8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.    20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
May 12, 2006
THE EXPLORATION COMPANY OF DELAWARE, INC.
(Exact name of registrant as specified in its charter)
Delaware	0-9120		84-0793089
(State of	(Commission File		(IRS Employer
incorporation)	Number)		Identification No.)
500 North Loop 1604 East, Suite 250
San Antonio, Texas		78232
(Address of principal executive offices)		(Zip Code)
(210) 496-5300
(Registrant's telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the    registrant under any of the following provisions (see General Instruction A.2. below):
o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01:  Regulation FD
The Registrant held its Annual Shareholders' Meeting on May 12, 2006 at 10:00 a.m. Slides used in the presentations are available on the Registrant's Web site at www.txco.com. An outline of the presentation slides has been included as Exhibit 99.1 to this Form 8-K.
Item 9.01:  Financial Statements and Exhibits
	Exhibit Number	Description
	99.1	Outline of presentation slides from Annual Shareholders' Meeting
The information contained in this report under Item 7.01, including the exhibits, is intended to be furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: May 15, 2006
THE EXPLORATION COMPANY OF DELAWARE, INC.
			/s/ P. Mark Stark
			P. Mark Stark
			Chief Financial Officer
			(Principal Accounting and Financial Officer)

EX-99

Exhibit 99.1
Presentation Outline for Annual Shareholders' Meeting Presentations May 12, 2006
Slide 1 - Continuing Growth                Annual Meeting of Shareholders                Petroleum Club of San Antonio                Friday, May 12, 2006
Slide 2 - Corporate Information
-     Headquarters: The Exploration Company; 500 North Loop 1604 East, Suite 250;                 San Antonio, Texas 78232; Phone: (210) 496-5300; Fax: (210) 496-3232; www.txco.com
-     Contacts:  Roberto R. Thomae, Vice President-Capital Markets, bthomae@txco.com
-     TXCO - NASDAQ Listed
-     Forward-Looking Information  -  Information presented herein which is not historical, including
	statements regarding TXCO's or management's intentions, hopes, beliefs, expectations, representations, projections, estimations, plans or predictions of the future, are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include those relating to estimated financial results, or expected prices, production volumes, reserve levels and number of drilling locations. It is important to note that actual results may differ materially from the results predicted in any such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the costs of exploring and developing new oil and natural gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling of oil and natural gas wells, as well as general market conditions, competition and pricing. More information about potential factors that could affect the company's operating and financial results is included in TXCO's annual report on Form 10-K for the year ended Dec. 31, 2005 and its Form 10-Q for the quarter ended March 31, 2006. These reports and TXCO's previously filed documents are on file at the Securities and Exchange Commission and can be viewed on TXCO's Web site at www.txco.com, copies of which are available from the Company without charge.
Slide 3 - TXCO Profile        Roberto R. Thomae        Vice President, Capital Markets        Corporate Secretary
Slide 4 - TXCO: A Profile Map of South Central United States of America with Maverick and Marfa Basins indicated. -     Full-Cycle Exploration Company        -  Lease / generate prospects / drill / produce - -     Multiple Emerging Resource Plays Maverick Basin - -     Continues as core focus        -   Glen Rose Porosity oil play        -   5 rigs in operation - -     1,000's of potential drilling prospects - -     Proved reserves of 38.8 Bcfe at Dec. 31, 2005        -   ~98% of TXCO total (39.4 Bcfe)        -   ~75% oil - -     Significant multi-play potential Marfa Basin - -     Provides new growth opportunities        -   Acquired 135,000 net acres in October 2005 - -     Prospective for Barnett and Woodford shales
Slide 5 - Strategic Alternatives Results Lay Foundation for Growth
-   TXCO Gains Enhance Shareholder Value, Accelerate Existing Business Plan - -   EnCana Partners with TXCO in Maverick Basin      -   Confirms basin's high potential      -   Emerging resource plays      -   Reaffirms TXCO's historical focus - -   $80 Million, All-Cash Transaction      -   Deleveraged balance sheet -- very low debt      -   Enhanced liquidity      -   EnCana acquired 3% of proved reserves, 20% of production at Sept. 1, 2005 - -   TXCO Nets Higher Working Interest In Promising Zones      -   Average 85% WI in Maverick Basin acreage      -   Glen Rose Porosity oil play
