Oil and Gas Investor Magazine - December 2005 December 1, 2005 Feature ADJUSTING THE HEDGE PORTFOLIO Other CROWDED CAPITAL MARKETS Brian Toal CUTTING-EDGE OIL RECOVERY Peggy Williams OTHER WAYS TO INVEST IN E&P Bertie Taylor SOUTHWESTERN'S SHALE Peggy Williams THE LOBO LIVES ON Peggy Williams Headlines ARC Closes Acquisitions Of Central Alberta Assets Arc Energy Trust Buys Alberta Interests For C$462MM Bonnett's Energy Services Acquires Hess Oilfield Services Cano Petroleum Completes Acquisition Of WO Energy Cobalt International Launched For Deepwater GOM Exploration ConocoPhillips To Buy Burlington Resources Crescent Point To Acquire Saskatchewan Assets Energen Closes Acquisition Of Permian Basin Properties From EnerVest EnergyQuest Resources Closes Three Acquisitions Ensign Acquires Action Oil Field & Action Energy Services Enterra To Acquire Oklahoma Assets Hilcorp Energy Acquires Kerr-McGee Assets Howard Weil Becomes Independent IHS Acquires Content And Data Services Business From i2 Technologies KCS Snags Gulf Coast Asset Lime Rock Resources Closes With $450MM In Commitments Newfield Signs PSC With CNOOC NGP Energy Capital Closes Fund 8 Norsk Hydro Closes Acquisition Of Spinnaker Oasis Group Back In Libya Omni To Acquire Preheat ONGC & CNPC To Buy Syrian Assets From Petro-Canada Paramount To Acquire Calgary E&P Company Petrofund Closes Acquisition Of Kaiser Energy Producers Oilfield Acquires Raydan Transport & NWP Trucking Producers Oilfield Completes Acquisition Of Supply-Rite Rentals Pyramid Enters Into Qualifying Transaction Rowan To Construct Additional Rigs Swift Acquires Bearhead Creek Interests Total E&P Canada Completes Purchase Of Deer Creek Energy Vermilion Energy Trust Closes Acquisition Of Glacier Energy Virgo Energy Plc Formed For North Sea E&P Warren Resources To Buy LA Basin Properties Westside Energy To Acquire Barnett Shale Acreage Companies in This Issue Companies in This Issue Other Company Briefs Additional news Bertie Taylor M&A news Other PDC to restate financials Bertie Taylor Completions Rip Tide Nissa Darbonne E&P Momentum CANADA'S BEAUFORT SEA Peggy Williams Editors Comment Adjusting The Hedge Portfolio Wayne Penello Appalachian, Illinois Basins Continue To Hold Great Oil, Gas Potential Joe Fisher Canada's Beaufort Sea Peggy Williams Chemical Romance Peggy Williams Crosscurrent Nissa Darbonne Crowded Capital Markets Brian A. Toal Dayrates Bertie Taylor Energy Upheaval Ahead? Bertie Taylor Higher For Longer Leslie Haines McClendon: Overpaying For Assets Taryn Maxwell Oil Price Outlook Brian A. Toal Other Ways To Invest In E&P Bertie Taylor Southwestern's Shale Taryn Maxwell The Lobo Trend Lives On Peggy Williams Exploration Highlights Eastern U.S. Other Gulf Coast Other International Highlights Peggy Williams Midcontinent & Permian Basin Other Western U.S. Other From the Editor-in-Chief Higher for Longer Leslie Haines New Financings Equity/Debt Table Peggy Williams NewsWell 'Overpaying' may not feel good, but margins keep improving Taryn Maxwell Appalachian, Illinois basins continue to hold great oil, gas potential Other Canada's top gas wells fall in Rockies area Peggy Williams Canadian F&D, acquisition costs hit new highs Other Canadian juniors leaping from IPO to M&A Bertie Taylor IPAA, API execs: Industry obstacles numerous Bertie Taylor Note from Lehman: It will not stay this way forever Taryn Maxwell Oil-service firms must do more with less-and fast Bertie Taylor Permian oilfield opex soared 25% in 2004; gasfield costs rose 31% Other Supply/demand upheaval on the horizon? Bertie Taylor On the Money OIL PRICE OUTLOOK Brian Toal Trends & Analysis DAYRATES Bertie Taylor