Oil and Natural Gas Reserves

Tuesday, October 31, 2006

OIL AND NATURAL GAS RESERVES OF PUBLICLY TRADED COMPANIES WORLDWIDE AT 12/31/05

The following organizes all US publicly traded (with the exception of over-the-counter) stocks of oil and gas companies, by decending order of standardized measure as defined by FASB 69 divided by enterprise value (market capitalization - net debt). Companies listed below have market capitalization above $100M.

There are three catagories of stocks included in this list, 1) US and Canadian Exploration and Production Companies, 2) US and EU-based Majors, and 3) Oversees Majors and Independents.

Information included:
Ticker
Company Name
Proven Reserves
Proven Reserve to Production (R/P)
Probable & Possible Reserves
Enterprise Value (US dollars)
Standardized Measure (from 10-K 2005) – Proved Only (1)
Standardized Measure (proved)/Enterprise Value


Notes: Noteworthy information included in [ ]’s
Reserves are reported as indicated from the 2005 10-K (% of reserves as oil & gas included in ( )’s)
R/P is calculated: YE 05 Proven reserves/05 production
Probable and possible reserves are from Corp Presentations - SEC does not require disclosure
Enterprise Value equals Market Cap + Net Debt at 10/06
The Standardized Measure or PV-10 is the present value of proven reserves discounted by 10%, as defined by FASB 60 -After tax, no hedging effects (assumed price of gas indicated in ( )’s)

MBoE = millions of barrels of oil equivalent, BBoE = billions of barrels of oil equivalent

US & Canadian Exploration and Production Companies


CPE
Callon Petroleum [100% minority stake Gulf of Mexico]
Res: 34.3 MBoE (41.4% gas, 58.6% oil)
R/P 10.1 years
Probable & Probable: N/A
Enterprise Value $501M
Standardized Measure: $838M ($10.40 gas)
Standardized Measure/Enterprise Value: 1.67x

SFY
Swift Energy [14% of reserves in New Zealand]
Reserves: 139MBoE (38% gas, 51% oil, 11% NGL)
R/P: 11.0 years
Probable and Possible N/A
Enerprise Value $1.50Bn
Standardized Measure: $2.159Bn ($10 US gas)
Standardized Measure/Enterprise Value: 1.44x

COG
Cabot Oil & Gas
Reserves: 218MBoE (95% gas, 5% oil)
R/P: 17.0 years
Probable and Possible 5620-7450bcfe
Enterprise Value $1.98Bn
Standardized Measure: $2.65Bn ($9.53 gas)
Standardized Measure/Enterprise Value: 1.34x

FST
Forest Oil
Reserves: 267MBoE (76.1% gas, 23.9% oil)
R/P: 8.9 years
Probable and Possible: N/A
Enterprise Value: $3.09Bn
Standardized Measure: $3.853Bn ($8.44 gas)
Standardized Measure/Enterprise Value: 1.24x

PXD
Pioneer Natural Resources
987 MBoE (70% gas, 30% oil)
26.1 years
N/A
$5.97Bn
$7.297 Bn (YE prices of oil and gas) [11% in Argentina]
Standardized Measure/Enterprise Value: 1.22x

WLL
Whiting Petroleum
262 MBoE (24% gas, 76% oil)
17.8 years
N/A
$2.38Bn
$2.88Bn ($7.97 gas)
Standardized Measure/Enterprise Value: 1.21x

SGY
Stone Energy
108MBoE (58% gas, 42% oil)
7.1 years
N/A
$1.67Bn
$1.96Bn ($10 gas)
Standardized Measure/Enterprise Value: 1.17x

ABP
Abraxas Petroleum
18.9MBoE (84% gas, 16% oil)
17.2 years
200 bcfe (36.4MBoE)
$280M
$311.9M ($9.50 gas)
Standardized Measure/Enterprise Value: 1.14x

CWEI
Clayton Williams Energy
53mBoE (75% gas, 25% oil)
9.5 years
N/A
$662M
$735M ($10.65 gas)
Standardized Measure/Enterprise Value: 1.11x

APC
Anadarko Petroleum
3.4BBoE (54% gas, 46% oil)
15 years
4.5-6.5Bn BBoE
$26.6Bn
$29.3 Bn (YE prices of oil and gas)
Standardized Measure/Enterprise Value: 1.10x