Slide 6 - TXCO's Maverick Basin Focus Area Map focusing in on TXCO's Maverick Basin lease area that indicates by shading the acreage covered by the EnCana joint venture and TXCO's Glen Rose/San Miguel acreage, as well as outlining the acreage covered by 3-D seismic data. - -   TXCO Acreage Block, 656,000 gross acres, 555,000 net acres - -   Over 90% 3-D seismic coverage 603,000 acres
Slide 7 - TXCO's Maverick Basin Pipeline-Marketing Synergy Map of pipeline superimposed over Maverick Basin lease map, indicating TXCO acreage, TXCO's Maverick-Dimmit Pipeline System, Area Pipelines, Compressor stations and Delivery points, as well as indicating the relative location of the Eagle Pass and Carrizo Springs communities and Mexico. - -     Strong infrastructure - -     Operational synergies - -     91-mile system provides:        -  Higher netback        -  U.S. / Mexico markets        -  Ongoing cost savings        -  Multiple delivery points - -     35 MMcfd current capacity - -     35% capacity utilization - -     100 MMcfd capacity potential - -     Enhanced basin-wide production monitoring
Slide 8 - Institutional Holdings Grow Chart indicating number of total shareholders and number of institutional shareholders by year from 1998 through present. Total shareholders ranges from around 4,000 from 1998 through 2002 to about 7,000 shares in 2005 and at present -- actual numbers not shown. Total institutional holders shown as follows: 1998 -- zero; 1999 -- 2; 2000 -- 1; 2001 -- 4; 2002 -- 21 -- 9%; 2003 -- 18 -- 14%; 2004 -- 29 -- 37%; 2005 -- 33 -- 39%; and 2006 to date -- 48 -- 45%.
Slide 9 - Financial Summary        P. Mark Stark        Vice President, Treasurer and        Chief Financial Officer
Slide 10 - Key Indicators Confirm Growth
Slide contains a data box and three bar charts: - -   Rolling 3-Year Metrics 2003 - 2005      -   Production Replacement - 220%      -   Drillbit Gross Profit ROI - 185%      -   Drillbit F&D Cost/Mcfe - $2.98 Chart 1 -- Bar chart indicating EBITDA, EBITDAX by year in millions for 2001 through 2005 and indicating a 38% CAGR for EBITDA. Actual dollar amounts not indicated. EBITDA ranges from approximately $5 million in 2001 to over $20 million in 2005. EBITDAX ranges from under $10 million in 2001 to almost $25 million in 2005. Chart 2 -- Bar chart indicating Proved Reserves* in Bcfe by year for oil and gas for 2001 through 2005, as follows: Oil -- '01 - 1.8, '02 - 8.9, '03 - 12.8, '04 - 20.2, and 2005 - 29.6; Gas -- '01 - 11, '02 - 14.7, '03 - 15.6, '04 - 17.7, and 2005 - 9.9. Chart 3 -- Bar chart indicating Total Revenues by year for 2001 through 2005 in millions, and a 49% CAGR. Actual dollar amounts not shown. Ranges from about $14 million in 2001 to about $67 million in 2005. *  Reflects sale to EnCana at Sept. 1, 2005
Slide 11 - Year-End Capitalization And Credit Statistics
Slide contains a data table entitled "TXCO's Stronger Financial Position" and a bar chart entitled "Stockholder Equity Growing," as follows: data box   ($ millions)                                                                           2004                                    2005 Capital Structure Cash & Equivalents                                                               $   3.1                                  $   6.1 Long-Term Bank Debt                                                              17.1                                      0.0 Preferred Shares                                                                       16.0                                       0.0 Stockholder Equity                                                                   65.7                                     83.3 Total Capitalization                                                               $ 95.4                                  $  83.5 Credit Statistics Debt/Cap                                                                              31.2%                                    0.3% Debt/Ebitda *                                                                          1.9x                                      0.0x Ebitda/Interest Expense                                                           6.1x                                      7.0x Debt/Proved Reserves ($/Bcfe)                                             $ 0.92                                    $ 0.01 The bar chart shows Stockholder Equity, "Debt-Preferred Stock", and "Debt-Bank and Other" by year for 2001 through 2005 and indicates a 38% CAGR. Actual dollar amounts not indicated. Stockholder Equity in shown as growing steadily from under $25 million in 2001 to over $80 million in 2005. Bank and Other debt is shown as growing from about $1 million in 2001 to almost $20 million in 2004, before being eliminated in 2005. Preferred Stock debt first appears in 2003 at about $16 million, which is also shown in 2004, and was eliminated in 2005.
