Mr. Harper: Pure was formed in May of 2000. It was the combination of a public company called Titan Exploration and Unocal's Permian Basin business unit. When that merger was completed Unocal owned 65% of the company and the former Titan shareholders owned 35%. Since then, we have done two sizable acquisitions. One closed in January of 2001, that was the IP Petroleum transaction (which was the oil and gas subsidiary of International Paper), and in May of this year we closed the Hallwood Energy transaction (it was an E&P company based in Denver). The IP acquisition is now fully integrated; we're in the process of doing the same with Hallwood, and we hope that by the end of July we will have it absorbed, as well. With those two acquisitions, that's really where we are today. One other point of history for the company is that we've recently completed an investment-grade bond deal for 350 million.
TWST: When you look at the company today, what is the mix of production?
Mr. Harper: We're about 65% gas, 35% oil, and that's the same with our
reserves.
Tickers included in this excerpt: PRS
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