Summary
"Top 50 Small-Cap North American Independent Exploration and Production (E&P) Companies-Financial and Operational Fundamental Analysis and Benchmarking 2010" is a energy benchmarking report from GlobalData, that offers comprehensive information on the operational and financial performance of top 50 small-cap North American independent exploration and production (E&P) companies. The report benchmarks and analyzes top 50 small-cap North America independent exploration and productioncompanies on various operational and financial parameters. The report is an essential source for key operational data, analysis and strategic insights into companies. It provides detailed information on the key operational and financial parameters for the last five years. It also highlights the top ranked company on various operational and financial parameters such as proved oil and gas reserves, production, capital expenditures, F&D costs, acreage, performance metrics, results of oil and gas operations and valuation metrics.

Proved oil and gas reserves of the top 50 small-cap North America independent exploration and production companies decreased in 2009, down from 2.51 billion barrels of oil equivalent (boe) in 2008 to 2.50 billion boe in 2009. Petroleum Development Corporation had the highest oil and gas proved reserves of 119.5 MMboe among the top 50 small-cap North America independent exploration and production (E&P) companies. Decreased exploration and drilling activities along with a significant fall in unproved property acquisition costs led to fall in total costs incurred by the top 50 small-cap North America independent exploration and production (E&P) companies to $ 5.59 billion in 2009, down by 63.4% from the previous year. Total acquisition spending decreased by 77.9% in 2009, down from $5.8 billion in 2008 to $1.2 billion in 2009, mainly due to the fall in unproved property acquisition costs.

Table of Contents
1 Table of contents 2
1.1 List of Tables 5
1.2 List of Figures 8
2 Reserves and Production Analysis 11
2.1 Analysis of leading 200 Oil and Gas Companies 11
2.2 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Trend, 2005-2009 12
2.2.1 Total Proved Oil and Gas Reserves, 2005-2009 12
2.2.2 Oil and Gas Finding and Development Reserves Additions, 2005-2009 15
2.2.3 Oil and Gas Reserves Replacement Additions (Excluding Sales), 2005-2009 17
2.2.4 Oil and Gas Finding Reserves Additions, 2005-2009 19
2.2.5 Proved Oil Reserves Trend, 2005-2009 20
2.2.6 Proved Gas Reserves Trend, 2005-2009 22
2.2.7 Proved Oil Reserves as a % of Total Oil and Gas Reserves, 2005-2009 24
2.2.8 Proved Gas Reserves as a % of Total Oil and Gas Reserves, 2005-2009 26
2.3 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Trend, 2005-2009 28
2.3.1 Oil and Gas Production Trend, 2005-2009 28
2.3.2 Oil Production Trend, 2005-2009 30
2.3.3 Gas Production Trend, 2005-2009 32
2.4 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Reserves and Production Trend, 2005-2009 34
2.4.1 Oil and Gas Reserves Growth, 3-Year, CAGR, 2007-2009 34
2.4.2 Oil and Gas Reserves Growth, 5 year, CAGR, 2005-2009 36
2.4.3 Oil and Gas Reserves Change, 2008-2009 38
2.4.4 Oil and Gas Production Growth, 3-Year, CAGR, 2007-2009 40
2.4.5 Oil and Gas Production Growth, 5 Year, CAGR, 2005-2009 42
2.4.6 Oil and Gas Production Change, 2008-2009 44
2.5 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Reserves Life Ratio, 2005-2009 46
2.5.1 Oil and Gas Reserve/Oil and Gas Production Ratio, Years, 2005-2009 46
2.5.2 Oil Reserve/Oil Production Ratio, Years, 2005-2009 48
2.5.3 Gas Reserve/Gas Production Ratio, Years, 2005-2009 50
3 Reserve Replacement Ratio Analysis 53
3.1 Analysis of leading 200 Oil and Gas Companies 53
3.2 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), Annual %, 2005-2009 53
3.3 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 3-Year, %, 2005-2009 55
3.4 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 5-Year, %, 2005-2009 57
3.5 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), Annual, %, 2005-2009 59
3.6 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 3-Year, %, 2005-2009 61
3.7 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 5-Year, %, 2005-2009 63
4 Costs Incurred In Upstream Oil and Gas Operations 66
4.1 Analysis of leading 200 Oil and Gas Companies 66
4.2 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Costs Incurred, 2005-2009 67
4.3 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, E&P Upstream Capital Expenditure By Type, 2005-2009 68
4.3.1 Total Acquisition Costs, 2005-2009 68
4.3.2 Exploration Costs, 2005-2009 70
4.3.3 Development Costs, 2005-2009 72
4.3.4 Exploration and Development Costs, 2005-2009 74
4.3.5 Exploration and Development Cost as a % of Total Cost Incurred, 2005-2009 76
4.3.6 Upstream Capex as a % of Cash Flow, 2005-2009 78
4.3.7 Finding and Development Costs, 2005-2009 80
4.4 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Costs Per boe, $/boe, 2005-2009 82