Slide 12 - Key Metrics Demonstrate Stronger 1st Quarter Earnings
($ in millions, except per share amounts)                                   1Q06                                    1Q05 Oil & Gas Sales                                                                     $ 10.5                                   $   7.7 Total Revenues                                                                      $ 16.0                                   $  14.6 Operating Income                                                                   $   2.8                                   $   1.2 Net Income                                                                            $   1.3                                   $  (3.3) Earnings per Share                                                                 $  0.04                                   $(0.12) Ebitdax                                                                                  $   6.7                                    $   4.7 Ebitda                                                                                    $   6.3                                    $   4.2 * See Ebitda/Ebitdax reconciliation on TXCO's Web site
Slide 13 - Private Placement Transaction Summary -     Net Proceeds                             $29.9 million - -     Security                                     Common stock - -     Shares Sold                               3.0 million - -     Use of Proceeds                        Increased CAPEX budget for:                                                          -  Drilling rig acquisition                                                          -  Glen Rose Porosity wells                                                          -  Marfa Basin wells                                                          -  San Miguel tar sands pilot                                                          -  General corporate purposes - -     Co-Placement Agents               A.G. Edwards and Harris Nesbitt
Slide 14 - Revised 2006 CAPEX Guidance
Slide contains two pie charts showing budget dollars, number of wells and, in some cases, % for focus areas and Other. The first pie chart is titled "Initial CAPEX -- 57 wells", as follows:        Glen Rose -- 28 Wells, including 24 Porosity wells -- $23.3 million -- 54%; Georgetown --        10 Wells -- $6.6 million -- 15%; Other -- $2.4 million; Pena Creek San Miguel -- 10 Wells -- $3.0        million; and Pearsall -- 8 wells -- $8.0 million -- 18%. The second pie chart is titled "Revised CAPEX -- 90+ Wells" and shows expanded activity and focus areas, as follows:        Glen Rose -- 36 wells, including 32 porosity wells -- $30 million -- 42%; Georgetown --        10 Wells -- $6.6 million -- 9%; Other -- $2.4 million; Pena Creek San Miguel -- 10 Wells -- $3.0        million; Pearsall -- 8 wells -- $8.0 million; Drilling Rig -- $5 million; Marfa -- 2 Wells --        $5 million; and San Miguel Tar Sand -- 26 Wells -- $12 million -- 17%. - -   2006 target: $70 million --$80 million - -   150% increase over initial 2005 CAPEX - -   Focus on Glen Rose Porosity oil play
Slide 15 - Operations Summary        James J. Bookouts        Vice President, Chief Operating Officer
Slide 16 - TXCO Operational Snapshot
-  880,000 Gross Acres in Leasehold    -  Maverick Basin -- 656,000 acres (555,000 net)    -  Marfa Basin -- 140,000 acres (67,500 net)    -  Williston Basin -- 84,000 acres (83,000 net) - -  Dec. 31, 2005, Reserve Make Up    -  39.4 Bcfe -- 47.5% Proved Developed    -  75% Oil -- 5.0 MMBbls    -  25% Gas -- 9.7 Bcf    -  4% increase over YE 2004 - -  Oil and Gas Sales    -  2005 sales 4.6 Bcfe, -6.1% from 2004 -- post EnCana        -  Production mix 52% oil / 48% gas    -  Accelerating Glen Rose Porosity oil production    See appendix for definitions
