Tuesday, March 3, 2009

Double Eagle Petroleum Increases Credit Facility and Borrowing Base

DENVER, March 3 /PRNewswire-FirstCall/ -- Double Eagle Petroleum Co. (Nasdaq: DBLE) today announced it has signed a new credit agreement with its lenders providing an increase in the credit facility of 50% from $50 million to $75 million and an increase in the borrowing base of 28% from $35 million to $45 million. The credit agreement consists of a $40 million revolving credit line and a $5 million term loan. The $40 million revolving credit line matures on July 31, 2010 and the $5 million term loan will mature on July 31, 2009. Bank of Oklahoma serves as the lead bank.

"The bank group's continued support of our growth during this period of economic, commodity price and financial market challenges underscores the quality of our asset portfolio," said Richard Dole, Double Eagle's Chairman, President and Chief Executive Officer.

About Double Eagle

Double Eagle Petroleum Co. explores for, develops, and sells natural gas and crude oil, with natural gas constituting more than 95% of its production and reserves. The Company's current major development activities are in its Atlantic Rim coal bed methane play and in the Pinedale Anticline in Wyoming.

This release contains forward-looking statements regarding Double Eagle's future plans and expected performance based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of exploration efforts and the timeliness of development activities, fluctuations in oil and gas prices, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. Double Eagle undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.

    Company Contact:
    John Campbell, IR
    (303) 794-8445
    www.dble.us

[Via http://www.prnewswire.com]

Frost & Sullivan: Wireless Devices Market in Factory Automation Driven by Need for Real-Time Data and Work Force Mobility

LONDON, March 3 /PRNewswire/ -- The need for real-time data, workforce mobility, easy installation, and commissioning are the key drivers for wireless adoption across discrete industries such as automobile, food & beverages, and plastics. Despite the sizeable potential, concerns related to reliability, security, and interoperability are hindering uptake levels. Wireless vendors should take effective steps to spread awareness about wireless technology to end-users, thus promoting market expansion.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081117/FSLOGO)

New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Wireless Devices Market in Factory Automation, finds that markets in Germany, France, Italy, Spain, and the United Kingdom, earned revenues of over $75.2 million in 2008 and estimates this to reach $132.8 million in 2012. End user segments covered in the research include: automobile, food & beverages, plastics, semiconductor, and fabricated metal.

"The need to continually track the production process is important in discrete industries as wireless devices constantly monitor the process flow by providing real-time data in less time with minimal effort," says Frost & Sullivan Research Analyst Khadambari Shanbagaraman. "Wireless devices function on a 'plug and play' basis, inherently assuring flexibility and convenience compared to traditional wired networks."

Concerns about reliability, security and interoperability are restraining wireless adoption across various end user industries. Despite the many benefits of wireless devices, end-users are not convinced about the robustness of wireless transmission and are unwilling to take a risk investing in it.

Technical issues such as signal mismatch, data loss, electromagnetic induction, and disturbances from existing networks are concerns for wireless reliability. Besides, the conservative mindset of the food and beverages and plastics industries is also hindering the uptake of wireless devices.

"Vendors should undertake effective initiatives to spread awareness about wireless technology and educate end-users on the range of wireless applications and their benefits," concludes Khadambari. "Technical problems need to be solved so that end users will realise their investments in wireless devices due to the long term gains they offer."

If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an e-mail to Joanna Lewandowska, Corporate Communications, at joanna.lewandowska@frost.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by e-mail.

Wireless Devices Market in Factory Automation is part of the Industrial Automation & Process Control Growth Partnership Service programme, which also includes research in the following markets: Wireless Devices Market in Factory Automation (ME Research), Food and Beverages Industries Go Wire free (Market Insight), and Will Impacts of recession hamper Wireless Adoption in the Automotive Industry? (Market Insight). All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 31 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.

GIL 2009: Europe

Frost & Sullivan has expanded its flagship Global Congress on Corporate Growth - GIL Global - into several major cities around the world including London. For the first time ever in Europe, Frost & Sullivan will be hosting the Growth, Innovation and Leadership Congress 'GIL 2009: Europe' on 19-20 May, at the Sofitel St James in London. GIL Global is the industry's only event designed to support senior executives in their efforts to achieve sustainable, top-line growth. To register, obtain a programme agenda, explore sponsorship opportunities, or attend as a member of the media for GIL 2009: Europe, please contact Joanna Lewandowska, Corporate Communications for Frost & Sullivan in Europe, at Joanna.lewandowska@frost.com. One-on-One interviews with Frost & Sullivan senior growth consultants are also being scheduled. For more information you can also visit www.frost.com/gilglobal.

Wireless Devices Market in Factory Automation

M3A4-10

    Contact:
    Joanna Lewandowska
    Corporate Communications - Europe
    P: +48 22 390 41 46
    E: joanna.lewandowska@frost.com

[Via http://www.prnewswire.com]

Petroleum Development Corporation Announces 2008 Fourth Quarter and Year-End Results; Posts Solid Increases in Net Income and Cash Flow; Increases Production 38%; Reserves 10%

DENVER, March 2 /PRNewswire-FirstCall/ -- Petroleum Development Corporation (Nasdaq: PETD) today reported net income for the year ended December 31, 2008 of $113.3 million, or $7.63 per diluted share, compared with December 31, 2007 net income of $33.2 million, or $2.24 per diluted share. Fourth quarter 2008 net income was $41.1 million, or $2.78 per diluted share, while net income for the same period ending December 31, 2007 was $8.2 million, or $0.55 per diluted share. Adjusted cash flow from operations (defined as cash flow from operations before changes in assets and liabilities, a non-GAAP measure) increased to $200.1 million for the year ended 2008 compared to $95.6 million in 2007, an increase of 109%. Adjusted cash flow from operations for the fourth quarter 2008 was $41.4 million, compared to the same period 2007 of $27.4 million, an increase of 51%.

Oil and natural gas sales from the Company's producing properties for 2008 were up 83.7% to $321.9 million, an increase of $146.7 million over the prior year's $175.2 million. Additionally, for the year ending December 31, 2008, the Company recognized a $127.8 million oil and gas price risk management gain versus a $2.8 million gain for the year ending December 31, 2007. For the fourth quarter 2008, oil and natural gas sales from the Company's producing properties were $56.3 million. This compares to $57.5 million for the same period of 2007. Oil and gas price risk management gain in the fourth quarter 2008 was $102.5 million, compared to a $1.7 million loss in the same period of 2007. The increase in the gain for oil and gas price risk management for the year and quarter, ended December 31, 2007, was due to the decline in oil and gas commodities' future prices during the latter portion of the year.

Total 2008 annual production increased 38% to 38.7 Bcfe, compared to 28.0 Bcfe in 2007. Growth in 2008 was 100% organic from development of our existing core operating areas. Fourth quarter 2008 production increased 11% to 11.3 Bcfe compared to third quarter 2008 production of 10.2 Bcfe. During 2008 the Company drilled 333 total net wells compared to 276 total net wells drilled in 2007. The 2008 total was comprised of 312 development wells drilled and 21 exploratory wells drilled. Eight of the development wells and ten of the exploratory wells were dry holes. Five remaining exploratory wells are pending final determination. The 2008 drilling program increased proved reserves 10% to 753 Bcfe at December 31, 2008, compared to 686 Bcfe at December 31, 2007. For the year ended December 31, 2008, reserve growth provided by the drill bit was 139.3 Bcfe, reduced by 38.7 Bcfe of production and downward revisions to previous estimates of 34.4 Bcfe. The revision was due primarily to the decrease in commodity prices at year-end 2008 compared to hedges in place.



    Comparative Results              Three Months Ended       Year Ended
    (In thousands, except per share      December 31,        December 31,
     amounts)
                                        2008     2007       2008      2007

    Revenues                          $195,406  $95,103   $609,360  $305,235
    Net income                         $41,053   $8,198   $113,309   $33,209
    Basic earnings per common share      $2.78    $0.56      $7.69     $2.25
    Diluted earnings per common share    $2.78    $0.55      $7.63     $2.24

Richard W. McCullough, Chairman and Chief Executive Officer stated, "The company posted solid gains in operating income, production and cash flow metrics. While we hope to see a recovery in the current depressed financial market and commodity price environment, we believe the company is poised to weather the current difficult operating conditions."

Financial Results

Full Year 2008 Results:

Net income for the year ended December 31, 2008 increased considerably to $113.3 million compared to $33.2 million for the respective 2007 period. This increase was due primarily to record production for the year, favorable commodity prices for the first half of 2008, and gains from oil and gas price risk management activities during the second half of 2008. Revenue for 2008 includes a $140.3 million contribution from sales from natural gas marketing activities versus $103.6 million for 2007, and a net gain of $127.8 million from oil and gas price risk management activities versus $2.8 million for 2007. The increase in the oil and gas price risk management gain was due to an increase in the mark-to-market value of the hedging contracts in place at December 31, 2008. EBITDA (defined as net income, plus interest (net), income taxes and DD&A, a non-GAAP measure) increased from $131.7 million in 2007 to $306.9 million in 2008, due primarily to record production for the year, favorable commodity prices for the first half of 2008, and gains from oil and gas price risk management activities during the second half of 2008.

The Company's exploratory expense increased from $23.6 million in 2007 to $45.1 million in 2008 as a result of impairments of both proved and unproved exploratory properties, due in part to lower prices. Depreciation, depletion and amortization expense for the year increased to $104.6 million from $70.8 million in 2007 due to increased production. General and administrative expense increased to $37.7 million in 2008 from $31.0 million in the previous year, due to increased payroll and payroll related expenses which included $4.7 million related to agreements with former executive officers. Interest expense increased to $28.1 million from $9.3 million in 2007 as a result of higher outstanding balances on our credit facility and the issuance of our 12% senior notes, offset by lower average interest rates on our bank credit facility.

Fourth Quarter 2008 Results:

Net income for the fourth quarter 2008 was $41.1 million compared to the respective fourth quarter 2007 results of $8.2 million. This increase is primarily due to increased production and gains from oil and gas price risk management activities during the quarter. The fourth quarter 2008 gain from oil and gas price risk management activities was $102.5 million versus a loss of $1.7 million in the fourth quarter of 2007. The increase in the oil and gas price risk management gain was due to an increase in the mark-to-market value of the hedging contracts in place at December 31, 2008. EBITDA increased 185% for the fourth quarter to $106.9 million in 2008 from $37.5 million in 2007, primarily due to increased production and gains from oil and gas price risk management activities during the quarter.