BDE
Bois D’Arc
58.2 MBoE (64% gas, 36% oil)
9.7 years
1900 bcfe (347MBoe
$1.1Bn
$1.2Bn ($10 gas)
Standardized Measure/Enterprise Value: 1.09x

THX
Houston Exploration
157MBoE (92% gas, 8% oil) (no GoM)
10.0 years
1639bcfe (298MBoE)
$1.81Bn
$1.97Bn ($8.15 gas)
Standardized Measure/Enterprise Value: 1.08x

EPL
Energy Partners
59.3 MBoE (47% gas, 53% oil)
7.3 years
N/A
$1.22Bn
$1.26Bn ($10 gas)
Standardized Measure/Enterprise Value: 1.03x

ME
Mariner Energy
107 MBoE (68% gas, 32% oil)
5.9 years
380 bcfe
$2.17Bn
$2.2Bn ($10 gas)
Standardized Measure/Enterprise Value: 1.01x

APA
Apache Corp
2.1BBoE (43.5 gas, 46.5% oil)
11.8 years
N/A
$24.8Bn
$24.5Bn ($9.44 gas)
Standardized Measure/Enterprise Value: 0.99x

ATPG
ATP Oil & Gas
96 MBoE (59% gas, 41% oil)
10 years
42 prob – 63 MBoE pos
$1.89Bn
$1.86Bn ($10 gas)
Standardized Measure/Enterprise Value: 0.98x

EAC
Encore Acquisition Co
198 MBoE (24.5% gas, 75.5% oil) (low GoM)
17 years
285 MBoE
$1.94Bn
$1.9Bn ($9.44 gas)
Standardized Measure/Enterprise Value: 0.98x

PPP
Pogo Producing Co
340 MBoE (58% gas, 42% oil)
9.3 years
N/A
$4.68Bn
$4.56Bn ($8.15 gas)
Standardized Measure/Enterprise Value: 0.97x

HES
Hess Petroleum [refining & marketing: 33% of 05 income, E&P 67%]
1.07BBoE (35.3% gas, 64.7% oil) +50% own 1 refinery
9 years
2.4BBoE
$15.13Bn
$14.489Bn (YE prices of oil and gas)
Standardized Measure/Enterprise Value: 0.96x

XEC
Cimarex Energy Co.
254MBoE (72% gas, 28% oil)
8.0 years
N/A
$3.25Bn
$3.03Bn ($7.89 gas)
Standardized Measure/Enterprise Value: 0.93x

XTO
XTO Energy
1.51BBoE (83% gas, 17% oil)
22.8 years
12.7tcfe
(2.3BBoE)
$19.0Bn
$17.1Bn ($9.26 gas)
Standardized Measure/Enterprise Value: 0.90x

HEC
Harken Energy
7.7MBoE (19% gas, 81% oil)[82% undeveloped in Columbia]
20+ years (production under-developed)
N/A
$85.1M
$73.4M ($10 gas) (+$104M ad in Columbia undeveloped
Standardized Measure/Enterprise Value: 0.86x

NBL
Noble Energy
807 MBoE (65.4% gas, 34.6% oil)
11.5 years
490-1484MBoe
$10.29Bn
$8.77Bn ($8.59 US gas)
Standardized Measure/Enterprise Value: 0.85x

EPEX
Edge Petroleum
17.2 MBoE (80% gas, 20% oil)
6.2 years
N/A
$406.7M
$344M ($10 gas)
Standardized Measure/Enterprise Value: 0.85x

NFX
Newfield Exploration
360 MBoE (70% gas, 30% oil)
9.3 years
N/A
$5.98Bn
$5.05Bn
Standardized Measure/Enterprise Value: 0.84x

DNR
Denbury Resources
167MBOE (38% gas, 62% oil)
12.4 years
4.0tcfe or 728 MBoE
$3.82Bn
$3.215Bn (w/$10 gas, $61 oil)
Standardized Measure/Enterprise Value: 0.84x

TLM
Talisman Energy
1.64 BBoE (55% gas, 45% oil)
9.7 years
943MBoE
$21.72Bn
$18.2Bn ($10.87 gas)
Standardized Measure/Enterprise Value: 0.84x