Slide 17 - Maverick Basin Cross Section Drawing showing the relative positions of the following geologic formations:  Escondido, Olmos / CBM, San Miguel, Anacacho, Austin Chalk, Eagle Ford, Buda, Del Rio, Georgetown, Pryor, McKnight, Glen Rose, Pearsall, Pine Island, Sligo, Hosston and Jurassic. The slide also indicates 8 of the formations as potential resource plays (those have been underlined above). - -     20+ Productive Zones, Thousands of Drilling Prospects
Slide 18 - Continuing Reserve Growth Line chart shows reserves in Bcfe by formation in layers, by year for the period from 2001 to 2005 for: Glen Rose - oil; Glen Rose - gas; San Miguel - oil; Georgetown - gas; Georgetown - oil; Other Formations; and, Williston Basin - oil. The chart shows the growth in oil reserves from the San Miguel, and Glen Rose formations and the growth in gas reserves in the Glen Rose formations over the years. Also indicates a drop in gas reserves after the EnCana sale, with a 33% CAGR in proved reserves over the period presented. - -     Dec. 31, 2005 proved reserves were 39.4 Bcfe -- 47.5% proved developed - -     Net of 1.4 Bcfe in proved reserves sold to EnCana See appendix for definitions
Slide 19 - Maverick Basin Core Focus Glen Rose Porosity Oil Play Picture of seismic data for a portion of the lease with a span of 34 miles indicated with TXCO wells drilled for 2002 through 2005, 2006 wells, wells currently drilling, and 2006 focus areas indicated. - -    56 wells drilled since 2002 discovery - -   300+ potential drilling locations in inventory - -   4 rigs currently drilling - -   Average daily sales up 321%      -   1Q06:  1,184 BOPD     -   1Q05:     281 BOPD - -   Reserves targeted/well       -    EUR 140,000 Bbls - -    Drilling costs       -  Horizontal -- $1.0-1.25 million
Slide 20 - Glen Rose Porosity Production Type Curve -- Actual Line chart indicating production curves for the types of wells indicated in the table. Also marking each line with a star indicating the payout point. - -   GR Porosity Type Well EUR: 140,000 Bbls - -   Payout based on 36 MBbls @ $50 per Bbl Type                            No. Wells                 Cum Prod.              EUR   Best Well                                                        270 MB             428 MB Horz >1,000' in Zone              5                      163 MB             229 MB Horz < 1000' in Zone              4                        67 MB             111 MB Vertical                                 16                        88 MB               95 MB Horz -- Not in Zone                4                        29 MB               37 MB Horz < 200' in Zone                8                        40 MB               45 MB   Total Commercial Wells     37
Slide 21 - Top View Porosity Seismic -- 110' Bin Picture of seismic data for a portion of the lease with "I. & G.N.R.R.CO A-980" indicated, and showing the location of certain wells.
Slide 22 - Side View Porosity Seismic -- 110' Bin Picture of cross-section of seismic data for a portion of the lease showing a vertical well shaft through a low porosity area.
Slide 23 - Re-Binning Porosity Seismic Re-Binning Diagram -- Increased Spatial Resolution -   110 Foot Bin -- 2304 Traces / sq mile -- 8 Hours Computing Time - (9 sq mi) - -   55 Foot Bin -- 9216 Traces / sq mile -- 1 1/2 Days Computing Time - (9 sq mi) - -   27.5 Foot Bin -- 36864 Traces / sq mile -- 5 Days Computing Time - (9 sq mi)
Slide 24 - Top View Porosity Seismic -- 27.5' Bin Picture of seismic data for a portion of the lease with "I. & G.N.R.R.CO A-980" indicated, and showing the location of certain wells.