The Company's exploratory expense increased from $8.8 million in the fourth quarter 2007 to $27.1 million in the fourth quarter 2008 as a result of impairments of both proved and unproved properties. Depreciation, depletion and amortization expense for the 2008 fourth quarter increased to $32.7 million, from $20.0 million in the respective quarter 2007, due to increased production. General and administrative expense increased to $10.6 million in the fourth quarter 2008 from $9.1 million in the same period of 2007 due to increased payroll and payroll related expenses. Interest expense increased to $9.0 million in the fourth quarter 2008, from $4.5 million in the same period of 2007, as a result of higher outstanding balances on our credit facility, and the issuance of our 12% senior notes offset by lower average interest rates on our bank credit facility.

The following tables show the calculation of adjusted cash flow from operations and EBITDA for the fourth quarters and the years ended 2008 and 2007:



       Reconciliation of Net Cash Provided by Operating Activities to
                            Adjusted Cash Flow
                   From Operations - a non-GAAP measure
                  (See explanation of non-GAAP measure.)

                                     Three Months Ended     Year Ended
                                        December 31,       December 31,
                                        2008     2007      2008     2007

     Net Cash provided by Operating
      Activities                       $35,309  $93,104  $139,101  $60,304
     Changes in Assets and Liabilities
      Related to Operations              6,087  (65,739)   60,998   35,322
     Adjusted Cash Flow from
      Operations                       $41,396  $27,365  $200,099  $95,626
     Weighted average diluted shares
      outstanding                       14,791   14,859    14,848   14,841
     Adjusted cash flow from
      operations, per diluted share      $2.80    $1.84    $13.48    $6.44


           Reconciliation of Net Income to EBITDA - a non-GAAP measure
                    (See explanation of non-GAAP measure.)

                                    Three Months Ended     Year Ended
                                        December 31,       December 31,
                                       2008     2007      2008      2007

    Net Income                        $41,053   $8,198  $113,309   $33,209
    Interest, net                       8,895    3,851    27,541     6,617
    Income Taxes                       24,237    5,470    61,459    20,981
    Depreciation                       32,694   19,987   104,575    70,844
    EBITDA                           $106,879  $37,506  $306,884  $131,651
    Weighted average diluted shares
     outstanding                       14,791   14,859    14,848    14,841
    EBITDA per share (fully diluted)    $7.23    $2.52    $20.67     $8.87

Operations

The 2008 operations were focused in our three primary geographic regions:

Rocky Mountain Region: The Rocky Mountain Region includes our Colorado, Kansas, North Dakota, and Wyoming operations. The region is divided into four operating areas; (1) Wattenberg Field, (2) Grand Valley Field, (3) NECO area, and (4) North Dakota. The Rocky Mountain Region includes approximately 320,000 gross acres of leasehold and approximately 2,408 gross oil and natural gas wells in which we own an interest (approximately 95% are operated by the Company).

Wattenberg Field, DJ Basin, Weld and Adams Counties, Colorado. We currently own an interest in 1,390 gross, 875.2 net, oil and natural gas wells. Our leasehold position encompasses approximately 75,900 gross acres with approximately 24,000 net undeveloped acres remaining as of December 31, 2008. We drilled 149 gross, 122.7 net wells in the area in 2008 and produced approximately 15.4 Bcfe net to our interests. Wells drilled in the area range from approximately 7,000 to 8,000 feet in depth and generally target oil and gas reserves in the Niobrara, Codell and J Sand reservoirs. Well spacing ranges from 20 to 40 acres per well. Operations in the area, in addition to the drilling of new development wells, includes the refrac of Codell and Niobrara reservoirs in existing wellbores whereby the Codell sandstone reservoir is fraced a second time and/or initial completion attempts are made in the slightly shallower Niobrara carbonate reservoir.

Grand Valley Field, Piceance Basin, Garfield County, Colorado. We currently own an interest in 285 gross, 158.3 net, oil and natural gas wells. Our leasehold position encompasses approximately 7,900 gross acres with approximately 5,200 net undeveloped acres remaining for development as of December 31, 2008. We drilled 62 gross, 54.4 net wells in the area in 2008 and produced approximately 12.5 Bcfe net to our interests. Development wells drilled in the area range from 7,000 to 9,500 feet in depth and the majority of wells are drilled directionally from multi-well pads ranging from two to eight or more wells per drilling pad. The primary target in the area is gas reserves developed from multiple sandstone reservoirs in the Mesaverde Williams Fork formation. Well spacing is approximately ten acres per well.

NECO area - DJ Basin, Yuma County Colorado and Cheyenne County, Kansas. We currently own an interest in 717 gross, 504.0 net, natural gas wells. Our leasehold position encompasses approximately 141,600 gross acres with approximately 93,200 net undeveloped acres remaining for development as of December 31, 2008. We drilled 98 gross, 88.1 net wells in the area in 2008 and produced approximately 5 Bcfe net to our interests. Wells drilled in the area range from approximately 1,500 to 3,000 feet in depth and target gas reserves in the shallow Niobrara reservoir. Well spacing is approximately 40 acres per well. New drilling operations range from exploratory wells to test undrilled, seismically defined, structural features at the Niobrara horizon, to development wells targeting known reserves in existing identified features.

North Dakota, Burke County. We currently own an interest in 13 gross, 3.7 net oil and natural gas wells. Our leasehold encompasses two project areas in Burke County of approximately 75,100 gross acres with approximately 46,300 net undeveloped acres remaining for development as of December 31, 2008. The eastern area acreage is prospective for development of oil and gas reserves in the Nesson Formation. Nesson development wells are approximately 6,000 feet in depth with single or multiple horizontal legs to 4,000 feet or more in length for a measured length of 10,000 feet or more per leg. The westernmost acreage block is undeveloped and includes approximately 23,600 gross, 16,200 net acres. The western project targets exploratory horizontal drilling to the Midale/Nesson/Bakken Formation at depths of approximately 6,800 feet with a lateral leg component of up to 6,100 feet. In 2009, pursuant to a third party arrangement, we plan to drill up to four exploratory Bakken wells on our acreage with minimal capital obligation on our part in exchange for an interest in the acreage position.

Appalachian Basin: The Appalachian Basin includes our West Virginia, Pennsylvania, New York and Tennessee operations, in which we own an interest in approximately 2,090 gross, 1,566.4 net oil and natural gas wells. Our leasehold position encompasses approximately 140,300 gross acres with approximately 19,400 net undeveloped acres remaining for development as of December 31, 2008. We drilled 63 gross/net wells in the area in 2008 and produced approximately 3.9 Bcfe net to our interests. The majority of our Appalachian leasehold is Devonian and Mississippian aged tight sandstone reservoirs. We are currently evaluating the potential of the Marcellus Formation in West Virginia and Pennsylvania and have drilled three tests to date in West Virginia.

Michigan Basin: We own an interest in approximately 210 gross, 146.5 net oil and natural gas wells that produced 1.6 Bcfe net to our interest in 2008. Wells in the area range from 1,000 to 2,500 feet in depth and produce gas from the Antrim Shale. We drilled 2 gross and 1.6 net exploratory dry hole wells in 2008.

Other - Texas and Wyoming: In addition to the operating areas above, we have an interest in approximately 12,500 gross, 9,100 net undeveloped acres in Ft. Worth Basin, northeastern Erath County, Texas. The leasehold acreage is prospective for the development of oil and natural gas reserves in the Barnett Shale formation at depths of approximately 5,000 feet. Development is typically with a horizontal component of approximately 3,000 feet or more, resulting in an approximate measured length of up to 8,000 feet or more in this area. In 2008 we commenced drilling operations and drilled three exploratory Barnett wells. These wells generated less than 1% of our 2008 production. Based on these results, we recorded impairments of both proved and unproved properties in this area in 2008. We are currently evaluating our future plans in this area and currently have no drilling activity planned in 2009.

Drilling Activity

The Company drilled 379 gross wells during 2008 representing an increase of 8.6% over the prior year. The Company's drilling activities continued to be focused in its Rocky Mountain Region. In addition to the drilling of the new wells, the Company recompleted (including refracs) 125 wells in 2008 compared to 181 in 2007.



                               Wells Drilled

                            Three Months Ended           Year Ended
                                December 31,            December 31,
                             2008         2007        2008         2007
                         Gross   Net Gross   Net Gross    Net Gross    Net

    Appalachian Basin       27    27     4   4.0    63   63.0     8    8.0
    Michigan                 0   0.0     1   1.2     2    1.6     3    3.0
    Rocky Mountain Region:
      Wattenberg            33  31.4    49  26.6   149  122.7   158  106.1
      Piceance              12  12.0    12   5.1    62   54.4    53   41.7
      NECO                  10   9.9    17  17.1    98   88.1   123  115.0
      North Dakota           0   0.1     1   0.9     2    0.6     3    1.5
    Total Rocky Mountain
     Region                 55  53.4    79  49.7   311  265.8   337  264.3
    Fort Worth Basin         0   0.0     1   1.0     3    3.0     1    1.0
      Total Wells Drilled   82  80.4    85  55.9   379  333.4   349  276.3




            Average Costs Related to Oil and Gas Drilling (per Mcfe)

                                    Three Months Ended   Year Ended
                                        December 31     December 31
                                        2008   2007     2008   2007

    Average lifting costs                $1.09  $0.94    $1.07  $0.90

    Exploration expense (less
     impairment)                         $0.40  $0.79    $0.50  $0.72
    Depreciation, depletion and
     amortization (oil and gas
     properties only)                    $2.73  $2.10    $2.51  $2.37

Oil and Gas Sales and Production

Production for the year ended December 31, 2008 increased 38% above volumes for the same period in 2007. Oil and natural gas sales from the Company's producing properties for 2008 were up 83.7% to $321.9 million compared to $175.2 million for the prior year, an increase of $146.7 million. The revenue increase was related to the Company's record 2008 production based on success with drilling and recompletions in our core operating areas, combined with derivative positions set in place which helped protect the Company from the overall decline in market prices.

The following table summarizes production by area of operation, as well as the average sales price for the years 2008 and 2007, excluding both realized and unrealized derivative gains or losses.



