| Business Summary | | Spinnaker
Exploration
Company
is
an
independent
energy
company
engaged
in
the
exploration,
development
and
production
of
natural
gas
and
oil
in
the
U.S.
Gulf
of
Mexico.
At
December
31,
2000,
the
Company
had
license
rights
to
approximately
9,500
blocks
of
mostly
contiguous,
recent
vintage
3-D
seismic
data
in
the
Gulf
of
Mexico,
including
approximately
5,750
blocks
from
its
3-D
seismic
data
agreement
with
Petroleum
Geo-Services
ASA.
From
inception
through
December
31,
2000,
the
Company
participated
in
drilling
59
wells
in
the
Gulf
of
Mexico,
with
37
of
these
wells
being
completed
as
discoveries.
As
of
December
31,
2000,
the
Company's
estimated
net
proved
reserves
was
approximately
182.7
Bcfe
(billion
cubic
feet
of
gas
equivalent),
90%
of
which
was
natural
gas,
representing
an
increase
of
approximately
75%
over
estimated
net
proved
reserves
of
104.5
Bcfe
at
December
31,
1999. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Spinnaker
Exploration
is
an
independent
energy
company
engaged
in
the
exploration,
development
and
production
of
natural
gas
and
oil
in
the
U.S.
Gulf
of
Mexico.
For
the
six
months
ended
6/30/01,
revenues
totaled
$127
million,
up
from
$33
million.
Net
income
totaled
$49.9
million,
up
from
$8.3
million.
Results
reflect
increased
oil
and
gas
production
volumes
due
to
property
additions,
and
higher
average
realized
oil
and
gas
sales
prices. | More
from
Market Guide: Significant
Developments |
| | | | FY2000
Compensation | | Pay | Exer | |
| Roger Jarvis, 47 Chairman,
Pres and CEO | $642K | -- | Robert Snell, 45 CFO,
VP, Sec. | -- | -- | Jeffrey Zaruba, 36 VP,
Treasurer, Assistant Sec. | 150K | -- | Kelly Barnes, 47 VP--Land | 224K | $190K | Jimmy Bennett, 54 VP,
Systems Technology and Processing | -- | -- | Dollar
amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.; "Exer" is the value of options excercised during the fiscal year. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|