BEXP
Brigham Exploration
30.4MBoE(85% gas, 15% oil)
10.2 years
809 bcfe (147MBoe
$403M
$322 ($9.40 gas)
Standardized Measure/Enterprise Value: 0.80x

BRY
Berry Petroleum
146 MBoE (60% heavy oil, 27% gas, 13% other oil & NGL)
15.4 years
N/A
$1.58Bn
$1.25Bn ($8 gas)($48 heavy oil)
Standardized Measure/Enterprise Value: 0.79x

FPP
Fieldpoint Petroleum
1.27 MBoE (26% gas, 74% oil)
10.3 years
N/A
$21.7M
$17.05M ($6.66 gas)
Standardized Measure/Enterprise Value: 0.79x

CRK
Comstock Resources
114MBoE (86% gas, 14% oil)
14.9 years
N/A
$1.37Bn
$1.08Bn
Standardized Measure/Enterprise Value: 0.79x

DNE
Dune Energy
4.9 MBoE (88.2% gas, 11.8% oil)
5.7 years
N/A
$125M
$99M ($9.49 gas)
Standardized Measure/Enterprise Value: 0.79x

PXP
Plains Exploration
401MBoE (11% gas, 89% oil)
17 years
650MBoE
$3.98Bn
$3.1Bn
Standardized Measure/Enterprise Value: 0.78x

RRC
Range Resources
255MBoE (80% gas, 20% oil)
15.3 years
5.9 tcfe
$4.37Bn
$3.38Bn
Standardized Measure/Enterprise Value: 0.77x

CHK
Chesapeake Energy
1.74BBoE (91% gas, 9% oil) (low GoM)
14.2 years
14.4tcfe - 2.5BBoE(90%+gas)
$20.76Bn
$15.97Bn ($8.76 gas)
Standardized Measure/Enterprise Value: 0.77x

SM
St. Mary’s Land Expl
145 MBoE (52.5% gas, 47.5% oil)
9.1 years
371MBoE (includes possible)
$2.24Bn
$1.7Bn ($10.08 gas)
Standardized Measure/Enterprise Value: 0.76x

XCO
Exco Resources
235 MBoE (pro-forma acq6/06)(90% gas, 10% oil)
17.1 years
127 MBoE(pro-forma)
$2.16Bn
$1.6Bn (pro-forma)($11 gas)
Standardized Measure/Enterprise Value: 0.74x

EOG
EOG Resources
1.11 BBoE (91% gas, 9% oil)
11.8 years
N/A
$16Bn
$11.7Bn ($8.45 gas)
Standardized Measure/Enterprise Value: 0.73x

ECA
Encana
2.96 BBoE (66.4% gas, 34.6% oil)
incl oil sands – 647 MBoE
N/A
6.5BBoE unbooked potential (50% gas)
pos oil mainly oil sands
$44.8Bn
$32.8Bn (includes proven oil sands)
Standardized Measure/Enterprise Value: 0.73x

LINE
Linn Energy
77.3 MBoE (60% gas, 40% oil)
30 years
N/A
$802.1M
$552.1M (pre-acq, 32 MBoE, $10 gas)
Standardized Measure/Enterprise Value: 0.69x

DVN
Devon Energy
2.1BBoE (64% gas, 36% oil)
10 years
3-12 BBoE Shl, GoM, Afrca, Chn Brazl
$34.7BN
$23.43 Bn
Standardized Measure/Enterprise Value: 0.68x

WTI
W&T Offshore
81.9 MBoE (44% gas, 56% oil)
6.9 years
93.5 prob, 114.3 MBoE pos
$2.35Bn
$1.6Bn ($10.15 gas)
Standardized Measure/Enterprise Value: 0.68x

PQ
PetroQuest Energy
130.9 bcfe (83% gas, 17% oil)
7.7 years
1086 bcfe
$708M
$483M ($8.61 gas)
Standardized Measure/Enterprise Value: 0.68x

GMXR
GMX Resources
27 MBoE -pred 47 MBoE 12/06 (93% gas, 7% oil)

604 bcfe prob 104 possible
$449M
$302.4M ($11.22 gas)
Standardized Measure/Enterprise Value: 0.67x

CNQ
Canadian Natural Resources
1.6 BBoE (30% gas, 70% oil) ex oil sands
16 years
687 MBoE ex oil sands
$30.0Bn
$18.5Bn ($9.44 gas)
Standardized Measure/Enterprise Value: 0.62x