4.4.1 Oil and Gas Reserve Replacement Costs Per boe, Annual, $/boe, 2005-2009 82
4.4.2 Oil and Gas Reserve Replacement Cost Per boe, 3-Year, $/boe, 2005-2009 84
4.4.3 Oil and Gas Reserve Replacement Cost Per boe, 5-Year, $/boe 2005-2009 86
4.4.4 Oil and Gas Finding and Development Cost Per boe, Annual, $/boe, 2005-2009 88
4.4.5 Oil and Gas Finding and Development Cost Per boe, 3-Year, $/boe, 2005-2009 90
4.4.6 Oil and Gas Finding and Development Cost Per boe, 5-Year, $/boe, 2005-2009 92
5 Result of Oil and Gas Operations 95
5.1 Analysis of leading 200 Oil and Gas Companies 95
5.2 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue, Cash Flow and Total Expenses, 2005-2009 96
5.2.1 Oil and Gas Revenue From Upstream Oil and Gas Operations, $m, 2005-2009 96
5.2.2 Net Income/Loss From Upstream Oil and Gas Operations, $m, 2005-2009 97
5.2.3 Free Cash Flow from Upstream Oil and Gas Operations, $m, 2005-2009 99
5.3 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Performance Metrics, $/boe, 2005-2009 101
5.3.1 Oil and Gas Revenue per boe, $/boe, 2005-2009 101
5.3.2 Net Income per boe, $/boe, 2005-2009 103
5.3.3 Cash Flow per boe, $/boe, 2005-2009 105
5.3.4 Total Depreciation, Depletion & Amortization (DD&A) per boe, $/boe, 2005-2009 107
5.3.5 Lifting Cost per boe, $/boe, 2005-2009 109
5.3.6 Net-back per boe, $/boe, 2005-2009 111
6 Acreage and Well Analysis 114
6.1 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed and Undeveloped Acreage, 2005-2009 114
6.1.1 Total Net Undeveloped Acreage, (Thousand Acres), 2005-2009 114
6.1.2 Total Net Developed and Undeveloped Acreage, (Thousand Acres), 2005-2009 115
6.1.3 Total Net Developed Acreage, (Thousand Acres), 2005-2009 117
6.2 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Well Data, 2005-2009 119
6.2.1 F&D Cost per Drilled Well, 2005-2009 119
6.2.2 F&D Reserves Additions per Net E&D Well Drilled, 2005-2009 121
6.2.3 Developed Oil and Gas Reserves per well, 2005-2009 123
6.2.4 Developed Oil Reserves per well, 2005-2009 125
6.2.5 Developed Gas Reserves per well, 2005-2009 127
7 Financial Performance Analysis 130
7.1 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Revenue, $m, 2005-2009 130
7.2 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Operating Income, $m, 2005-2009 131
7.3 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income/Loss, $m, 2005-2009 133
7.4 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EBITDA, $m, 2005-2009 135
7.5 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Operating Cash Flow, $m, 2005-2009 137
7.6 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Growth Ratio, 2005-2009 139
7.6.1 Revenue Growth, 2005-2009 139
7.6.2 Operating Cash Flow Growth, 2005-2009 141
7.7 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exposure Ratio, 2005-2009 143
7.7.1 Debt leverage, %, 2005-2009 143
7.7.2 Total Debt/Proved   Reserves, $/boe, 2005-2009 144
7.8 Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Valuation Metrics, 2005-2009 146
7.8.1 Market Capitalization, 2005-2009 146
7.8.2 Enterprise Value, 2005-2009 148
7.8.3 EV/Proved Reserves, $/boe, 2005-2009 150
7.8.4 EV/EBITDA, (times), 2005-2009 152
7.8.5 EV/Per Daily BOE Produced, $/boe, 2005-2009 154
8 Appendix 157
8.1 Methodology 157
8.1.1 Coverage 157
8.1.2 Secondary Research 158
8.1.3 Primary Research 158
8.1.4 Expert Panel Validation 158
8.2 Data Sources 158
8.2.1 Company Source 158
8.2.2 SEC/Other Regulatory Filings 159
8.2.3 Agency Reports 159
8.2.4 Other Sources 159
8.3 Definition 159
8.3.1 Oil and Gas Reserves 159
8.3.2 Acreage and Well Information 159
8.3.3 Cost Incurred in Oil and Gas Operations 160
8.3.4 Reserves Replacement Ratio 163
8.3.5 Results of Oil & Gas Operations 165
8.3.6 Results of Oil & Gas Operations per boe Produced 168
8.4 Contact Us 170
8.5 About GlobalData 170
8.6 Disclaimer 170

List of Tables
1.1 List of Tables
Table 1:    Leading 200 North American Oil and Gas Companies, Oil and Gas Reserves and Production, 2005-2009 12
Table 2: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Proved Oil and Gas Reserves, MMboe, 2005-2009 13
Table 3: Top 50 Small-Cap Independent Exploration and Production (E&P) Companies, Oil and Gas Finding and Development Reserves Additions, MMboe, 2005-2009 15
Table 4: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement Additions(Excluding Sales), MMboe, 2009 18
Table 5: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Finding Reserves Additions, MMboe, 2009 19
Table 6: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Oil Reserves, MMbbl, 2005-2009 21
Table 7: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Gas Reserves, Bcf, 2005-2009 23
Table 8: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Oil Reserves as a % of Total Oil and Gas Reserves, %, 2005-2009 25
Table 9: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Gas Reserves as a % of Total Oil and Gas Reserves, %, 2005-2009 27
Table 10: Top 50 Small-Cap North America Exploration and Production (E&P) Companies, Total Oil and Gas Production, MMboe, 2005-2009 29