                          Three Months Ended             Year Ended
                             December 31,                December 31,
                         2008      2007  Percent     2008       2007  Percent
    Natural Gas (Mcf)
      Appalachian
       Basin          1,006,684   820,147  22.7%  3,902,183  2,711,300  43.9%
      Michigan Basin    452,325   414,969   9.0%  1,609,984  1,678,155  -4.1%
      Rocky Mountains 7,857,772 5,789,002  35.7% 26,247,625 18,123,851  44.8%
        Total         9,316,781 7,024,118  32.6% 31,759,792 22,513,306  41.1%

        Average Sales
         Price            $4.21     $5.62 -25.1%      $6.98      $5.33  31.0%

    Oil (Bbls)
      Appalachian Basin   1,518     1,674  -9.3%      6,623      5,490  20.6%
      Michigan Basin        694     1,316 -47.3%      3,469      4,301 -19.3%
      Rocky Mountains   324,013   240,310  34.8%  1,150,316    900,261  27.8%
        Total           326,225   243,300  34.1%  1,160,408    910,052  27.5%

        Average Sales
         Price           $52.14    $74.00 -29.5%     $89.77     $60.65  48.0%

    Natural Gas
     Equivalents (Mcfe)*
      Appalachian
       Basin          1,015,792   830,191  22.4%  3,941,921  2,744,240  43.6%
      Michigan Basin    456,489   422,865   8.0%  1,630,798  1,703,961  -4.3%
      Rocky Mountains 9,801,850 7,230,862  35.6% 33,149,521 23,525,417  40.9%
        Total        11,274,131 8,483,918  32.9% 38,722,240 27,973,618  38.4%

        Average Sales
         Price            $4.99     $6.78 -26.4%      $8.42      $6.26  48.0%

    * One barrel of oil is equal to the energy equivalent of six Mcf of
      natural gas.

Oil and Gas Derivative Activities

We use various derivative instruments to manage fluctuations in oil and natural gas prices. We have in place a series of collars, fixed price swaps and basis swaps on a portion of our oil and natural gas production. Under the collar arrangements, if the applicable index rises above the ceiling price or swap, we pay the counterparty; however, if the index drops below the floor or swap, the counterparty pays us. Our production volumes for the quarter ended December 31, 2008, were 326,000 Bbls of oil and 9.3 Bcf of natural gas. Our hedging counterparties are all current or past members of our bank group for our revolver. A complete listing of the Company's derivative positions is included in the Company's Form 10-K, available at the Company's website at www.petd.com.

Non-GAAP Financial Measures

This release refers to "Adjusted cash flow from operations" and "EBITDA" both of which are non-GAAP financial measures. Adjusted cash flow from operations is the cash flow earned or incurred from operating activities without regard to the collection or payment of associated receivables or payables. The Company believes it is important to consider Adjusted cash flow from operations separately, as the Company believes it can often be a better way to discuss changes in operating trends in its business caused by changes in production, prices, operating costs, and related operational factors, without regard to whether the earned or incurred item was collected or paid during that year. The Company also uses this measure because the collection of its receivables or payment of its obligations has not been a significant issue for the Company's business, but merely a timing issue from one period to the next, with fluctuations generally caused by significant changes in commodity prices. EBITDA is a non-GAAP measure calculated by adding net income, interest (net), income taxes, and depreciation, depletion and amortization for the period. Management believes EBITDA is relevant because it is a measure of cash available to fund the Company's capital expenditures and service its debt and is a widely used industry metric which allows comparability of our results with our peers. Adjusted cash flow from operations and EBITDA are not measures of financial performance under GAAP and should be considered in addition to, not as a substitute for, cash flows from operations, investing, or financing activities, nor as a liquidity measure or indicator of cash flows reported in accordance with U.S. GAAP.



                    Consolidated Statements of Operations
                    (in thousands, except per share data)

                                     Three Months Ended      Year Ended
                                         December 31,        December 31,
                                        2008     2007      2008      2007
                                      (in thousands, except per share data)

    Revenues:
      Oil and gas sales                $56,260  $57,488  $321,877  $175,187
      Sales from natural gas
       marketing activities             32,625   31,779   140,263   103,624
      Oil and gas well drilling
       operations                          413    4,812     7,615    12,154
      Well operations and pipeline
       income                            3,328    2,660    11,474     9,342
      Oil and gas price risk
       management gain (loss), net     102,544   (1,686)  127,838     2,756
      Other income                         236       50       293     2,172
        Total revenues                 195,406   95,103   609,360   305,235

    Costs and expenses:
      Oil and gas production and well
       operations costs                 17,089   15,956    78,209    49,264
      Cost of natural gas marketing
       activities                       32,624   30,482   139,234   100,584
      Cost of oil and gas well
       drilling operations               1,116      949     2,213     2,508
      Exploration expense               27,143    8,756    45,105    23,551
      General and administrative
       expense                          10,555    9,145    37,715    30,968
      Depreciation, depletion and
       amortization                     32,694   19,987   104,575    70,844
        Total costs and expenses       121,221   85,275   407,051   277,719

    Gain on sale of leaseholds               -    7,691         -    33,291

      Income from operations            74,185   17,519   202,309    60,807
      Interest income                       94      603       591     2,662
      Interest expense                  (8,989)  (4,454)  (28,132)   (9,279)
    Income before income taxes          65,290   13,668   174,768    54,190
    Provision for income taxes          24,237    5,470    61,459    20,981

    Net income                         $41,053   $8,198  $113,309   $33,209

    Basic earnings per common share      $2.78    $0.56     $7.69     $2.25

    Diluted earnings per common share    $2.78    $0.55     $7.63     $2.24

Fourth Quarter and Year-End 2008 Earnings Conference Call

The Company will host a conference call with investors to discuss fourth quarter and year-end 2008 results. The Company invites you to join Richard W. McCullough, Chairman and CEO, Gysle R. Shellum, Chief Financial Officer, and Barton R. Brookman, Senior Vice President - Exploration and Production, for a conference call on Tuesday, March 3, 2009, for a discussion of the results.



    What: Petroleum Development Corporation 2008 Earnings Conference Call

    When: Tuesday, March 3, 2009, at 11:00 a.m. Eastern Standard Time

    How:  Log on to the web site at www.petd.com, or dial-in:
          Domestic (toll free) at 877.407.8031
          International at 201.689.8031

          Replay Numbers:
          Domestic (toll free) at 877.660.6853
          International at 201.612.7415
          Account #: 286, Conference ID #: 313436

    A replay of the call will be available through Friday, March 13, 2009.

Contact: Marti Dowling, Manager - Investor Relations, 303.831.3926, mdowling@petd.com

About Petroleum Development Corporation

Petroleum Development Corporation (www.petd.com) is an independent energy company engaged in the development, production and marketing of natural gas and oil. Its operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan. PDC is included in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding our business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein, which include statements of estimated oil and natural gas production and reserves, drilling plans, future cash flows, anticipated liquidity, anticipated capital expenditures and our management's strategies, plans and objectives. However, these are not the exclusive means of identifying forward-looking statements herein. Although forward-looking statements contained in this report reflect our good faith judgment, such statements can only be based on facts and factors currently known to us. Consequently, forward-looking statements are inherently subject to risks and uncertainties, including risks and uncertainties incidental to the exploration for, and the acquisition, development, production and marketing of, natural gas and oil, and actual outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Important factors that could cause actual results to differ materially from the forward looking statements include, but are not limited to:

  • Further deepening of the current global economic crisis;
  • changes in production volumes, worldwide demand, and commodity prices for oil and natural gas;
  • the timing and extent of our success in discovering, acquiring, developing and producing natural gas and oil reserves;
  • our ability to acquire leases, drilling rigs, supplies and services at reasonable prices;
  • the availability and cost of capital to us;
  • risks incident to the drilling and operation of natural gas and oil wells;
  • future production and development costs;
  • the availability of sufficient pipeline and other transportation facilities to carry our production and the impact of these facilities on price;
  • the effect of existing and future laws, governmental regulations and the political and economic climate of the United States of America ("U.S.");
  • the effect of natural gas and oil derivatives activities;
  • conditions in the capital markets; and
  • losses possible from pending or future litigation.

Further, we urge you to carefully review and consider the disclosures made in our Form 10-K, including the risks and uncertainties that may affect our business as described under Item 1A, Risk Factors, and our other filings with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this report. We undertake no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions or the occurrence of unanticipated events.

[Via http://www.prnewswire.com]

Monday, March 2, 2009

Centex Offers Industry-Leading Energy Efficiency Package in St. Louis Area

Centex Energy Advantage homes up to 40% more efficient than typical 10-year-old home

CHESTERFIELD, Mo., March 2 /PRNewswire-FirstCall/ -- Centex Corporation today announced that construction is under way on Centex Energy Advantage homes across the St. Louis area. Collectively, Centex Energy Advantage homes now in progress are projected to avoid thousands of tons of carbon emissions over time, preventing more than 26 metric tons of carbon dioxide emissions in just the first year of occupancy.

Centex Energy Advantage is now available in all to-be-built homes ordered from Centex in 16 neighborhoods around the St. Louis metropolitan area. The area's first Centex Energy Advantage home, located in the Providence neighborhood near Herculaneum, Mo., is scheduled for delivery in May. Please visit any Centex neighborhood sales office for more information or see centex.com/energyadvantage.asp for details and centex.com/stlouis/ for details about homes and prices.(1)

"With these homes, you can experience measurable energy efficiency every day for the life of your home," says Mike VanPamel, division president for Centex Homes in St. Louis. "Our customers are usually surprised to learn that these features are standard in every Centex home, while other builders treat many of these components as upgrades."

Centex Energy Advantage homes are up to 22 percent more efficient than comparable new homes built to the most widely used energy efficiency code (the 2006 International Energy Conservation Code), according to a study commissioned with the NAHB Research Center. When compared to a typical 10-year-old home (as defined by the U.S. Department of Energy's Building America Program), the Centex Energy Advantage homes in the study were shown to be up to 40 percent more energy efficient.(2)

According to the NAHB Research Center, each Centex Energy Advantage home avoids 1.78 fewer metric tons of carbon dioxide per year than a comparable new home. That's roughly the same as the greenhouse gas emissions from the family automobile over four months or the CO2 emissions from about 183 gallons of gasoline consumed.(3)

Features of the Centex Energy Advantage standard package in the St. Louis area include: (4)

  • Energy monitor: homeowners who use energy monitors to actively manage their consumption of electricity can reduce their electricity use by 4-15 percent; (5) Centex is the first national homebuilder to announce the installation of an energy monitor in every home it builds
  • Whirlpool brand ENERGY STAR(R) qualified appliances
  • Lennox high-efficiency HVAC system(6)
  • Programmable thermostat(s)
  • Low-emissivity windows
  • R-49 insulation in the attic (with radiant-barrier roof decking available as an optional upgrade)
  • Compact fluorescent lights in high-traffic areas
  • Information for maximizing energy efficiency and minimizing the impact of home operation on the environment

About Centex

Dallas-based Centex (NYSE: CTX), founded in 1950, is one of the nation's leading home building companies. Its leading brands include Centex Homes, Fox & Jacobs Homes and CityHomes. In addition to its home building operations, Centex also offers mortgage and title services. Centex has ranked among the top three builders on FORTUNE magazine's list of "America's Most Admired Companies" for 10 straight years and is a leader in quality and customer satisfaction.

