Cautionary Statement Regarding Forward Looking Statements

Some statements contained in this web site are "forward-looking statements". All statements other than statements of historical facts included in this web site, including, without limitation, statements regarding planned capital expenditures, the availability of capital resources to fund capital expenditures, estimates of proved reserves, our financial position, business strategy and other plans and objectives for future operations, are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology like "may," "will," "expect," "intend," "anticipate," "budget", "estimate," "continue," "present value," "future" or "reserves" or other variations or comparable terminology. We believe the assumptions and expectations reflected in these forward-looking statements are reasonable. However, we cannot give any assurance that our expectations will prove to be correct or that we will be able to take any actions that are presently planned. All of these statements involve assumptions of future events and risks and uncertainties. Risks and uncertainties associated with forward-looking statements include, but are not limited to:

• fluctuations in prices of oil and gas;

• future capital requirements and availability of financing;

• geological concentration of our reserves;

• risks associated with drilling and operating wells;

• competition;

• general economic conditions;

• governmental regulations;

• receipt of amounts owed to us by purchasers of our production and counterparties to our hedging contracts;

• hedging decisions, including whether or not to hedge;

• events similar to 911;

• actions of third party co-owners of interests in properties in which we also own an interest; and

• fluctuations in interest rates and availability of capital.

For these and other reasons, actual results may differ materially from those projected or implied. We caution you against putting undue reliance on forward-looking statements or projecting any future results based on such statements.

Before you invest in our common stock, you should be aware that there are various risks associated with an investment. We have described some of these risks under “Risks Related to Our Business” beginning on page 21 of our Form 10-K for year ended December 31, 2003 .