HOWELL CORPORATION

As of December 2002, Howell Corporation was acquired by Anadarko Petroleum Corporation. Howell Corporation and its subsidiaries engage in the exploration, production, acquisition, and development of oil and gas properties in the United States. The company's exploration and production activities are conducted by its wholly owned subsidiary, Howell Petroleum Corporation, and are concentrated primarily in Wyoming. As of December 31, 2001, its estimated proved reserves were 39.9 million barrels of o... il and plant liquids, and 32.8 billion cubic feet of gas. The core area and major producing areas for Howell include the Salt Creek and Elk Basin fields. The Salt Creek field is located in the Powder River Basin in Natrona County, Wyoming. The company's working interest varies from 98.1% to 100% in this multipay field. There are 758 producing wells and 594 injection wells located in the light oil unit on a flood pattern of approximately five acre well spacing. As of December 2001, the field was producing 4,584 barrels per day of sweet crude oil, 166 barrels per day of sour crude, and 36 barrels per day of natural gas liquids (NGLs) net to the company. The Elk Basin field is located in the Bighorn Basin in Park County, Wyoming and Carbon County, Montana. The productive horizons range in depth from 1,700 feet to 6,000 feet, with the majority of the production coming from the Embar-Tensleep and the Madison formations. As of December 31, 2001, the field was producing 3,578 barrels per day of oil and 467 barrels per day of NGLs net to the company, from 246 producing wells and 72 injecting wells. The Salt Creek and Elk Basin fields represent 36.8 million barrels of oil equivalent, or 81% of the company's total proved reserves.More