Slide 25 - Side View Porosity Seismic -- 27.5' Bin Picture of cross-section of seismic data for a portion of the lease showing the location of certain wells and a vertical well shaft through a low porosity area.
Slide 26 - Top View -- 110' -- 27.5' Bin Comparison Slide places two pictures of seismic data from prior slides side by side for comparison of level of detail.
Slide 27 - Side View -- 110' -- 27.5' Bin Comparison Slide places two pictures of seismic data from prior slides side by side for comparison of level of detail.
Slide 28 - TXCO's Other 2006 Maverick Basin Plays Drawing of geological formations with relative location of following plays indicated. San Miguel Waterflood - -   Sales = 204 BOPD (1Q06) - -   120+ potential infill locations - -   Current 2006 plan      -   10 gross wells (100% WI)      -   $3M CAPEX Georgetown Formation - -   Gas and oil play - -   Sales = 58 BOPD (1Q06) - -   300+ potential drilling locations - -   Current 2006 plan      -   10 gross wells (100% WI)      -   $6.6M CAPEX Pearsall Formation - -   Deep gas play - -   EnCana JV (50% WI) - -   Current 2006 plan      -   8 gross wells      -   $8M CAPEX
Slide 29 - Pearsall Shale Gas Play Map of Maverick Basin lease area that indicates area prospective for Pearsall and areas where the rights to that formation are owned by TXCO or EnCana. - -   Unconventional gas play - -   Blanket presence - -   Overpressured formation - -   Horizontal drilling and fracturing - -   3-D seismic defined
Slide 30 - Pearsall Historical Production Pearsall Hydrocarbon Distribution Map with the following items labeled: - -       Early Wells, No Pipeline, Normal Pressure - -       F @ 1.4 MCFG, +9 BC/hr, 4,000 #, FTP - -       30 MMCFG, 796 BC, Normal Pressure - -       2 MMCFG, 74 BC - -       7 MMCFG, 203 BC - -       Chittim Field, 2,535,288 MCFG, 86,927 BC, 10 Wells, High Pressure - -       Los Cuatros Field - 19,423 BCFG, 170,172 BC, 44 Wells, High Pressure - -       55 MMCFG - -       High Pressure, 18.4# Mud - -       Strong Show, High Pressure - -       80' Flare, Reported Good Well
Slide 31 - Pearsall Type Log Slide contains an Electric Log and Mud Log for the Machi-Ross #2 Turney-Winn well.
Slide 32 - Looking Ahead
James E. Sigmon                 President and Chief Executive Officer
Slide 33 - New West Texas Shale Play Map of south central US, indicating the Ouachita and Appalachian Thrusts; the Marathon, Llano and Ozark uplifts; the Marfa, Delaware, Val Verde, Kerr, Fort Worth, Arkoma, and Black Warrior basins, and locations where Barnett, Woodford and Fayetteville Shales have been developed. Map also indicates location of the Maverick Basin. - -     Underexplored Marfa Basin lies along Ouachita Overthrust
Slide 34 - Marfa Basin Well Log Cross Section Copy of logs for Exxon's J.P. Kennedy #1, El Paso Natural Gas Co.'s Simpson #1 and Pure Oil Co's J.F. Lane #1 wells. Each log indicates the Pennsylvanian/Mississippian Gas-Bearing Shale Wedge, the Mississippian Lime, Woodford Shale and Devonian portions.
Slide 35 - Marfa Basin Prospect -     Unexplored Basin Along Ouachita Overthrust        -   Geologically Similar to Gas-Prone Fort Worth And Arkoma Basins - -     Excellent Geochemical Characteristics        -   Barnett and Woodford shales present        -   400' - 1,200' thick shales        -   High gas-in-place potential        -   Organically rich -- good TOC        -   Thermally mature in gas window - -     Initial Exploration/Development in 2nd Half 2006        -   2 wells planned - -     Other Leading Shale Players in Delaware Basin        -   EnCana, Burlington, EOG, Quicksilver, Carrizo, Petrohunt, etc.
