WandT Offshore Revenue and Competitors

We are an independent oil and natural gas acquisition, exploitation and exploration company. We are focused primarily in the Gulf of Mexico area, where we have developed significant technical expertise and where the high production rates associated with hydrocarbon deposits have historically provided us the best opportunity to achieve a rapid payback on our invested capital. We own working interests in approximately 108 fields in federal and state waters, and have interests in leases covering approximately 927,000 acres. Our proved reserves at December 31, 2004 were 467.5 Bcfe, with a pre-tax PV-10 of $1.5 billion (excluding plug and abandonment cost). Of those, 62% were proved developed reserves and 49% were natural gas reserves.