Table 11: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil Production, MMbbl, 2005-2009 31
Table 12: Top 50 Small-Cap North America Independent Exploration and Production (E&P)  Companies, Gas Production, Bcf, 2005-2009 33
Table 13: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Growth, 3-Year, CAGR, 2007-2009 35
Table 14: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Growth, 5-Year, CAGR, 2005-2009 37
Table 15: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Change,  2008-2009 39
Table 16: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Growth, 3-Year, CAGR, 2007-2009 41
Table 17: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Growth, 5-Year, CAGR, 2005-2009 43
Table 18: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Change, 2008-2009 45
Table 19: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve/Oil and Gas Production Ratio, Years, 2005-2009 47
Table 20: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil Reserve/Oil Production Ratio, Years, 2005-2009 49
Table 21: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Gas Reserve/Gas Production Ratio, Years, 2005-2009 51
Table 22: Leading 200 North American Oil and Gas Companies, Reserve Replacement Ratio, %, Median, 2005-2009 53
Table 23: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement (Including Sales), Annual, %, 2005-2009 54
Table 24: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 3-Year, %, 2009 56
Table 25: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement (Including Sales), 5-Year, %, 2005-2009 58
Table 26: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), Annual, %, 2005-2009 60
Table 27: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 3-Year, %, 2005-2009 62
Table 28: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 5-Year, %, 2005-2009 64
Table 29: Leading 200 North American Oil and Gas Companies, Total Costs Incurred In Upstream Operations, 2005-2009 ($m) 66
Table 30:  Leading 200 North American Oil and Gas Companies, Cost per boe, $/boe, Median, 2005-2009 66
Table 31: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Costs Incurred, $m, 2005-2009 67
Table 32: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Acquisition Costs, $m, 2005-2009 69
Table 33: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exploration Costs, $m, 2005-2009 71
Table 34: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Development Costs, $m, 2005-2009 73
Table 35: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exploration and Development Cost, $m, 2005-2009 75
Table 36: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exploration and Development Cost as a % of Total Cost Incurred, %,  2005-2009 77
Table 37: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Upstream Capex as a percentage of Cash Flow, %, 2005-2009 79
Table 38: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Finding and Development Costs, $m, 2005-2009 81
Table 39: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Reserve Replacement Cost Per boe, Annual,  $/boe, 2005-2009 83
Table 40: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 3-Year Weighted Average Reserve Replacement Cost Per boe, $/boe,  2005-2009 85
Table 41: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 5-Year Weighted Average Oil and Gas Reserve Replacement Costs Per boe, $/boe, 2005-2009 87
Table 42: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Finding and Development Cost Per boe, Annual, $/boe,  2005-2009 89
Table 43: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 3-Year Weighted Average Oil and Gas Finding and Development Cost Per boe, $/boe, 2005-2009 91
Table 44: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 5-Year Weighted Average Oil and Gas Finding  and Development Cost per boe, $/boe, 2005-2009 93
Table 45: Leading 200 North American Oil and Gas Companies, Results of Oil & Gas Operations per boe, $/boe, Median, 2005-2009 95
Table 46: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue From Upstream Oil and Gas Operations, $m , 2005-2009 96
Table 47: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income/ Loss From Upstream Oil and Gas Operations, $m,  2005-2009 98
Table 48: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Free Cash Flow From Upstream Oil and Gas Operations, $m,  2005-2009 100
Table 49: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue per boe, $/boe, 2005-2009 102
Table 50: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income per boe, $/boe, 2005-2009 104
Table 51: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Cash Flow per boe, $/boe, 2005-2009 106
Table 52: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total DD&A per boe, $/boe, 2005-2009 108
Table 53: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Lifting Cost per boe, $/boe,2005-2009 110
Table 54: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net-back per boe, $/boe, 2005-2009 112
Table 55: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Net Undeveloped Acreage, (Thousand Acres), 2005-2009 114
