|Sales Volumes||Average Price|
|Developed Properties (a)||106,310||$||98.28|
|Remaining Properties (b)||17,099||$||96.45|
|(a) Crude oil sales represented 97% of sales volumes.|
|(b) Crude oil sales represented 100% of sales volumes.|
- 80% of the net profits from the sale of oil and natural gas production from the Developed Properties.
- 7.5% of the proceeds (free of any production or development costs but bearing the proportionate share of production and property taxes and post-production costs) attributable to the sale of all oil and natural gas production from the Remaining Properties located on PCEC’s Orcutt properties, or
- 25% of the net profits from the sale of oil and natural gas production from all of the Remaining Properties.