FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 1999

9. Acquisition of Properties

We purchased oil and gas interests in the Brookeland and Masters Creek areas from Sonat Exploration Company in the third quarter of 1998 for approximately $85.8 million in cash. Of this purchase price, $55.5 million was allocated to producing properties, $15.0 million to 20% interests in two natural gas processing plants, and $15.3 million to leasehold properties.

This acquisition was accounted for by the purchase method and was incorporated into our results of operations in the third quarter of 1998. The following unaudited pro forma supplemental information presents consolidated results of operations as if this acquisition had occurred on January 1, 1997:

In late December 1999, we purchased additional working interests in the Masters Creek area from Dominion Reserves, Inc., for approximately $14.0 million and additional working interests in the S. Burr Ferry portion of Masters Creek from Union Pacific for approximately $1.9 million. The interests acquired from Dominion have year-end 1999 proved reserves of 17.1 Bcfe, while the interests acquired from Union Pacific have 7.4 Bcfe.

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