| Business Summary | | Canaan
Energy
Corporation
is
an
oil
and
gas
company
that
engages
in
the
acquisition,
development,
production
and
marketing
of
natural
gas
and
crude
oil.
The
Company
concentrates
its
efforts
in
the
Mid-Continent
area
of
the
United
States,
with
a
preference
for
natural
gas-producing
properties,
and
seeks
to
operate
properties
whenever
possible.
As
of
December
31,
2000,
Canaan
operated
189
of
the
914
wells
in
which
it
owned
a
working
interest,
and
these
operated
wells
accounted
for
34%
of
total
net
production,
based
on
estimated
production
for
January
2001.
The
Company's
daily
net
production,
in
January
2001,
averaged
20.9
Mmcfe
(million
cubic
feet
equivalent),
consisting
of
18
MMcf
of
natural
gas
and
492
Bbls
(barrels)
of
oil.
Total
net
proved
reserves,
as
of
December
31,
2000,
were
106.4
Bcfe
(billion
cubic
feet
equivalent),
of
which
89%
were
natural
gas,
with
proved
developed
reserves
representing
78%
of
the
total
and
proved
undeveloped
reserves
accounting
for
the
remaining
22%. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Canaan
Energy
Corporation
is
an
independent
oil
and
gas
company
headquartered
in
Oklahoma
City
that
engages
in
the
acquisition,
development,
production
and
marketing
of
natural
gas
and
crude
oil.
For
the
six
months
ended
6/30/01,
revenues
totaled
$18.8
million,
up
from
$6.3
million.
Net
income
totaled
$5.2
million,
up
from
$2.5
million.
Revenues
reflect
the
acquisition
of
Indian
and
higher
oil
and
gas
prices.
Higher
income
was
partially
offset
by
higher
depreciation
expenses. | More
from
Market Guide: Significant
Developments |
| | | Leo
Woodard,
Chmn./CEO John
Penton,
Pres. Michael
Mewbourn,
Sr. VP/CFO Anthony
Lasuzzo,
Sr. VP/COO Sue
Barnard,
Secy. | More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
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