Hallador Petroleum Co.

• Public
• US

Dow Jones Description

Hallador Petroleum Company, a Colorado corporation, was organized by our predecessor in 1949. About eight years ago, Yorktown Energy Partners II and affiliates (Yorktown) invested $5,025,000 in Hallador Petroleum, LLP, a newly formed limited liability limited partnership, (the "Partnership".) We are the general partner and received a 70% interest in the partnership in return for contributing our net assets and Yorktown representing the limited partners, received a 30% interest for its $5,025,000 cash contribution. As general partner, we consolidate the activity of the Partnership and present the 30% limited partners' interest as a minority interest. On August 10, 2004, we entered into an agreement with E&B Natural Resources Management Corporation (a private company) to sell all of our interest in the South Cuyama field and adjacent exploration areas, all located in Santa Barbara County, California, for $23 million; consisting of $19.5 million in cash and an interest bearing (3.5%) note of $3.5 million due on September 30, 2005. Closing occurred on September 30, 2004 and we recorded a pre-tax gain of about $14 million.

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Peer Companies

• Linn Energy LLC
• EnCana Corp.
• Occidental Petroleum Corp.
• Enterprise Products Partners L.P.
• Anadarko Petroleum Corp.
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