OXY
Occidental Petroleum [E&P 92% of Inc]
2.66BBoE (22% gas, 78% oil)
12.9 years
N/A
$41.7Bn
$25.6Bn ($10 gas)
Standardized Measure/Enterprise Value: 0.61x

PVA
Penn Virginia [E&P: 52% 05 inc]
69MBoE (95% gas, 5% oil)
14 years (not incl coal assets)
109 bcfe – prob – 700 pos
$1.7Bn
$1.0Bn ($10 gas)
Standardized Measure/Enterprise Value: 0.59x

MMR
McMoRan Expl.
14 MBoE (49% gas, 51% oil) + possible future LNG facility
6.4 years
91MBoE
$715.5M
$383.1M ($10.37 gas)
Standardized Measure/Enterprise Value: 0.54x

PCZ
Petro-Canada [dnstrm:20% 05 Profit]
1.23 BBoE (30% gas, 70% oil)
8 years (ex oil sands
2P: 2.3 BBoE “other”: 5 BBoE
$22.7Bn
$12.2Bn ($10 gas) (ex oil sands)
Standardized Measure/Enterprise Value: 0.54x

CRED
Credo Petroleum
1.9 MBoE (82% gas)
9.7 years
N/A
$117M
$60M (only P-10 given, est.)($10gas)
Standardized Measure/Enterprise Value: 0.51x

AOG
Aurora Oil & Gas
108 bcfe (60% gas, 40% oil)
46 years (production ramping +)
2 tcfe (possible)
$325M
$152M ($9.89 gas)
Standardized Measure/Enterprise Value: 0.47x

GDP
Goodrich Petroleum
28.8MBoE (82.3% gas, 17.7% oil)
14 years
1254 bcfe (209MBoe
$902M
$410.6M ($10.50 gas)
Standardized Measure/Enterprise Value: 0.46x

CMT
Delta Petroleum
44.9 MBoE (67% gas, 33% oil)
18.7 years
N/A
$1.63Bn
$749.6M ($9.44 gas)
Standardized Measure/Enterprise Value: 0.46x

NXY
Nexen Incorporated [8% ownership of Syncrude (tar sands)]
795 MMBoE (62% gas, 38% oil) reserves exclude oil sands
11 years
(ex oil sands
835 MBoE
$17.8Bn
$8.0Bn (no tar sands) ($9.44 gas) (ex oil sands)
Standardized Measure/Enterprise Value: 0.45x

UPL
Ultra Petroleum
364MBoE (94% gas, 6% oil)
27 years
746 MBoE
$7.87Bn
$3.5Bn ($8.00 gas)
Standardized Measure/Enterprise Value: 0.44x

MUR
Murphy Oil Corp [Refining & Marketing: 52% 05 inc, E&P: 48% of 05 income]
220 MBoE (83% oil, 17% gas)
5.7 years
N/A
$9.94Bn
$4.2Bn ($10.44 gas)
Standardized Measure/Enterprise Value: 0.42x

PLLL
Parallel Petroleum
30 MBoE (9.06) (30% gas, 70% oil)
12 years
N/A
$851M
$361M ($8.60 gas)
Standardized Measure/Enterprise Value: 0.42x

KWK
Quicksilver Resources
203MBoE (92% gas, 8% oil)
21.7 years
2000bcfe (364MBoE)
$3.25Bn
$1.2Bn
Standardized Measure/Enterprise Value: 0.37x

CRZO
Carrizo Oil
25.1MBoE (68% gas, 32% oil)
15.6 years
N/A
$904M
$299.3M ($8 gas)
Standardized Measure/Enterprise Value: 0.33x

HAWK
Petrohawk Energy
73 MBoE [+6/06 aq KCS 175 MBOE] (60% gas, 40% oil)
5.4 years [13 years w/ KCS acquisition]
N/A
$2.41Bn
$742M [pre-acquisition]
Standardized Measure/Enterprise Value: 0.31x

SWN
Southwestern Energy
150 MBoE (94% gas, 6% oil)
13.4 years
N/A
$5.52Bn
$1.4Bn ($10.08 gas)
Standardized Measure/Enterprise Value: 0.25x

