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The average production (lifting} cost per unit of production for the period indicated is tabulated <br />below. Natural gas has been converted into equivalent barrels using a conversion ratio of 6:1. <br />EQUIVALENT BBLS <br />Six Months Ended 12/31/86 ................. ............... $5.45 N M <br />Year Ended 6/30/86 ....................... ............... $6.15 N M <br />Year Ended 6/30/85 ....................... ............... $5.92 N M <br />Year Ended 6/30/84 ....................... ............... $4.16 $2.89 <br />(NM-Not Meaningful) <br />4. Producing We!!s nrrd Aereage <br />The gross and net productive oil and gas wells in w hich the Company owned interests at December 31, <br />1986. <br />Gross Net <br />Oil Wells ........................... 60 8.02 <br />Gas Wells .......................... 69 9.12 <br />The gross and net developed acres awned by the Company at December 31, 1986 were 39,579 and <br />5,350 respectively. <br />As is common in the oil trod gas industry, ownership of the Company's oil and gas properties is <br />shared with others and is subject to various landowners' royalties and overriding royalty interests. <br />5. Undeveloped Property <br />As of December 31, 1986, the Company owned leasehold interests in 67,768 gross (32,863 net} <br />undeveloped acres in the United States and interests in exploration permits in Australia. The following <br />tables set forth the locations of such acreage and the number of gross and net acres. <br /> Gross Acres Net Acres <br />AUStr8118 <br />Western Australia, Canning EP 164 ................ ............... 2.227,104 166,587 <br />Western Australia, Canning EP 231 ................ ............... 2,012,208 402,442 <br />Australia Totals ............................. ............... 4,239,312 569,029 <br />United States <br />California ...................................... ............... 3,528 3,448 <br />Colorado ....................................... ............... 8.564 4,524 <br />Georgia ........................................ ............... 698 33 <br />Kansas ........................................ ............... 12.900 12.754 <br />Louisiana ...................................... ............... 499 30 <br />Michigan ...................................... ............... 3,429 261 <br />Mon[ana ....................................... ............... 9,038 1,842 <br />North Dakota .................................. ............... 1,037 148 <br />Texas ......................................... ............... 3.251 517 <br />Wyoming ...................................... ............... 24,824 9.306 <br />U.S. Totals ................................. ............... 67,768 32,863 <br />14 <br />