Editors' notes:

  1. Homes, prices, features and availability are subject to change. Inventory homes are subject to prior sale.
  2. This study evaluated the energy efficiency gains attributable to the Centex Energy Advantage features in a variety of single-family floor plans typical of the Centex product line in the climate zones where the Company currently operates. Not all floor plans, building materials or construction techniques were evaluated in the study. Efficiency gains will vary for other plan types, building materials, construction techniques and change of climate zone.
  3. Calculations are based on NAHB Research Center estimated efficiency of 1.78 metric tons of CO2 per home equipped with Centex Energy Advantage features, as determined by the U.S. Environmental Protection Agency's "Greenhouse Gas Equivalencies Calculator" (see www.epa.gov).
  4. The Centex Energy Advantage will be supplemented or otherwise adjusted as required by state and local codes. In several markets, Centex is currently building homes with components that exceed the combined efficiencies provided by the Centex Energy Advantage.
  5. Based upon published studies reviewed by the NAHB Research Center.
  6. 14-SEER air conditioning or 90-percent AFUE furnace, depending upon climate zone. SEER is "seasonal energy efficiency ratio," a measure of seasonal or annual efficiency of a central air conditioner or air-conditioning heat pump that is the average BTUs of cooling delivered for every watt-hour of electricity used by the heat pump over a cooling season. AFUE is "annual fuel utilization efficiency," a measure of average combustion efficiency in a furnace or heating unit.

[Via http://www.prnewswire.com]

China Sunergy Announces Solar Cell Sales Agreement with asola

NANJING, China, March 2 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, today announced that it has entered into a solar cell sales agreement with asola Advanced and Automotive Solar System GmbH ("asola"), a German solar module manufacturing company. Under the terms of the contract, China Sunergy will supply a total volume of between 10MW and 30MW of solar cells to asola from February to December of 2009.

Pricing and quantity are fixed for the first half of 2009, while the transaction details for the second half are subject to further negotiations.

"We are delighted to be signing another solar cell sales agreement with asola, and believe that this relationship will only strengthen in the coming years," remarked Dr. Ruennsheng Allen Wang, Director and CEO of China Sunergy. "We will continue to actively build strategic partnerships with our existing customers, while pursuing new sales opportunities for our advanced solar cell products."

Reinahrd Wecker, CEO of asola, added, "We are pleased to continue our relationship with China Sunergy as we expand our business into important solar markets, including Italy and the U.S."

About China Sunergy Co. Ltd

China Sunergy Co., Ltd. (Nasdaq: CSUN) is a specialized manufacturer of solar cell products in China. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets. For more information please visit http://www.chinasunergy.com .

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements and are based on current expectations, assumptions, estimates and projections about the company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and the marketability of its products; the economic slowdown in China and elsewhere and its impact on the company's operations; demand for the company's products; the future trading of the common stock of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials and other risks detailed in the company's filings with the Securities and Exchange Commission. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

    For further information contact:

    FD
    Peter Schmidt
    Tel:   +86-10-8591-1953
    Email: peter.schmidt@fd.com

[Via http://www.prnewswire.com]

Officers of Quanta Services to Report the Withholding of Shares

HOUSTON, March 2 /PRNewswire-FirstCall/ -- Quanta Services, Inc. (NYSE: PWR) announced today that certain of its executive officers will submit Form 4 filings by tomorrow pursuant to Section 16 of the Securities Exchange Act of 1934.

Under Quanta's 2001 Stock Incentive Plan and 2007 Stock Incentive Plan, certain of its employees, including certain executive officers, previously received restricted stock awards, a portion of which vested on February 28, 2009. These awards for Quanta's executive officers were previously reported on Form 4 filings. Pursuant to the Plans, employees may elect to satisfy their tax withholding obligations upon vesting by having Quanta make the tax payments and withhold a number of vested shares having a value on the date of vesting equal to the employee's tax withholding obligation. As a result of employee elections, Quanta withheld shares of stock from certain of its executive officers to satisfy their tax obligations. The Form 4 filings will report as "dispositions" the number of shares withheld by Quanta and will reflect that the dispositions are exempt transactions in accordance with Rule 16b-3 under the Exchange Act.

Quanta Services is a leading specialized contracting services company, delivering infrastructure network solutions for the electric power, natural gas, telecommunications and cable television industries. The company's comprehensive services include designing, installing, repairing and maintaining network infrastructure nationwide. Additionally, Quanta provides dark fiber construction and leasing in select markets and offers related design, procurement, construction and maintenance services. With operations throughout North America, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.

    Contacts:  James Haddox, CFO          Ken Dennard / ksdennard@drg-e.com
               Reba Reid                  Kip Rupp / krupp@drg-e.com
               Quanta Services, Inc.      DRG&E
               713-629-7600               713-529-6600

[Via http://www.prnewswire.com]

SAP Increases Focus on Sustainable Business

Company Announces Expanded Environment, Health and Safety (EHS) Application; Aggressive Carbon Footprint Reduction Target; and New Sustainability Organization Led by Its First Chief Sustainability Officer

WALLDORF, Germany, March 2 /PRNewswire-FirstCall/ -- SAP AG (NYSE: SAP) today announced a long-term strategic focus on sustainability, covering both its own operations and customer solutions for more sustainable business practices. First, to help its customers with their sustainability efforts, SAP, together with TechniData AG, unveiled expanded solutions for environment, health and safety (EHS) management. In addition, to demonstrate its commitment to sustainable operations internally, SAP announced it will reduce its greenhouse gas emissions down to its year-2000 levels by the year 2020. And, moving forward, SAP announced that its sustainability efforts will be led by a newly formed cross-functional sustainability organization headed by SAP's first chief sustainability officer.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050310/SFTH009LOGO-a)

Organizations throughout the world are facing increasing local, regional and global regulation; a challenging economic situation; increased consumer awareness to social and environmental issues; resource scarcity; and highly networked business operations. These factors put brands, market share and even market cap at significant risk, but also represent new business opportunities. Sustainability is about increasing the profitability of businesses by holistically managing economic, social and environmental risks and opportunities. SAP understands that its long-term success is directly related to both appropriately addressing sustainability internally and to enabling its customers to meet the same challenges.

"SAP is in a unique, dual position when it comes to sustainability," said Leo Apotheker, co-CEO, SAP AG. "We have a moral obligation to start with ourselves and ensure that our business operates in a transparent and accountable manner, leaves a minimal environmental footprint and reaches out to improve the social situation of others. As the leader in business software, we also deliver solutions that help other businesses achieve clarity across their operations and better manage their sustainability performance. This is why we are making a strategic, long-term commitment to operate our company in a sustainable way and to help businesses address social, environmental and governance challenges on a global scale."

SAP(R) Environment, Health, and Safety Management Application Provides Customers Integrated Sustainability Capabilities

Addressing the growing need for EHS management solutions, SAP and TechniData AG, the leading providers of EHS solutions, announced an agreement to expand their existing relationship. As a result, SAP will own and sell a full line of co-created EHS applications to be offered under a single name, SAP(R) Environment, Health, and Safety Management (SAP EHS Management).

SAP already helps customers better manage risk and compliance for environmental, financial and supply chain concerns with its SAP(R) BusinessObjects(TM) governance, risk, and compliance (GRC) solutions. Additionally, SAP(R) Business Suite software provides business process efficiency, flexibility and insight, representing a sound foundation for an organization's sustainability endeavors.

The SAP EHS Management application helps customers ensure that EHS requirements and corporate sustainability policies are met proactively and automatically across business operations. SAP EHS Management is open to work with non-SAP solutions yet is integrated into SAP Business Suite, a next-generation software suite that helps businesses optimize their performance and reduce IT cost, helping eliminate data inaccuracies and providing companies with the ability to manage business processes across multiple departments.

SAP and TechniData have worked closely since 1995 on the research and development of solutions designed to meet EHS compliance. They continue to co-innovate solutions to help companies around the world manage landmark regulation laws, including European REACH regulations for chemical use, as well as health and safety mandates to ensure the well-being of workers.

"The SAP solutions we employ at Dow Corning allow us to provide our customers with clear, easy and rapid access to vitally important safety information about our products and how they should be handled," said Dr. Peter Cartwright, executive director of environment, health and safety, Dow Corning. "We believe sustainability is essential to our future success as a company. It is so important to us, we've made it a corporate value. SAP solutions are fundamental to our ability to operate to our industry principles of Responsible Care and give our customers peace of mind."

In addition to delivering sustainable business processes through, for example, its SAP EHS Management application, SAP is helping its customers practice "Green IT" by enabling them to reduce the energy footprint of SAP solutions in their data centers through consolidation, virtualization and other landscape optimization services.

Carbon Footprint Reduction Targets

In spite of the fact that SAP's carbon footprint is usually smaller than that of organizations in other industries with similar revenue, the company is striving for significant reductions. After analyzing its global environmental footprint, SAP announced its commitment to a 51-percent reduction of its total greenhouse gas (GHG) emissions from its year-2007 published baseline levels of 513,000t CO2 by year 2020. This will return SAP to its approximate year-2000 emissions level of 250,000t CO2. SAP initiated its first global GHG inventory in 2008 and will report performance and progress towards the target in its annual sustainability report.

Using its own software solutions to monitor and manage its sustainability targets, SAP will achieve this reduction through significant abatement across all scopes of the Greenhouse Gas Protocol, the most widely used international carbon accounting tool. The target will apply not only to SAP's own direct emissions, but also to indirect emissions such as business travel, which was 42 percent of SAP's total footprint in 2007. The company's reduction plans are based on aggressive abatement targets across direct and indirect emissions (scopes 1, 2 and 3 as defined by the Greenhouse Gas Protocol, the most widely used international carbon accounting tool), allowing offsets to be applied only to major indirect emissions sources that are out of the company's direct control. SAP will focus on abatement over offsets and will pioneer and use new technologies that accelerate the abatement of carbon. It therefore does not plan to offset direct emissions or emissions related to energy consumption.

