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($ thousands, except per unit amounts)	2005	2004	2003	2002	2001
Financial
Oil and gas sales (1)	$1,413,734	$989,266	$890,011	$621,450	$639,379
Cash available for distribution	511,145	426,721	379,055	246,787	316,454
Per unit	4.54	4.20	4.32	3.32	5.67
Net income	432,041	258,316	248,046	116,621	181,454
Per unit	3.96	2.60	2.88	1.62	3.30
Total net capital expenditures	1,010,549	813,636	312,073	361,702	874,420
Total assets	4,130,623	3,180,748	2,661,765	2,517,976	2,330,639
Long-term debt, net of cash	649,825	584,991	257,701	361,011	411,610
Net debt/funds flow ratio	0.8x	1.1x	0.6x	1.2x	1.2x
Average Benchmark Pricing
AECO natural gas (per Mcf)	$8.48	$6.79	$6.70	$4.07	$6.30
NYMEX natural gas (US$ per Mcf)	8.55	6.09	5.54	3.25	4.38
WTI crude oil (US$ per bbl)	56.56	41.40	31.04	26.08	25.97
CDN$/US$ exchange rate	0.83	0.77	0.72	0.64	0.65
($ per BOE except percentage data)
Oil and Gas Economics
Net royalty rate	19%	21%	20%	21%	23%
Weighted average price (2)	$52.36	$40.90	$36.94	$27.49	$29.89
Hedging (3)	(4.90)	(3.50)	(1.81)	(0.38)	2.54
Weighted average price (1)	47.46	37.40	35.13	27.11	32.43
Net royalty expense	10.21	8.40	7.51	5.75	6.73
Operating expense	7.45	7.14	6.73	5.86	6.09
Operating netback	29.80	21.86	20.89	15.50	19.61
General and administrative expense (3)	1.28	1.06	0.95	0.70	0.66
Management fee	-	-	2.29	0.94	0.47
Interest expense, net of interest and other income	0.51	0.68	0.74	0.78	0.85
Foreign exchange (3)	0.13	(0.01)	0.08	-	-
Taxes	0.31	0.24	0.26	0.23	0.24
Restoration and abandonment cash costs	0.27	0.25	0.26	0.20	0.13
Funds flow from operations	$27.30	$19.64	$16.31	$12.65	$17.26

⁽¹⁾ Net of hedging and transportation ⁽²⁾ Net of transportation and before hedging ⁽³⁾ Does not include non-cash portion of expense For complete disclosure of results please see our Annual Information Form or Form 40-F.

 


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