe, 2005-2009 121
Table 53: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Lifting Cost per boe, $/boe,2005-2009 123
Table 54: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net-back per boe, $/boe, 2005-2009 125
Table 55: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Net Undeveloped Acreage, (Thousand Acres), 2005-2009 128
Table 56: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Net Developed and Undeveloped Acreage, (Thousand Acres), 2005-2009 130
Table 57: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Net Developed Acreage, (Thousand Acres), 2005-2009 132
Table 58: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, F&D Cost per Drilled Well, $Million/Well, 2005-2009 134
Table 59: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, F&D Reserves Additions per Net E&D Well Drilled, MMboe/Well 2005-2009 136
Table 60: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed Oil and Gas Reserves per well, Mboe/Well, 2005-2009 138
Table 61: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed Oil Reserves per well, Mbbl/Well, 2005-2009 140
Table 62: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed Gas Reserves per well, MMcf//Well, 2005-2009 142
Table 63: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Revenue, $m, 2005-2009 146
Table 64: Top 50 Small-Cap North America Exploration and Production (E&P) Companies, Operating Income, $m, 2005-2009 148
Table 65: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income/Loss, $m, 2005-2009 151
Table 66: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EBITDA, $m, 2005-2009 153
Table 67: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Operating Cash Flow, $m, 2005-2009 155
Table 68: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Revenue Growth, CAGR, %, 2005-2009 157
Table 69: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Operating Cash Flow Growth, CAGR, %, 2005-2009 159
Table 70: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Debt leverage, %, 2005-2009 161
Table 71: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Debt/Proved Reserves , $/boe, 2005-2009 164
Table 72: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Market Capitalization, $m, 2005-2009 166
Table 73: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Enterprise Value, $m, 2005-2009 168
Table 74: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EV/Proved Reserves,$/boe, 2005-2009 170
Table 75: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EV/EBITDA, (times), 2005-2009 172
Table 76: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EV/Per Daily boe Produced,$/boe, 2005-2009 174

Figure 1: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Proved Oil and Gas Reserves, MMboe, 2009 13
Figure 2: Top 50 Small-Cap Independent Exploration and Production (E&P) Companies, Oil and Gas Finding and Development Reserves Additions, MMboe, 2009 15
Figure 3: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement Additions(Excluding Sales), MMboe, 2009 18
Figure 4: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Finding Reserves Additions, MMboe, 2009 21
Figure 5: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Oil Reserves, MMbbl, 2009 23
Figure 6: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Gas Reserves, Bcf, 2009 26
Figure 7: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Oil Reserves as a % of Total Oil and Gas Reserves, %, 2009 29
Figure 8: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Gas Reserves as a % of Total Oil and Gas Reserves, %, 2009 31
Figure 9: Top 50 Small-Cap North America Exploration and Production (E&P) Companies, Total Oil and Gas Production, MMboe, 2009 33
Figure 10: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil Production, MMbbl, 2009 36
Figure 11: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Gas Production, Bcf, 2009 38
Figure 12: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Growth, 3-Year, CAGR, 2007-2009 40
Figure 13: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Growth, 5-Year, CAGR, 2005-2009 42
Figure 14: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Change, 2008-2009 44
Figure 15: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Growth, 3-Year, CAGR, 2007-2009 46
Figure 16: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Growth, 5-Year, CAGR, 2005-2009 48
Figure 17: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Change, 2008-2009 50
Figure 18: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve/Oil and Gas Production Ratio, Years, 2009 52
Figure 19: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil Reserve/Oil Production Ratio, Years, 2009 54
Figure 20: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Gas Reserve/Gas Production Ratio, Years, 2009 56
Figure 21: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement (Including Sales), Annual, %, 2009 59
Figure 22: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 3-Year, %, 2009 61
Figure 23: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement (Including Sales), 5-Year, %, 2009 64
Figure 24: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), Annual, %, 2009 66
Figure 25: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 3-Year, %, 2009 69
Figure 26: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 5-Year, %, 2009 71
Figure 27: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Costs Incurred, $m, 2009 75
Figure 28: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Acquisition Costs, $m , 2009 77
Figure 29: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exploration Costs, $m, 2009 80
Figure 30: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Development Costs, $m, 2009 82
Figure 31: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exploration and Development Cost, $m, 2009 85
Figure 32: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exploration and Development Cost as a % of Total Cost Incurred, %, 2009 87
Figure 33: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Upstream Capex as a percentage of Cash Flow, %, 2009 89
Figure 34: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Finding and Development Costs, $m, 2009 91
Figure 35: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Reserve Replacement Cost Per boe, Annual, $/boe, 2009 93
Figure 36: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 3-Year Weighted Average Reserve Replacement Cost Per boe, $/boe, 2009 95
Figure 37: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 5-Year Weighted Average Oil and Gas Reserve Replacement Costs Per boe, $/boe, 2009 97
Figure 38: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Finding and Development Cost Per boe, Annual, $/boe, 2009 99
Figure 39: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 3-Year Weighted Average Oil and Gas Finding and Development Cost Per boe, $/boe, 2009 101
Figure 40: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 5-Year Weighted Average Oil and Gas Finding and Development Cost per boe, $/boe, 2009 103
Figure 41: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue From Upstream Oil and Gas Operations, $m, 2009 107
Figure 42: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income/ Loss From Upstream Oil and Gas Operations, $m 2009 110
Figure 43: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Free Cash Flow From Upstream Oil and Gas Operations, $m , 2009 112
Figure 44: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue per boe, $/boe, 2009 115
Figure 45: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income per boe, $/boe, 2009 117
Figure 46: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Cash Flow per boe, $/boe, 2009 119
Figure 47: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total DD&A per boe, $/boe, 2009 121
Figure 48: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Lifting Cost per boe, $/boe,2009 123
Figure 49: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net-back per boe, $/boe, 2009 125
Figure 50: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Net Undeveloped Acreage, (Thousand Acres), 2009 127
Figure 51: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Net Developed and Undeveloped Acreage, (Thousand Acres), 2009 130
Figure 52: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Net Developed Acreage, (Thousand Acres), 2009 132
Figure 53: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, F&D Cost per Drilled Well, $Million/Well, 2009 134
Figure 54: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, F&D Reserves Additions per Net E&D Well Drilled, MMboe/Well 2009 136
Figure 55: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed Oil and Gas Reserves per well, Mboe/Well, 2009 138
Figure 56: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed Oil Reserves per well, Mbbl/Well, 2009 140
Figure 57: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed Gas Reserves per well, MMcf//Well, 2009 142
Figure 58: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Revenue, $m, 2009 145
Figure 59: Top 50 Small-Cap North America Exploration and Production (E&P) Companies, Operating Income, $m, 2009 148
Figure 60: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income/Loss, $m, 2009 150
Figure 61: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EBITDA, $m, 2009 152
Figure 62: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Operating Cash Flow, $m, 2009 155
Figure 63: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Revenue Growth, CAGR, %, 2005-2009 157
Figure 64: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Operating Cash Flow Growth, CAGR, %, 2005-2009 159
Figure 65: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Debt leverage, %, 2009 161
Figure 66: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Debt/Proved Reserves , $/boe, 2009 163
Figure 67: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Market Capitalization, $m, 2009 165
Figure 68: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Enterprise Value, $m , 2009 168
Figure 69: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EV/Proved Reserves,$/boe, 2005-2009 170
Figure 70: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EV/EBITDA, (times), 2009 172
Figure 71: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EV/Per Daily boe Produced,$/boe, 2009 174
Figure 72: GlobalData Methodology 177