IMO
Imperial Oil
[includes oil sands segment]
888 MBoE (ex oil sands
(23% gas, 77% oil & NGL’s)
7.2 years (ex oil sands
N/A
$31.2Bn
$4.3Bn ($9.44 gas) (ex oil sands)
Standardized Measure/Enterprise Value: 0.14x

SU
Suncor Energy
[Oil Sands: 83% 05 oil production & 76% of Net Income]
1.5 BBoE (95% oil sands, 5% gas)
28 years
Prob: 862 MBoE (oilsands)
Total resource: 12 BBoE
$37.3Bn
$1.66Bn (year end prices, excludes oil sands)
Standardized Measure/Enterprise Value: 0.04x







US/EU Majors:

CVX
Chevron
[E&P: 83% 05 EBIT]
reserves exclude oil sands segment
Reserves: 10.2 BBoE (35% gas, 65% oil & NGL) (14% Kazak (TCO) 23% US
R/P: 15.5 years
Probable and Possible Reserves: N/A
Enterprise Value: $119.05Bn
Standardized Measure: $95.7Bn (12% at TCO -50% own Kazak) (05 YE prices of oil and Standardized Measure/Enterprise Value: 0.80x

COP
ConocoPhilips [E&P: 62.3% 05 inc, Refining & Marketing 30.8%]
Reserves ex oil sands segment
8.9 BBoE (36% gas, 64% oil & NGL’s)(29% oil in US, 23% Lukoil, 19% Venezuela)
13.6 years
N/A
$92.48Bn
$70.6Bn (YE prices of oil and gas)(13.8% standardized measure in Russia, 9.8% in Venezuela)
Standardized Measure/Enterprise Value: 0.76x

BP
BP PLC
[E&P: 80% 05 income, Refining & marketing: 20%]
18.0 BBoE (44.8% gas, 55.2% oil and NGL’s) (39% oil in US, 22% oil in Russia)
12.4 years
N/A
$241Bn
$128.2Bn ($9.21 gas)(47% St. Meas. In US, 0% Russia)
Standardized Measure/Enterprise Value: 0.53x

STO
Statoil (Norway)
[E&P: 92% 05 inc, marketing & manufacturing: 8%]
4.26 BBoE (67% gas, 33% oil)(81% in Norway)
8.9 years
N/A
$57.0Bn
$28.9Bn (YE prices of oil and gas) (58% standardized measure in Norway)
Standardized Measure/Enterprise Value: 0.51x

REP
Repsol YPF
[E&P: 53% of 05 income, Refining & Marketing 43.5%]
3.3 BBoE (52% gas, 48% oil)
7.9 years
N/A
$48.8Bn
$24.2Bn (56% in Argentina, 1.3% in Boliva)
Standardized Measure/Enterprise Value: 0.50x

E
Eni SPA
[E&P: 75% 05 EBIT, Refining & Marketing 11%]
6.8 BBoE (44% gas, 56% oil) [31% of reserves in North & West Africa]
8 years
N/A
$119.1Bn
$55.7Bn (05 YE prices of oil and gas)
Standardized Measure/Enterprise Value: 0.47x

NHY
Norsk Hydro ASA (Norway) [E&P: 77% 05 inc, Alum: 12%]
2.05BBoE (58% gas, 42% oil)
9.9 years
N/A
$29Bn
$13.3Bn (YE prices of oil and gas)
Standardized Measure/Enterprise Value: 0.46x

RDS-A; RDS-B
Royal Dutch Shell [E&P: 68% 05 income, Oil products: 31%]
11.24 BBoE (59% gas, 41% oil)
Excludes oil sands segment
25.6 years
N/A
$230Bn
$75.0Bn (39% standardized measure in US & EU)
Standardized Measure/Enterprise Value: 0.33x

TOT
Total (France)
[79% 05 income E&P, 16.8% ref & marketing]
9.92 BBoE (33.6% gas, 66.4% oil and NGL’s)
11.4 years
N/A
$170Bn
$49.4Bn (YE prices of oil and gas) (37% standardized measure in Africa)
Standardized Measure/Enterprise Value: 0.29x

XOM
ExxonMobile
[65% 05 income E&P, 22% ref & marketing]
13.37 BBoE (42% gas, 58% oil and NGL’s) reserves exclude oil sands
9.0 years
N/A
$392Bn
$99.2Bn (YE prices of oil and gas) (55% of standardized measure in US/Can/EU)
Standardized Measure/Enterprise Value: 0.25x







