Ann: March 2015 Quarterly Report and Appendix 5B, page-21

FWIW Rob,
I got the realised oil sales price at $33.96 (very close to a perfect match) but the adjusted is different based on gas pricing and the way we look at the hedges - so I am giving a higher adjusted price. Everything but LOE expense are with about +/-5%. That number (LOE) will determine whether the cash margin is positive or not. I am making the standard accounting assumption that the workovers are part of LOE and not Capex. That will also make a difference in EBITDAX then.


Looking ahead to April, WBS mthly avg clocked in at $40.50 with the differential now reduced to $10.10 (making WTI $50.60 avg for April).