New Sustainability Organization and Chief Sustainability Officer

SAP has formed a new cross-functional sustainability organization to drive and coordinate all aspects of its sustainability efforts. It is led by Peter Graf, SAP's first chief sustainability officer and executive vice president of Sustainability Solutions, who will report directly to SAP Executive Board member Jim Hagemann Snabe. Graf, a 13-year SAP veteran, leads a global team that oversees all sustainability-related initiatives, from the creation of solutions that enable sustainable business processes for customers to SAP's own sustainability operations, including key social, economic and environmental programs.

SAP Co-CEO to Speak on Sustainability at CeBIT

On Tuesday, March 3, 2009, SAP co-CEO Leo Apotheker will give a keynote address at CeBIT, the world's largest annual trade show for information and telecommunications technology. Apotheker will address sustainability and related issues in the context of information technology. More details are available on the CeBIT Web site.

For more information on sustainability at SAP, read a comprehensive fact sheet about SAP's increased focus on sustainable business.

About SAP

SAP is the world's leading provider of business software(*), offering applications and services that enable companies of all sizes and in more than 25 industries to become best-run businesses. With more than 82,000 customers in over 120 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE, under the symbol "SAP." For more information, visit www.sap.com.

(*) SAP defines business software as comprising enterprise resource planning and related applications.

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

Copyright (C) 2009 SAP AG. All rights reserved.

SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serve informational purposes only. National product specifications may vary.

    For customers interested in learning more about SAP products:
    Global Customer Center: +49 180 534-34-24
    United States Only: 1 (800) 872-1SAP (1-800-872-1727)

    For more information, press only:
    Evan Welsh, +49 (6227) 7-67514, evan.welsh@sap.com, CET
    Shabana Khan, +1 (650) 461-1332, shabana.khan@sap.com, PST
    SAP Press Office, +49 (6227) 7-46315, CET; +1 (610) 661-3200, EST;
    press@sap.com
    Katja Schroeder, Burson-Marsteller, +1 (212) 614-4981, katja.schroeder@bm.com, EST

[Via http://www.prnewswire.com]

TTM Chu Molybdenum Project Updated Resource Estimate and Drill Results

     Measured Resource - 140 Million Tonnes of 0.061% Mo (0.040% cutoff)
    Indicated Resource - 173 Million Tonnes of 0.060% Mo (0.04% Mo cutoff)
     Inferred Resource - 84 Million Tonnes of 0.058% Mo (0.04% Mo cutoff)

        High Grade Molybdenum in Hole 2008 CHU-E046 - 0.188 % Mo Over
                                 16.96 meters
     High Grade Molybdenum in Hole CHU-E050 - 0.127 % Mo over 93 meters
                     including 18.29 meters of .215% Mo
    High Grade Molybdenum in Hole 2008 CHU-W022 - 0.10 % Mo over 72 meters
                         and 18.51 meters of .210% Mo
    High Grade Molybdenum in Hole 2008 CHU-W023 - 0.12 % Mo over 42.7 meters

    TSX-V Symbol:                     TTQ
    Frankfurt Stock Exchange Symbol:  T2U
    US Clearing Symbol:               TTMRF
    Issued and Outstanding            48,136,489

VANCOUVER, March 2 /PRNewswire-FirstCall/ - W. K. Crichy Clarke, President and CEO of TTM Resources Inc. ("TTM" or the "Company") is very pleased to announce that the Company has received an updated resource estimate from GH Giroux P. Eng MASc of Giroux Consultants Inc., of Vancouver, B.C. for its 100% owned Chu Molybdenum Project 75 Km Southwest of Vanderhoof, British Columbia, Canada. The resource estimates will be included in a Revised NI 43-101 report to be filed within 45 days.

At a cutoff grade of 0.04% Mo there are an estimated 139.9 million tonnes grading 0.061% Mo (188.2 million lbs. Mo), 173.3 million tonnes grading 0.060% Mo (229.3 million lbs. Mo), and 84.4 million tonnes grading 0.058% (107.9 million lbs. Mo) in the Measured, Indicated, and Inferred Categories respectively.

                       CHU PROJECT - MEASURED RESOURCE

    -------------------------------------------------------------------------
               Tonnes greater
    Mo Cutoff     than Cutoff   Grade greater than Cutoff
    -------------------------------------------------------------------------
                                  Mo     Cu
    (%)               (tonnes)     %     (%)  Million lbs Mo  Million lbs Cu
    -------------------------------------------------------------------------
    0.02          237,200,000  0.048  0.034            251.1           177.8
    -------------------------------------------------------------------------
    0.04          139,920,000  0.061  0.036            188.2           111.1
    -------------------------------------------------------------------------
    0.05           90,240,000  0.070  0.036            139.3            71.6
    -------------------------------------------------------------------------
    0.08           19,710,000  0.100  0.039             43.5            16.9
    -------------------------------------------------------------------------
    0.09           12,160,000  0.110  0.042             29.5            11.3
    -------------------------------------------------------------------------


                       CHU PROJECT - INDICATED RESOURCE

    -------------------------------------------------------------------------
               Tonnes greater
    Mo Cutoff     than Cutoff   Grade greater than Cutoff
    -------------------------------------------------------------------------
                                  Mo     Cu
    (%)               (tonnes)     %     (%)  Million lbs Mo  Million lbs Cu
    -------------------------------------------------------------------------
    0.02          410,160,000  0.042  0.034            379.8           307.5
    -------------------------------------------------------------------------
    0.04          173,340,000  0.060  0.037            229.3           141.4
    -------------------------------------------------------------------------
    0.05          102,710,000  0.070  0.037            158.5            83.8
    -------------------------------------------------------------------------
    0.08           26,130,000  0.097  0.039             55.9            22.5
    -------------------------------------------------------------------------
    0.09           14,840,000  0.106  0.041             34.7            13.4
    -------------------------------------------------------------------------



                       CHU PROJECT - INFERRED RESOURCE

    -------------------------------------------------------------------------
               Tonnes greater
    Mo Cutoff     than Cutoff   Grade greater than Cutoff
    -------------------------------------------------------------------------
                                  Mo     Cu
    (%)               (tonnes)     %     (%)  Million lbs Mo  Million lbs Cu
    -------------------------------------------------------------------------
    0.02          220,200,000  0.040  0.036            194.2           174.8
    -------------------------------------------------------------------------
    0.04           84,400,000  0.058  0.043            107.9            80.0
    -------------------------------------------------------------------------
    0.05           50,040,000  0.068  0.046             75.0            50.8
    -------------------------------------------------------------------------
    0.08           12,420,000  0.093  0.051             25.5            14.0
    -------------------------------------------------------------------------
    0.09            4,580,000  0.103  0.051             10.4             5.2
    -------------------------------------------------------------------------


               CHU PROJECT - MEASURED PLUS INDICATED RESOURCE

    -------------------------------------------------------------------------
               Tonnes greater
    Mo Cutoff     than Cutoff   Grade greater than Cutoff
    ------------------------------------------------------------------------
                                  Mo     Cu
    (%)               (tonnes)     %     (%)  Million lbs Mo  Million lbs Cu
    -------------------------------------------------------------------------
    0.02          647,330,000  0.044  0.034            628.0           485.3
    -------------------------------------------------------------------------
    0.04          313,250,000  0.060  0.037            414.4           255.6
    -------------------------------------------------------------------------
    0.05          192,950,000  0.070  0.036            297.8           153.2
    -------------------------------------------------------------------------
    0.08           45,840,000  0.098  0.039             99.1            39.4
    -------------------------------------------------------------------------
    0.09           26,990,000  0.108  0.041             64.3            24.4
    -------------------------------------------------------------------------

Resource Criteria: The mineral resources mentioned above are defined in terms of the NI 43-101 regulations and their estimation was carried out using industry standard practices using ordinary kriging of blocks 20 x 20 x 10 m high. The mineral resources are undiluted and a total of 10 assays were capped at 0.54 % Mo. Measured mineral Resources were produced using a search ellipse with dimensions equal to 1/4 the semivariogram range, Indicated Mineral Resource estimates were produced using a search ellipse with dimensions equal to 1/2 the semivariogram range. A specific gravity based on 328 measurements of 2.69 was used for tonnage calculations. Assay results from 121 diamond drill holes totaling 64,610 meters were used. A total of 22,170 Mo assay and 20,917 Cu assay intersections made up the resource database.

The Company is very pleased with the result of these Independent estimates and, subject to the Conclusions and Recommendations in the upcoming NI 43-101 Report, it will use these resource estimates as a guide for the 2009 drill program and to enhance future economic development studies.

Mr. Warren Robb states: "Our current drilling will now focus on defining our highest grade molybdenum areas. This drilling will help us properly identify and define the best areas for starter pits, and enhance our overall resource model. Our dedicated geological staff remains motivated and focused on outlining BC's second largest primary molybdenum deposit."

DRILL RESULTS

The Company is also pleased to release the results from CHE-08-38 to CHE-08-52 and CHW-08-20 to CHW-08-23, completed in 2008. These results, and previously published drill results, can be viewed at http://ttmresources.ca/english/molybdenite-property. An updated drill hole location map can be viewed at

http://ttmresources.ca/english/wp-content/documents/chu_drill_plan1.pdf.

Analyses of samples from the current program are completed at Stewart Group in Kamloops, BC. The Company has in place a comprehensive quality assurance/quality control program including standards, blanks and duplicate samples that form part of the sampling protocol. In addition the laboratory has its own quality assurance program.