Table 56: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Net Developed and Undeveloped Acreage, (Thousand Acres),  2005-2009 116
Table 57: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Net Developed Acreage, (Thousand Acres), 2005-2009 118
Table 58: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, F&D Cost per Drilled Well, $Million/Well, 2005-2009 120
Table 59: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, F&D Reserves Additions per Net E&D Well Drilled, MMboe/Well 2005-2009 122
Table 60: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed Oil and Gas Reserves per well, Mboe/Well, 2005-2009 124
Table 61: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed Oil Reserves per well, Mbbl/Well, 2005-2009 126
Table 62: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed Gas Reserves per well, MMcf//Well, 2005-2009 128
Table 63: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Revenue, $m, 2005-2009 130
Table 64: Top 50 Small-Cap North America Exploration and Production (E&P) Companies, Operating Income, $m, 2005-2009 132
Table 65: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income/Loss, $m, 2005-2009 134
Table 66: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EBITDA, $m, 2005-2009 136
Table 67: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Operating Cash Flow, $m, 2005-2009 138
Table 68: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Revenue Growth, CAGR, %, 2005-2009 140
Table 69: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Operating Cash Flow Growth, CAGR, %, 2005-2009 142
Table 70: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Debt leverage, %, 2005-2009 143
Table 71: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Debt/Proved Reserves , $/boe, 2005-2009 145
Table 72: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Market Capitalization, $m, 2005-2009 147
Table 73: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Enterprise Value, $m, 2005-2009 149
Table 74: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EV/Proved Reserves,$/boe, 2005-2009 151
Table 75: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EV/EBITDA, (times), 2005-2009 153
Table 76: Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EV/Per Daily boe Produced,$/boe, 2005-2009 155

List of Figures
1.2 List of Figures
Figure 1:    Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Proved Oil and Gas Reserves, MMboe, 2009 13
Figure 2:    Top 50 Small-Cap Independent Exploration and Production (E&P) Companies, Oil and Gas Finding and Development Reserves Additions, MMboe, 2009 15
Figure 3:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement Additions(Excluding Sales), MMboe, 2009 17
Figure 4:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Finding Reserves Additions, MMboe, 2009 19
Figure 5:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Oil Reserves, MMbbl, 2009 21
Figure 6:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Gas Reserves, Bcf, 2009 23
Figure 7:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Oil Reserves as a % of Total Oil and Gas Reserves, %, 2009 25
Figure 8:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Proved Gas Reserves as a % of Total Oil and Gas Reserves, %, 2009 27
Figure 9:  Top 50 Small-Cap North America Exploration and Production (E&P) Companies, Total Oil and Gas Production, MMboe, 2009 29
Figure 10:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil Production, MMbbl, 2009 31
Figure 11:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Gas Production, Bcf, 2009 33
Figure 12:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Growth, 3-Year, CAGR, 2007-2009 35
Figure 13:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Growth, 5-Year, CAGR, 2005-2009 37
Figure 14:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Change,  2008-2009 39
Figure 15:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Growth, 3-Year, CAGR, 2007-2009 41
Figure 16:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Growth, 5-Year, CAGR, 2005-2009 43
Figure 17:   Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Production Change, 2008-2009 45
Figure 18:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve/Oil and Gas Production Ratio, Years, 2009 47
Figure 19:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil Reserve/Oil Production Ratio, Years, 2009 49
Figure 20:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Gas Reserve/Gas Production Ratio, Years, 2009 51
Figure 21:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement (Including Sales), Annual, %, 2009 54
Figure 22:    Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 3-Year, %, 2009 56
Figure 23:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement (Including Sales), 5-Year, %, 2009 58
Figure 24:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), Annual, %, 2009 60
Figure 25:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 3-Year, %, 2009 62
Figure 26:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 5-Year, %, 2009 64
