Question-and-Answer Session
Operator
(Operator instructions) We will take our first question from Mark Lear.
Mark Lear – Sidoti & Company
Good morning. I was wondering, just focusing on Catalina, how many net locations do you have remaining in that project area?
Richard Dole
In just the Catalina Unit?
Kurtis Hooley
Well, the Catalina Unit, if it was fully developed, assuming fully developed status would be approximately 250 wells and we have 70 producing wells to-date. So, I guess I would ask you to do the math because there – I can't guarantee the fully development status, as you know. But based on the size of that unit less the number of currently producing wells that would be the number.
Mark Lear – Sidoti & Company
Understood. And just was kind of curious how that one – the discovery of the fault, does that impact or risk the project area a little differently for you guys?
Kurtis Hooley
No, Anadarko has encountered faults there as well and you would like to identify those but many times the only we can identify them is with the drill bit. There they don’t coincide with the surface faults. And so this unfortunate occurrence was the same as Anadarko had encountered up in Doty Mountain and it allows us to identify where those are and prevent us from drilling those again, but it does not condemn the acreage to the West.
Mark Lear – Sidoti & Company
Understood. Of the wells you drilled in ’08, are any of those currently online or still waiting to get hooked up?
Kurtis Hooley
Well, at year-end, at 12/31, we had five online and we last year just completed in bringing the rest online as we speak. We do expect that all of those be on – able to produce by the end of March 2009.
Mark Lear – Sidoti & Company
And then I guess the initial performance of those wells and maybe discuss how it kind of compares to what you saw from last year’s program and maybe even kind of an update on how those wells that have been on six to 12 months, how they have been performing to-date.
Richard Dole
(inaudible) I will take it – a shot at that, Mark, this is Dick. The new wells are – it’s really too early to tell. We don’t even have the full compressor (inaudible). We got one more compressor to put up and won't know that until we can actually produce them at full production. So, time will tell on those. I believe, Steve, that the wells that we drilled last year are holding up quite well and probably averaging 600 to 700 –
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