I think this clears up a few concerns of late.Notes: Production...

I think this clears up a few concerns of late.

Notes: Production shown is net production to Antares Energy’s working interest from each of the five active project areas – Southern Star, Big Star, Northern Star, Oyster Creek and Hawkville. Royalty burdens, typically 25%, have not been accounted. The above monthly volumes are the summation of daily measured wellhead volumes of produced oil and natural gas. Gas production is converted to a barrel of oil equivalent (BOE) using the industry standard formula of 6 MMBTU’s equalling 1 BOE. Due to the high caloric value of the produced gas, 1 MCF equals approximately 1.4 MMBTU’s.
COMMENTARY
For the month of June, oil production saw a slight decrease of 10.5% that was offset by a large gas increase of 28.5%. Gas volume increases are largely attributable to completion activity within the Southern Star project area. Due to this activity, average daily production saw a slight increase of nearly 12%, or 2,026 barrels of oil equivalent per day (BOEPD). Through the first half of July, Antares has averaged 1,074 BOPD and 5,625 MCFPD (7,875 MMBTU/D) equating to over 2,386 BOEPD net to its working interest. As evidenced by the recent Aloe Vera No. 3 and Yucca No. 2 well results, continued good operational results lead Antares to maintain its production target of 2,500 BOEPD net to its working interest by year-end 2012.