Whittier Energy Corporation (NASDAQ:WHIT)
Industry: Basic Materials
Whittier Energy Corporation (Whittier), incorporated in 1986, is an independent oil and gas exploration and production company primarily engaged in the acquisition, exploration and development of oil and gas properties in the continental United States. The Company's assets consist of operated and non-operated working interests, royalty interests, partnership interests and mineral acreage in various oil and gas properties, principally located in Louisiana, Texas, Oklahoma and New Mexico with minor property interests in California, Colorado, Utah, Wyoming and Pennsylvania. Approximately 94% of the Company's proved reserves are located in three principal areas: the Gulf Coast region, South Texas and the Permian Basin. At December 31, 2005, Whittier had interests in 258 gross productive wells, of which 122 were gross oil wells (62 net oil wells) and 136 were gross gas wells (29 net gas wells). There were only two productive multiple completion wells. Production was from approximately 59,081 gross developed acres (13,981 net acres). Whittier produced 3,554,689 thousand cubic feet of gas equivalent (Mcfe) during 2005, consisting of 250,904 barrels of oil and 2,049,265 thousand cubic feet of gas. On June 15, 2005, Whittier acquired RIMCO Production Company, Inc. (RIMCO). As a result of this transaction, the Company acquired working interests in approximately 116 active wells and one unit in 18 producing fields principally located in the Gulf Coast region in Texas, Louisiana, and Alabama. The properties acquired are located primarily within Whittier's core Gulf Coast area, as well as two properties located in the Permian Basin. In Texas, major properties include the Tom East Field in Brooks County, the Esperson Dome Field in Liberty County, and the Windham Field in Midland County. In Louisiana, major properties include the West Coffee Bay Field in Lafourche Parish, the Vinton Dome Field in Calcasieu Parish, and the greater Duson area in Lafayette Parish. On August 26, 2005, Whittier sold its interest in the Big Escambia Creek Field in Escambia County, Alabama, with an effective date of May 1, 2005. The Company had acquired a minor non-operated working interest in approximately 18 wells in the Big Escambia Creek Field as part of its acquisition of RIMCO. Gulf Coast Properties The Company's properties located in South Louisiana accounted for roughly 29% of the 2005 year-end total proved reserves and 32% of the 2005 average daily net production. Whittier's major operated fields in the region are Beaver Dam Creek in St. Helena Parish, Cut Off in Lafourche Parish and Rayne in Acadia Parish. All are mature producing fields with established production declines that produce from 14,500 feet, 11,500 feet and 13,000 feet, respectively. The Company's major non-operated producing fields in Louisiana include Coffee Bay in Lafourche Parish and Duson in Lafayette Parish. Both fields produce from approximately 14,000 feet and the Company has approximately 10% working interest in both fields. The properties in the Southeast Texas area account for roughly 5% of the Company's total 2005 year-end proved reserves and 11% of its 2005 average daily net production. Its largest producing field in this area is the Esperson Dome/Ulrich Field. Thirty-four wells have been drilled under the redevelopment program, 26 of which were productive. Production occurs from the Cook Mountain (7,500 feet) and Yegua (11,000 feet) formations. Whittier owns an average working interest in the field of approximately 22% and has one remaining probable location that is budgeted to be drilled during 2006. Whittier has a non-operated interest in the Club de Campo Field in Hardin County, Texas and a new 60 square mile three-dimensional (3-D) survey located near Beaumont, Texas. The Company had one well budgeted for the Club de Campo Field. This offset well was successfully drilled in the 2006 and is waiting on a completion rig. The 3-D project was initiated in 2004 and the data was delivered in 2005. Based upon the review of the 3-D seismic data, Whittier i
As Of: 10/07 00:00 ET
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