Figure 27:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Costs Incurred, $m, 2009 67
Figure 28:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Acquisition Costs, $m , 2009 69
Figure 29:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exploration Costs, $m, 2009 71
Figure 30:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Development Costs, $m, 2009 73
Figure 31:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exploration and Development Cost, $m, 2009 75
Figure 32:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Exploration and Development Cost as a % of Total Cost Incurred, %, 2009 77
Figure 33:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Upstream Capex as a percentage of Cash Flow, %, 2009 79
Figure 34:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Finding and Development Costs, $m, 2009 81
Figure 35:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Reserve Replacement Cost Per boe, Annual,  $/boe, 2009 83
Figure 36:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 3-Year Weighted Average Reserve Replacement Cost Per boe, $/boe, 2009 85
Figure 37:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 5-Year Weighted Average Oil and Gas Reserve Replacement Costs Per boe, $/boe, 2009 87
Figure 38:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Finding and Development Cost Per boe, Annual, $/boe, 2009 89
Figure 39:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 3-Year Weighted Average Oil and Gas Finding and Development Cost Per boe, $/boe, 2009 91
Figure 40:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, 5-Year Weighted Average Oil and Gas Finding  and Development Cost per boe, $/boe, 2009 93
Figure 41:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue From Upstream Oil and Gas Operations, $m, 2009 96
Figure 42:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income/ Loss From Upstream Oil and Gas Operations, $m  2009 98
Figure 43:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Free Cash Flow From Upstream Oil and Gas Operations, $m , 2009 100
Figure 44:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue per boe, $/boe, 2009 102
Figure 45:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income per boe, $/boe, 2009 104
Figure 46:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Cash Flow per boe, $/boe, 2009 106
Figure 47:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total DD&A per boe, $/boe, 2009 108
Figure 48:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Lifting Cost per boe, $/boe,2009 110
Figure 49:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net-back per boe, $/boe, 2009 112
Figure 50:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Net Undeveloped Acreage, (Thousand Acres), 2009 114
Figure 51:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Net Developed and Undeveloped Acreage, (Thousand Acres), 2009 116
Figure 52:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Net Developed Acreage, (Thousand Acres), 2009 118
Figure 53:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, F&D Cost per Drilled Well, $Million/Well, 2009 120
Figure 54:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, F&D Reserves Additions per Net E&D Well Drilled, MMboe/Well 2009 122
Figure 55:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed Oil and Gas Reserves per well, Mboe/Well, 2009 124
Figure 56: :  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed Oil Reserves per well, Mbbl/Well, 2009 126
Figure 57:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Developed Gas Reserves per well, MMcf//Well, 2009 128
Figure 58:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Revenue, $m, 2009 130
Figure 59:  Top 50 Small-Cap North America Exploration and Production (E&P) Companies, Operating Income, $m, 2009 132
Figure 60:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Net Income/Loss, $m, 2009 134
Figure 61:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EBITDA, $m, 2009 136
Figure 62:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Operating Cash Flow, $m, 2009 138
Figure 63:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Revenue Growth, CAGR, %, 2005-2009 140
Figure 64:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Operating Cash Flow Growth, CAGR, %, 2005-2009 141
Figure 65:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Debt leverage, %, 2009 143
Figure 66:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Total Debt/Proved Reserves , $/boe, 2009 145
Figure 67:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Market Capitalization, $m, 2009 147
Figure 68:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, Enterprise Value, $m , 2009 149
Figure 69:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EV/Proved Reserves,$/boe, 2005-2009 151
Figure 70: :  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EV/EBITDA, (times), 2009 153
Figure 71:  Top 50 Small-Cap North America Independent Exploration and Production (E&P) Companies, EV/Per Daily boe Produced,$/boe, 2009 155
Figure 72:    GlobalData Methodology 157