HIGHLIGHTS (please refer to the Company web site for complete results)

                                  Length
    Hole No     Azimuth   Dip         (m)     From       To  Length    Mo (%)
    -------------------------------------------------------------------------
    2008-CHU-
    E038                                    389.21   419.00   29.79    0.098
    -------------------------------------------------------------------------
                                            507.12   517.22   10.10    0.130
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E040                                    306.92   323.27   16.35    0.100
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E042            210   -69     742.76     32.61    55.01   22.40    0.103
    -------------------------------------------------------------------------
                                            151.49   175.86   24.37    0.122
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E044            210   -50     833.42    428.83   456.26   27.43    0.101
    -------------------------------------------------------------------------
                                            495.89   514.17   18.28    0.107
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E046            208   -49     481.26    339.84   356.80   16.96    0.188
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E047            210   -69     980.49    419.69   444.07   24.38    0.129
    -------------------------------------------------------------------------
                                            569.03   714.23  145.20    0.100
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E050            210   -69     932.03    561.95   858.88  296.93    0.088
    -------------------------------------------------------------------------
    including                               561.95   709.54  147.59    0.104
    -------------------------------------------------------------------------
    and including                           601.20   694.30   93.10    0.127
    -------------------------------------------------------------------------
    and including                           676.01   694.30   18.29    0.215
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    W021                                    346.54   400.49   53.95    0.100
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    W022                                     32.61    66.14   33.53    0.110
    -------------------------------------------------------------------------
                                            120.00   192.00   72.00    0.100
    -------------------------------------------------------------------------
                                            581.00   599.51   18.51    0.210
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    W023                                    159.36   182.00   22.64    0.106
    -------------------------------------------------------------------------
                                            210.18   242.91   32.73    0.115
    -------------------------------------------------------------------------
                                            663.47   706.19   42.72    0.120
    -------------------------------------------------------------------------

Mr. Clarke says, "Our goal throughout the 2008 drill program was to improve the resource classification by establishing a Measured Resource and to move most of the Inferred Resource into the Indicated Resource category. The Preliminary Economic Assessment report ("PEA") written by Moose Mountain guided these efforts. We are excited with our success. We continue to see areas of high grade Mo throughout the potential mining area and are pleased to note that our exploration efforts have identified resources below the 650-metre pit bottom identified in Moose Mountains' PEA report. Our resource continues to grow stronger at depth. This bodes well for a long profitable mining scenario for the Company, the city of Vanderhoof and its surrounding communities. Our 2009 program, with the guidance of Moose Mountain and Giroux Consultants, will be to establish suitable near-surface, high-grade zones that will allow the Company to maximize early returns in a future mining scenario. We will concentrate in the West Pit Area where indications are good for the early recovery of high-grade Mo. We will keep our shareholders informed."

NORMAL COURSE ISSUER BID

The Company has completed the purchase of 2,500,000 shares (5% of its issued and outstanding) currently leaving 48,136,489 shares issued and outstanding. The Company has applied for a continuation of this bid and has asked for approval to purchase up to an additional 1,600,000 shares. "While we are surprised at the price shareholders are prepared to sell their shares at, we continue to believe purchase and cancellation is in the best interest of all shareholders." says Mr. Clarke.

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. The technical information provided in this press release was reviewed by Warren Robb, P.Geo. and Wes Raven P.Geo., who are both qualified persons for the purposes of NI 43-101.

For further information visit the Company's web site at www.ttmresources.ca

    TTM RESOURCES INC.

    "Crichy Clarke"
    ----------------------
    W.K. Crichy Clarke
    President & CEO

This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

[Via http://www.prnewswire.com]

Friday, February 27, 2009

Local Group Threatens to Steal Event Name Following Ventura Film Festival 'Fun Day'

VENTURA, Calif., Feb. 27 /PRNewswire/ -- The Ventura Film Festival, which was started in 2004 by Jordan Older and his father, has recently concluded its first event of 2009 at the Majestic Ventura Theater in Ventura, California with the Ventura Film Festival "Fun Day" on February 16, 2009 at 2pm.

The Ventura Film Festival "Fun Day" featured Ventura hometown hero and independent film maker Dylan O'Neil and his controversial and sometimes horrific film "Otis N'Dwayne" as well as Dylan O'Neil's Star Wars short titled "Trip To The Darkside" and Ric Rew with his video documentary of the stage play "Quadrophenia" about the rock band "The Who." Also present was Ventura Film Festival board member, Ventura High School graduate, and Hollywood heavy- hitter and Fox Film/DVD executive, Dustin Dean.

The Ventura Film Festival is a combination online and traditional film festival requiring all submissions to be uploaded online and submitted via traditional means. The Ventura Film Festival is in progress to becoming a non- profit organization and is a "green" organization that has maintained that one of its main goals is to give a large part of any proceeds to forest and ocean preservation efforts. The Ventura Film Festival features independent films from around the world and from local film makers focusing on environmental issues such as forest and ocean preservation, humanitarian issues, surf, skate, extreme sports, martial arts, and music films.

The long standing Ventura Film Festival has received threats of legal action from attorney Sandy Lipkin and the Bell Arts Factory/Lorenzo DeStefano, claiming "tortious interference" and outlining plans to take over the rights to the Ventura Film Festival name and trademark despite having registered their name 5 years after the start of the Ventura Film Festival and have not yet put on a film festival event.

Ventura Film Festival founder met with Ventura County Assistant Clerk and Recorder, James Becker and his staff on February 25th 2009 and was shown legal code and told that the Bell Arts Factory and Hawaiian film maker Lorenzo DeStefano have acted unlawfully by attempting to register a knowingly similar and confusing fictitious business name from the Ventura Film Festival, and that, unfortunately, the only way to proceed will be via a law suit. The Ventura Film Festival sent a cease and desist letter to the conflicting group, who uses the domain "venturafilmfest.com," in December 2008.

[Via http://www.prnewswire.com]

Mariner Energy Reports 2008 Fiscal and Operating Results and Year-end Reserves

HOUSTON, Feb. 27 /PRNewswire-FirstCall/ -- Mariner Energy, Inc. (NYSE: ME) today reported full-year 2008 results, which included the following:

  • Year-over-year net production increased 18% to 118.4 billion cubic feet equivalent (Bcfe)
  • 217% reserve replacement rate from all sources
  • Year-end estimated proved reserves up 17% to 973.9 Bcfe
  • Net loss for the year of $388.7 million ($4.44 per share). Adjusted net income, which excludes a non-recurring, non-cash gain and non-cash charges, was $284.1 million or $3.25 per share (see reconciliation of this non-GAAP measure below).
  • Operating cash flow was $885.9 million for the full 2008 fiscal year, an increase of 42% from 2007 (see reconciliation of this non-GAAP measure below).

Commenting on Mariner's 2008 results, Scott D. Josey, Mariner's Chairman, Chief Executive Officer and President, said: "Despite plummeting commodity prices, hurricanes, and the turmoil in the financial markets, Mariner posted another record year. Our capital program was very successful in 2008, with quality acquisitions, an 80% success rate offshore, and 100% success onshore. While non-cash impairments necessitated by low year-end commodity and stock prices negatively affected our earnings, our fundamentals are good.

"Economic circumstances continue to present challenges in the year ahead, but we are off to a good start in 2009. Our capital program should not only allow us to live within our cash flows, but also to increase production and pay down debt while exposing our shareholders to upside potential. We intend to carefully monitor changing industry and general economic conditions and can quickly adjust our capital program as circumstances warrant."

NON-CASH GAIN AND CHARGES

The company's results for 2008 reflect a non-recurring, non-cash gain of $46.5 million for the release as of year-end of suspended revenue associated with a disputed MMS royalty liability. Based on low commodity prices at year-end, Mariner recorded a full cost ceiling test impairment of its proved oil and gas properties in the amount of $575.6 million. The company also recorded other impairments, including goodwill, of $310.9 million for the year. Additionally, Mariner recognized a non-cash charge of $36.0 million for a contingent insurance premium. These items are detailed below in the reconciliation of adjusted net income, a non-GAAP measure.

FOURTH QUARTER 2008 RESULTS

For the three-month period ended December 31, 2008, Mariner reported a net loss of $648.9 million, or $7.41 per basic and fully-diluted share, which reflects the non-cash gain and charges cited above. This compares with net income of $50.2 million and basic and fully-diluted earnings per share of $0.59 and $0.58, respectively, for the same three-month period in the prior year. Adjusted net income, which excludes the non-cash gain and charges, was $14.5 million for fourth quarter 2008, or $0.17 per basic and fully-diluted share (see reconciliation of this non-GAAP measure below). The lower year-over-year results are due primarily to decreased production volumes as a result of Hurricanes Ike and Gustav and lower commodity prices.

Net production for fourth quarter 2008 was 23.5 Bcfe, compared with 27.1 Bcfe for fourth quarter 2007. Total natural gas net production for fourth quarter 2008 was 16.1 billion cubic feet (Bcf), compared with 18.4 Bcf for the same period in the prior year. Total net oil production for fourth quarter 2008 was 1.0 million barrels (MMBbls), compared with 1.1 MMBbls for the same period in 2007. Natural gas liquids (NGL) net production for fourth quarter 2008 was 0.3 MMBbls, compared with 0.3 MMBbls for fourth quarter 2007.

For fourth quarter 2008, Mariner's average realized natural gas price was $7.44 per thousand cubic feet (Mcf) compared with $8.07 per Mcf for the same period in 2007. Mariner's average realized oil price was $65.29 per barrel (Bbl) for fourth quarter 2008, compared with $79.64 per Bbl for fourth quarter 2007. The average realized NGL price was $26.63 per Bbl for fourth quarter 2008, compared with $55.32 per Bbl for the same period in 2007. Average realized prices reflect settlements during the period under Mariner's hedging program.

FULL-YEAR 2008 RESULTS

For the 12-month period ended December 31, 2008, Mariner reported a net loss of $388.7 million, which equates to a loss of $4.44 per basic and fully-diluted share. For the same period in the prior year, Mariner reported net income of $143.9 million, or $1.68 per basic share/$1.67 per fully-diluted share. Adjusted net income, which excludes the non-cash gain and charges noted above, was $284.1 million or $3.25 per share (see reconciliation of this non-GAAP measure below).

For the full-year 2008, Mariner reported net production of 118.4 Bcfe, up from 100.3 Bcfe reported in 2007. Total natural gas net production during 2008 was 79.8 Bcf at an averaged realized price of $9.31 per Mcf, compared with 67.8 Bcf for 2007 at an average realized price of $7.88 per Mcf. Total net oil production for 2008 was 4.9 MMBbls at an average realized price of $86.02 per Bbl, compared to 4.2 MMBbls during 2007 at an average realized price of $67.50 per Bbl. Total NGL net production during 2008 was 1.6 MMBbls at an average realized price of $55.02, compared to 1.2 MMBbls at an average realized price of $45.16 per Bbl for the prior year. Average realized prices reflect settlements during the period under Mariner's hedging program.

