Oil and Gas Investor Magazine - March 2004 March 1, 2004 Feature 2003 OIL AND GAS INVESTOR EXCELLENCE AWARDS Leslie Haines A NEW FACE ON THE STREET Brian Toal BEST E&P CATCHES Brian Toal M&A 2004 Other NORTH LOUISIANA Leslie Haines YEMEN Peggy Williams Company Briefs Additional briefs Other California's Plains, Nuevo to combine operations Nissa Darbonne and Leslie Haines Canadian M&A News Other Ex-Triton execs launch Kosmos with $300 million Nissa Darbonne Forest Oil stock price survives reserve revision Nissa Darbonne and Don Lyle International M&A News Other Newly public Whiting to buy Equity Oil for stock Jodi Wetuski U.S. M&A News Other Completions THE NEXT BOE NISSA DARBONNE E&P Momentum ALBERTA'S CBM ACTIVITY ON THE RISE Peggy Williams Exploration Highlights Eastern U.S. Other Gulf Coast Other International Highlights Peggy Williams Midcontinent & Permian Basin Other Western U.S. Other From the Editor-in-Chief THE GOOD, THE BAD LESLIE HAINES New Financings New Financings - Equity/Debt table A&D Watch newsletter. NewsWell 2003 Canadian financings set a new record A&D Watch E&P firms were grabbing up prospects at NAPE 2004 Jodi Wetuski Leadership is a top concern among M&A decision-makers A&D Watch Multilaterals require different strategy than banks Jodi Wetuski Recruiting firm: U.S. market tightening for oil-finding personnel Nissa Darbonne Texas industry shows best year since 1995; gas business booming Leslie Haines U.S. producers will stop drilling at what gas price? Nissa Darbonne Wall Street may say 'growth' but returns are what it likes the most Nissa Darbonne World, stage set for lower, rather than higher, oil prices Don Lyle On the Money CAUTION: DISCIPLINE AHEAD Brian Toal Trends & Analysis Small-Caps, Canadian E&Ps, Trusts Delivered the Most in 2003 LESLIE HAINES