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REEF NEWS
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Sand Dunes Project First Endeavor as Part of New Global Energy Ventures IX Offering
 In February 2007 Reef Exploration entered into lease agreements to drill 20 locations in the Livingston Ridge Field in Eddy County, New Mexico. Reef plans to commence operations on the Sand Dunes Project to coincide with the closing of the Global IX drilling partnership and will utilize a multi-rig program to maximize tax deductions for the partnership in 2007. Production is expected to begin...
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Reef Closes 2006 with Tunstill & Matthews Acquisitions
 Reef recently purchased two Delaware Basin oil and gas fields in West Texas for approximately $18.5 million. The company acquired 100% of the working interest in the Matthews field located in Reeves County and approximately 97% of the Tunstill field in Loving County. A portion of this acquisition was allocated to Reef Oil & Gas Income and Development Fund II, L.P. (The Fund), with a December 1, 2006 effective date for earning income from these fields...
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INDUSTRY NEWS
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Production Cuts and Weather Boost Crude Oil Prices
 OPEC (Organization of Petroleum Exporting Countries) production cuts made their way to US oil markets just in time for surging winter heating demands. After reaching a record high of $78.40 a barrel in July 2006, largely due to the threat of supply disruptions resulting from fighting between Israeli troops and the Hezbollah in Lebanon, oil prices fell to below...
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Natural Gas Remains “Hot Commodity” Among North Americans
 Natural gas, the cleanest burning fossil fuel, still ranks a favorite among American energy consumers with roughly 52 percent of all residential customers choosing it to heat their homes. According to Chris Conway, Chairman of the Natural Gas Supply Association (NGSA), "The country continues to appreciate the comfort and convenience of natural gas, which is 83 percent domestically produced."
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ENERGY PRICES
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Crude Oil Prices
[Week of February 15th--22nd]
 Crude oil prices rallied mid-week, just prior to the release of weekly U.S. government data summarizing the status of the nations’ energy stockpiles. In New York, Wednesday, Feb. 21st, U.S. light, sweet crude oil for April delivery climbed...
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Natural Gas Prices
[ Week of February 15th--22nd]
 Natural gas spot prices fluctuated and transitioned this week following the weather pattern as last week’s extreme cold snap eased to more moderate temperatures. At the Henry Hub, the spot price decreased $1.40 per MMBtu, roughly 16 percent, to $7.51 per MMBtu as prices responded to...
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