Operating cash flow was $885.9 million for the full 2008 fiscal year, an increase of 42% from $622.6 million in 2007. (See reconciliation of this non-GAAP measure below.)

Mariner's capital expenditures for the fourth quarter and full-year 2008 are summarized in the table below.

                                                       Fourth      Full-
                                                       Quarter     Year
                                                        2008       2008
                                                        ----       ----
                                                         (In Millions)

    Exploration                                        $43.8     $423.3

    Development
      Gulf of Mexico - Deepwater                       $97.5     $280.8
      Gulf of Mexico - Shelf                            42.6      198.8
      Permian Basin                                     30.3      108.8
                                                        ----      -----

    Acquisitions                                       $48.2     $302.6

    Corporate expenditures and other                   $14.7      $66.7

          Total Capital Expenditures                  $277.1   $1,381.0

YEAR-END 2008 ESTIMATED RESERVES

Mariner today also announced results of an independent, fully-engineered analysis of the company's proved and probable reserves prepared by the Ryder Scott Company, L.P. The report utilizes hydrocarbon prices in effect at December 31, 2008 of $44.61 per barrel for oil and $5.71 per million British Thermal Units for gas in accordance with Securities & Exchange Commission (SEC) requirements.

Highlights from the report and year-end operations review include:

  • Estimated proved reserves increased 17% to a record 973.9 Bcfe.
  • Mariner achieved a reserve replacement rate of 217% from all sources at an all-in reserve replacement cost, net of hurricane expenditures, of $4.96 per thousand cubic feet equivalent (Mcfe), excluding probable and possible reserves.
  • Including probable reserves estimated by Ryder Scott at 285 Bcfe, Mariner's estimated proved and probable reserve base exceeds 1.25 trillion cubic feet of natural gas equivalent.
  • 70% of Mariner's estimated proved reserves are proved developed.

Commenting on Mariner's year-end reserves, Mr. Josey said: "Mariner's proved reserves increased across each of its core areas during 2008. Although we achieved significant reserve growth, delays in the completion of several offshore projects due to the effects of Hurricanes Ike and Gustav reduced our reserve growth. As a result, we booked a relatively small amount of proved reserves on these projects despite substantial capital outlays for them. In 2009, we expect to add significant incremental proved reserves attributable to these projects when they are completed or come online. The company wrote down 29 Bcfe of proved reserves due to low year-end commodity prices, but we expect these reserves to be restored if drilling and completion costs adjust to the current commodity price environment."

The following table sets forth certain information with respect to our estimated proved reserves by geographic area as of December 31, 2008. Reserve volumes and values were determined under the method prescribed by the SEC, which requires the application of period-end prices and costs held constant throughout the projected reserve life. Proved reserve estimates do not include any value for probable or possible reserves, nor do they include any value for undeveloped acreage. The proved reserve estimates represent Mariner's net revenue interest in its properties.

                                  Estimated Proved Reserve
                                          Quantities
                                 Natural      Oil     NGLs   Total  % of Total
                                   Gas     (MMBbls) (MMBbls) (Bcfe) Estimated
                                  (Bcf)                              Proved
                                                                    Reserves
    Geographic Area
    ---------------
    Permian Basin                 136.2      27.3     22.7    436.6   44.8
    Gulf of Mexico - Deepwater *  165.9       5.4      0.1    198.7   20.4
    Gulf of Mexico - Shelf        255.9      11.1      2.7    338.6   34.8
          Total                   558.0      43.8     25.5    973.9  100.0
    Proved developed reserves     420.9      25.9     16.9    677.7   69.6

    * Depths greater than 1,300 feet (the approximate depth of deepwater
    designation by the Minerals Management Service of the United States
    Department of the Interior)

OPERATIONAL UPDATE

Offshore

Mariner was successful in 20 of its 25 offshore wells drilled in 2008. Mariner drilled eight offshore wells in the fourth quarter 2008, seven of which were successful:

                                                   Water
                                       Working     Depth
    Well Name                 Operator Interest    (Ft)       Location
    ---------                 -------- ---------   ----       --------
    De Soto Canyon 48#1
     (Dalmatian)              Murphy      12.5%    5876       Deepwater
    Eugene Island 342 C5ST1   Mariner     50.0%     266       Conventional
                                                               Shelf
    Main Pass 301 A6          Walter       6.3%     230       Conventional
                               Oil                             Shelf
    Main Pass 301 A4ST        Walter      10.45%    230       Conventional
                               Oil                             Shelf
    South Timbalier 49#2
     (Smoothie)               Mariner     100.0%     60       Deep Shelf
    Garden Banks 463#1
     (Bushwood)               Mariner      30.0%   2700       Deepwater
    South Marsh Island 150 D1 Mariner     100.0%    230       Conventional
                                                               Shelf

Subsequent to the end of 2008, two additional wells were drilled and successful:

                                                   Water
                                       Working     Depth
    Well Name                 Operator Interest    (Ft)       Location
    ---------                 -------- ---------   ----       --------
    Green Canyon 859#1
     (Heidelberg)             Anadarko     12.5%    5000   Deepwater
    South Marsh Island 150 D2 Mariner     100.0%     230   Conventional
                                                            Shelf

Onshore

In the fourth quarter of 2008, Mariner drilled 23 wells in the Permian Basin, all of which were successful. As of December 31, 2008, four rigs were drilling on Mariner's Permian Basin properties. The company participated in 122 onshore wells in 2008, all of which were successful.

CONFERENCE CALL TO DISCUSS RESULTS

A conference call has been scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on Friday, February 27, 2009, to discuss fiscal 2008 financial and operating results. To participate in the call, please dial (866) 953-6858 at least 10 minutes prior to the scheduled start time. International callers can dial (617) 399-3482. The conference pass code for both numbers is 8750 3087. The call also will be webcast live over the internet and can be accessed through the Investor Relations' Webcasts and Presentations section of Mariner's website at http://www.mariner-energy.com.

A telephonic replay of the call will be available through March 9, 2009 by dialing (888) 286-8010 or (617) 801-6888, pass code 8230 2373. An archive of the webcast will be available shortly after the call on Mariner's website through March 31, 2009.

About Mariner Energy, Inc.

Mariner Energy, Inc. is an independent oil and gas exploration, development and production company headquartered in Houston, Texas, with principal operations in the Permian Basin and the Gulf of Mexico. For more information about Mariner, please visit its website at www.mariner-energy.com.

                                      MARINER ENERGY, INC.
                                SELECTED OPERATIONAL RESULTS (1)
                                          (Unaudited)

Net Production, Realized Pricing and Operating Costs

                                    Three Months        Twelve Months
                                        Ended               Ended
                                     December 31,       December 31,
                                  2008       2007      2008      2007
                                  ----       ----      ----      ----

    Net production:
          Natural gas (Bcf)       16.1       18.4      79.8      67.8
          Oil (MMBbls)             1.0        1.1       4.9       4.2
          Natural gas liquids
           (MMBbls)                0.3        0.3       1.6       1.2
           Total production
            (Bcfe)                23.5       27.1     118.4     100.3

    Realized prices (net
     of hedging):
          Natural gas ($/Mcf)    $7.44      $8.07     $9.31     $7.88
          Oil ($/Bbl)            65.29      79.64     86.02     67.50
          Natural gas liquids
           ($/Bbl)               26.63      55.32     55.02     45.16

    Operating costs per
     Mcfe:
           Lease operating
            expense              $2.73      $1.42     $1.96     $1.52
           Severance and ad
            valorem taxes         0.15       0.15      0.15      0.13
           Transportation
            expense               0.16       0.12      0.13      0.09
           General and
            administrative
            expense               1.03       0.57      0.51      0.42
           Depreciation,
            depletion and
            amortization          3.91       3.71      3.95      3.83
           Other expense          0.09       0.02      0.03      0.05

    (1) Certain prior year amounts have been reclassified to conform to current year presentation.

Estimated Proved Reserves

                                                      As of the    As of the
                                                     Year Ended   Year Ended
                                                    December 31,  December 31,
                                                       2008           2007
    Estimated proved natural gas, oil and natural
     gas liquids reserves:
         Natural gas (Bcf)                             558.0         448.4
         Oil (MMBbls)                                   43.8          41.9
         Natural gas liquids (MMBbls)                   25.5          22.6
             Total estimated proved reserves (Bcfe)    973.9         835.8
             Total proved developed reserves (Bcfe)    677.7         563.9

                               MARINER ENERGY, INC.
          COMPARATIVE CONSOLIDATED FINANCIAL STATEMENTS OF OPERATIONS (1)
                       (In thousands, except per share data)
                                    (Unaudited)


                                     Three Months Ended   Twelve Months Ended
                                         December 31,         December 31,
                                        2008      2007       2008      2007
                                        ----      ----       ----      ----
    Revenues:
          Natural gas sales          $119,665  $148,468   $742,370  $534,537
          Oil sales                    63,721    87,434    419,878   284,405
          Natural gas liquids sales     7,136    19,313     85,715    54,192
          Other revenues               46,746    (1,620)    52,544     1,631
               Total revenues         237,268   253,595  1,300,507   874,765
    Cost and Expenses:
         Lease operating expense       64,304    38,387    231,645   152,627
         Severance and ad valorem
          taxes                         3,505     4,138     18,191    13,101
         Transportation expense         3,708     3,270     14,996     8,794
         General and
          administrative expense       24,333    15,540     60,613    42,151
         Depreciation, depletion
          and amortization             92,095   100,530    467,265   384,321
         Full cost ceiling test
          impairment                  575,607         ?    575,607         ?
         Goodwill impairment          295,598         ?    295,598         ?
         Other property impairment     15,252         ?     15,252         ?
         Other miscellaneous
          expense                       2,087       476      3,052     5,061
               Total costs and
                expenses            1,076,489   162,341  1,682,219   606,055
    OPERATING (LOSS) INCOME          (839,221)   91,254   (381,712)  268,710

    Interest:
         Income                           386       406      1,362     1,403
         Expense, net of
          capitalized amounts          (2,757)  (14,442)   (56,398)  (54,665)
    Other income/(expense)                  ?       753          ?     5,811
    Income before taxes and
     Minority Interest               (841,592)   77,971   (436,748)  221,259
    Minority Interest Expense               ?        (1)      (188)       (1)
    Provision for income
     taxes                            192,672   (27,729)    48,223   (77,324)
    NET (LOSS) INCOME               $(648,920)  $50,241  $(388,713) $143,934

    Earnings per share:
    Net (loss) income per
     share?basic                       $(7.41)    $0.59     $(4.44)    $1.68
    Net (loss) income per
     share?diluted                     $(7.41)    $0.58     $(4.44)    $1.67

    Weighted average shares
     outstanding?basic                 87,623    85,745     87,491    85,645
    Weighted average shares
     outstanding?diluted               87,623    86,277     87,491    86,126

    (1) Certain prior year amounts have been reclassified to conform to current year presentation.