Foreign Majors & Independents

TNT
Tatneft (Tatarstan, Russia)
[E&P: 96% 05 Income]
6.113 BBoE (4% gas, 96% oil)
29.8 years
Prob: 2.32 BBoE, pos:411.3 MBoE
$9.4Bn
$17.1Bn (YE Russian Prices – pre-inc. tax?)
Standardized Measure/Enterprise Value: 1.82x

HNR
Harvest Natural Res. [US owned, based in Venezuela]
36 MBoE (100% oil & NGL’s)
4.0 years
$207M
$329M (does not include proposed taxes in Venezuela)
Standardized Measure/Enterprise Value: 1.57x

TMY
Transmeridian Expl [US owned, based in Kazakhstan]
72.9MBoE (100% oil) (4% developed)
N/A (production not initiated)
129MBoE
$591M
$761M ($40 oil)
Standardized Measure/Enterprise Value: 1.28x

PBR
Petrobras (Brazil)
[E&P: 90% 05 income]
11.775 BBoE (17% gas, 83% oil)
15.4 years
N/A
$108Bn
$109Bn (YE prices of oil and gas)
Standardized Measure/Enterprise Value: 1.01x

PTR
PetroChina
[E&P: 100% 05 income, Marketing: minimal inc Refining: loss]
19.56 BBoE (41% gas, 59% oil)
18.4 years
N/A
$198Bn
$175.2Bn (YE Chinese Prices)
Standardized Measure/Enterprise Value: 0.88x

PZE
Petrobras Energia [Based in Argentina, 56% owned by Petrobras (Brazil)]
760 MMBoE (29% gas, 71% oil) (40% of reserves in Argentina, 35% in Venzula,2% in Bolivia)
12.2 years
N/A
$4.40Bn
20-F:$17.7Bn (does not include proposed taxes in Venezuela), est. $3.38Bn
Standardized Measure/Enterprise Value: 0.77x

CEO
China Ntnl Offshr Oil Co [E&P 100% 05 Income]
2.36 BBoE (68% oil)
5.6 years
N/A
$34.3Bn
$25.2Bn (YE Chinese Prices)
Standardized Measure/Enterprise Value: 0.73x

LUKOY
Lukoil (Russia)
[E&P: 52% 05 income, Ref & marketing 47.5%, Chemicals 2%]
20.33 BBoE (20.8% gas, 79.2% oil)(98% in Russia & Caspian)
29.6 years
Prob: 12.3 BBoE, Pos: 6.04 BBoE
$80Bn
$54.7Bn (YE 05 Russian Prices)
Standardized Measure/Enterprise Value: 0.68x

SNP
Sinopec (China)
[E&P: 70% 05 income, Marketing 15%, Chem: Refin: 15% loss]
3.362 BBoE (14.7% gas, 85.3% oil)
10.6 years
N/A
$81Bn
$44.1Bn (YE Chinese Prices)
Standardized Measure/Enterprise Value: 0.54x

EGY
Vaalco Energy [US owned, based in Gabon]
7.8 MBoE (99% oil) [99% in Gabon]
4.8 years
N/A
$428M
$161M ($56 oil) [note: 15% royalty to Gabon]
Standardized Measure/Enterprise Value: 0.38x

SSL
Sasol
[Synfuels: 52% 05 inc, Chemicals: 17.3%, refining: 13.1%, oil&gas:6.4%]
245 MBoE (93% gas, 7% oil)(excludes coal res)(93% in Mozambque
32.7 years
N/A
$24.0Bn
$4.0Bn
Standardized Measure/Enterprise Value: 0.17x

OGZPY
Gazprom (Russia)
130 BBoE (90+% gas)
N/A
N/A
$260Bn
n/a
Standardized Measure/Enterprise Value: n/a

ONGS
Oil and Natural Gas Corp (India)
4.5 BBoE
N/A
N/A
$40Bn
n/a
Standardized Measure/Enterprise Value: n/a

(1): Standardized Measure is defined by FASB 69 http://www.fasb.org/st/summary/stsum69.shtml as future cash flows from proven oil and gas properties assuming constant prices in future years, minus development costs, discounted at 10%. PV-10 does not include interest cost from debt, new exploration costs, hedging, and general and administrative costs.

1 Comments:

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