                               MARINER ENERGY, INC.
                       CONDENSED CONSOLIDATED BALANCE SHEETS
                         (In thousands, except share data)
                                   (Unaudited)
                                                  December 31,  December 31,
                                                     2008         2007
    Current Assets
         Cash and cash equivalents                  $3,251       $18,589
         Receivables, net of allowances            219,920       157,774
         Insurance receivables                      13,123        26,683
         Derivative financial instruments          121,929        11,863
         Intangible assets                           2,353        17,209
         Prepaid expenses and other                 14,377        10,630
         Deferred tax asset                              ?         6,232
              Total current assets                 374,953       248,980

    Property and equipment, net                  2,929,877     2,420,194
    Restricted cash                                      ?         5,000
    Goodwill                                             ?       295,598
    Insurance receivables                           22,132        56,924
    Derivative financial instruments                     ?           691
    Other Assets, net of amortization               65,831        56,248
    TOTAL ASSETS                                $3,392,793    $3,083,635

    Current Liabilities
         Accounts payable                           $3,837        $1,064
         Accrued liabilities                       107,815        96,936
         Accrued capital costs                     195,833       159,010
         Deferred income tax                        23,148             ?
         Abandonment liability                      82,364        30,985
         Accrued interest                           12,567         7,726
         Derivative financial instruments                ?        19,468
              Total current liabilities            425,564       315,189

    Long-Term Liabilities
         Abandonment liability                     325,880       191,021
         Deferred income tax                       319,766       343,948
         Derivative financial instruments                ?        25,343
         Long-term debt                          1,170,000       779,000
         Other long-term liabilities                31,263        38,115
              Total long-term liabilities        1,846,909     1,377,427

    Minority Interest                                    ?             1

    Stockholders' Equity
      Common stock, $.0001 par value;
       180,000,000 shares authorized;
       88,846,073 shares issued and
       outstanding at December 31, 2008;
       180,000,000 shares authorized,
       87,229,312 shares issued and
       outstanding at December 31, 2007                  9             9
         Additional paid-in capital              1,071,347     1,054,089
         Accumulated other comprehensive
          income/(loss)                             78,181       (22,576)
         Accumulated retained (loss) earnings      (29,217)      359,496
              Total stockholders' equity         1,120,320     1,391,018
    TOTAL LIABILITIES AND STOCKHOLDERS'
     EQUITY                                     $3,392,793    $3,083,635

                                MARINER ENERGY, INC.
                           SELECTED CASH FLOW INFORMATION (1)
                                   (In Thousands)
                                     (Unaudited)

                                              12 Months Ended December 31,

                                                 2008              2007

    Operating cash flow (2)                    $885,887          $622,610
    Changes in operating assets and
     liabilities                                (23,870)          (86,497)
         Net cash provided by operating
          activities                           $862,017          $536,113

    Net cash used in investing
     activities                             $(1,264,784)        $(643,779)

    Net cash provided by financing
     activities                                $387,429          $116,676

    (Decrease) Increase in cash and
     cash equivalents                          $(15,338)           $9,010

    (1) Certain prior year amounts have been reclassified to conform to current year presentation.
    (2) See below for reconciliation of this non-GAAP measure.

IMPORTANT INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

AND CERTAIN STATISTICS

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities that Mariner assumes, plans, expects, believes, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. Our forward-looking statements generally are accompanied by words such as "may", "will", "estimate", "project", "predict", "believe", "expect", "anticipate", "potential", "plan", "goal", or other words that convey the uncertainty of future events or outcomes. Forward-looking statements provided in this press release are based on Mariner's current belief based on currently available information as to the outcome and timing of future events and assumptions that Mariner believes are reasonable. Mariner does not undertake to update its guidance, estimates or other forward-looking statements as conditions change or as additional information becomes available. Estimated reserves are related to hydrocarbon prices. Hydrocarbon prices in effect at December 31, 2008 were used in preparation of the reserve estimates provided above as required by SEC guidelines. Actual future prices may vary significantly from the December 31, 2008 prices. Therefore, volumes of reserves actually recovered may differ significantly from such estimates. Mariner cautions that its forward-looking statements are subject to all of the risks and uncertainties normally incident to the exploration for and development, production and sale of oil and natural gas. These risks include, but are not limited to, price volatility or inflation, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves, and other risks described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and other documents filed by Mariner with the SEC. Any of these factors could cause Mariner's actual results and plans of Mariner to differ materially from those in the forward-looking statements. Investors are urged to read the Annual Report on Form 10-K for the year ended December 31, 2007 and other documents filed by Mariner with the SEC.

The SEC generally has permitted oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Mariner uses the terms "probable," "possible" and "non-proved" reserves, reserve "potential" or "upside" or other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines may prohibit it from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of actually being realized by Mariner.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Mariner.

Note on reserve replacement rate: For a calculation of reserve replacement rate, please refer to Mariner's website at www.mariner-energy.com under Investor Information, Financial Reports. Mariner's reserve replacement rates reported above were calculated by dividing total estimated proved reserve changes for the period from all sources, including acquisitions and divestitures, by production for the same period. The method Mariner uses to calculate its reserve replacement rate may differ from methods used by other companies to compute similar measures. As a result, its reserve replacement rate may not be comparable to similar measures provided by other companies.

Note on reserve replacement cost: For a calculation of reserve replacement cost, please refer to Mariner's website at www.mariner-energy.com under Investor Information, Financial Reports. Reserve replacement cost is calculated by dividing development, exploitation, exploration and acquisition capital expenditures, reduced by proceeds of divestitures, for the period by net estimated proved reserve additions for the period from all sources, including acquisitions and divestitures. Our calculation of reserve replacement cost includes costs and reserve additions related to the purchase of proved reserves. The methods we use to calculate our reserve replacement cost may differ significantly from methods used by other companies to compute similar measures. As a result, our reserve replacement cost may not be comparable to similar measures provided by other companies. We believe that providing a measure of reserve replacement cost is useful in evaluating the cost, on a per-Mcfe basis, to add proved reserves. However, this measure is provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with generally accepted accounting principles. Due to various factors, including timing differences in the addition of proved reserves and the related costs to develop those reserves, reserve replacement costs do not necessarily reflect precisely the costs associated with particular reserves. As a result of various factors that could materially affect the timing and amounts of future increases in reserves and the timing and amounts of future costs, we cannot assure you that our future reserve replacement costs will not differ materially from those presented.

Reconciliation of Non-GAAP Measure: Adjusted Net Income

Mariner Energy's reported net income and earnings per share for the 2008 fiscal year and fourth quarter include a non-recurring, non-cash gain and non-cash charges. Mariner's management believes that it is common among investment analysts to consider earnings excluding the effects of these items when evaluating the company's operating results. These items and their effects on reported earnings for the full year and fourth quarter 2008 are listed below.

  • A non-recurring release of suspended revenue of $46.5 million associated with a disputed MMS royalty liability was recorded at December 31, 2008. This resulted in a $30.2 million after-tax gain, which equates to a $0.35 contribution to basic and fully-diluted earnings per share (EPS).
  • Ceiling test, goodwill and other non-recurring impairments recorded at December 31, 2008 negatively impacted net income for the year by $886.5 million, or $679.6 million after-tax for a $7.77 loss per basic and fully-diluted share.
  • A non-cash charge of $21.6 million and $36.0 million for a contingent withdrawal premium related to Mariner's participation in the OIL insurance mutual was taken for the fourth quarter 2008 and full-year 2008, respectively, resulting in a $14.0 million and a $23.4 million after-tax charge or a loss per basic and fully-diluted share of $0.16 and $0.27, respectively, for the fourth quarter and full-year 2008.

Excluding the items above, Mariner would have reported earnings for the fourth quarter 2008 of $14.5 million or $0.17 per basic and fully-diluted share. Fiscal 2008's full year net income and basic and diluted EPS would have been $284.1 million and $3.25, respectively. Adjusted net income should not be considered in isolation or as a substitute for net income or another measure of financial performance presented in accordance with GAAP. This is further outlined in the table below with after-tax impact calculated using the statutory rate (which excludes 2007 because there were no material impairments, nonrecurring events or other items in respect of which to adjust net income for the year ended December 31, 2007).

                                      MARINER ENERGY, INC.
                             RECONCILIATION OF ADJUSTED NET INCOME
                             (In  millions, except per share data)
                                          (Unaudited)

                                      Three Months Ended   Twelve Months Ended
                                      December 31, 2008     December 31, 2008

                                    After-Tax   EPS (2)   After-Tax    EPS (2)
                                    Impact (1)            Impact (1)

    Net loss                        $(648.9)    $(7.41)   $(388.7)    $(4.44)
          Reversal of MMS royalty
           liability                  (30.2)     (0.35)     (30.2)     (0.35)
           Impairment charges         679.6       7.76      679.6       7.77
          Contingent OIL premium
           charges                     14.0       0.16       23.4       0.27
    Adjusted net income (non-GAAP)    $14.5      $0.17     $284.1      $3.25

    (1) Calculated using the statutory rate
    (2) Denotes basic and fully-diluted earnings per share

Reconciliation of Non-GAAP Measure: Operating Cash Flow

Operating cash flow (OCF) is not a financial or operating measure under generally accepted accounting principles in the United States of America (GAAP). The table below reconciles OCF to related GAAP information. Mariner believes that OCF is a widely accepted financial indicator that provides additional information about its ability to meet its future requirements for debt service, capital expenditures and working capital, but OCF should not be considered in isolation or as a substitute for net income, operating income, net cash provided by operating activities or any other measure of financial performance presented in accordance with GAAP or as a measure of a company's profitability or liquidity.

                                                         12 Months Ended
                                                            December 31,
                                                      2008              2007
                                                      ----              ----
                                                          (In thousands)
                                                            (Unaudited)

    Net cash provided by operating activities        $862,017         $536,113
    Less: Changes in operating assets and liabilities  23,870           86,497
    Operating cash flow (non-GAAP)                   $885,887         $622,610

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