Slide 36 - TXCO's Marfa Basin Lease Block Map of south central US indicating the location of the Marfa basin, with enlargement showing the TXCO, Quicksilver and Carrizo acreage and the relative position of the Marfa and Alpine communities. - -     TXCO acreage block acquired October 2005 - -     140,000 gross acres - -     135,000 net acres
Slide 37 - New Marfa Basin Partner -  Continental Resources New TXCO Partner     -   Established private firm, going public          -   Applied for NYSE listing     -   Focus on large, repeatable resource plays     -   Expertise in horizontal drilling, enhanced recovery, advanced-fracture stimulation, shale gas plays - -   Continental Acquired 50% Interest in Entire Block - -   Continental Will Serve as Operator
Slide 38 - Maverick Basin Tar Sands Map of Kinney, Maverick, Zavala and Dimmit Counties indicating the focus area for San Miguel tar sand, primarily in northern Maverick County. . - -    2-4 billion Bbls* estimated in place - -   Experienced Canadian partner -- Pearl E&P (50% WI)      -   Carried TXCO on first two wells and steam generation facilities - -   Analogous to Canada's Cold Lake field - -   26 pilot wells scheduled for 2nd half of 2006 - -   New technology, higher oil prices improve economics * Estimates prepared for the United States Geological Survey
Slide 39 - TXCO's New Drilling Rig -  Increased Operating Flexibility, Lower Costs - -   Currently Being Refurbished - -   Expected to Enter Service In Early 3rd Quarter - -   Good Match for TXCO Projects     -   900 horsepower     -   Rated to 9,500 feet
Slide 40 - TXCO's 1-Year Stock Performance
Line chart shows stock performance for TXCO, weekly for May 2005 through May 2006, with a bar chart indicating volume of trading and a line for TXCO's 30-day moving average for the same period. Beginning and ending prices labeled as $4.63 and $11.81, respectively. Sections are labeled, as follows: - -   Mid-2005 -- Strategic Alternatives - -   September 2005 -- EnCana Sale - -   January 2006 -- A.G. Edwards Coverage & YE05 Operations Update - -   February / March 2006 -- 1Q06 Operations Update Boxes contain the following data: - -   Comp/Trade/USD - -   Last -- 11.81 - -   High 03/28/06 -- 13.09 - -   Average 7.0218 - -   Low 08/29/05 -- 3.90 - -   SMAVG on Close(30) -- 11.8153 - -   Volume 0.275m - -   SMAVG on Volume(30) 0.474m Source: Bloomberg
Slide 41 - Why Own TXCO Now? -     Dominate Position in the Maverick Basin         -   Multiple emerging resource plays       -   1000's of potential drilling locations       -   Increased WI in core Glen Rose Porosity oil play       -   Integrated infrastructure - -     EnCana JV: Accelerates Growth, Validates Acreage - -     Marfa Basin West Texas Shale Play Provides Significant Growth Potential       -   Prospective for Barnett and Woodford shales - -     Explosive Potential for Substantial Reserve and Production Growth       -   Revised 2006 CAPEX budget: $70M -- $80M - -   Exploration Team with Proven Track Record        -   Demonstrated basin's multi-play/multi-pay potential        -   Advanced technologies mitigate risk
Slide 42 - Continuing Growth Visit us on the Web at www.txco.com
Slide 43 - Appendix -   Acreage Position -- Gross/net mineral acres held under lease or option -   Average Daily Sales Volumes -- Sales volumes approximate field production volumes after the impact of fuel, shrink, venting and/or downtime related to pipeline curtailment, amine/processing plant capacity, weather, compression, or routine repairs and maintenance. - -   CAGR -- Compound annual growth rate - -   Cash Flows -- Net cash provided by operating activities - -   Debt-to-Capitalization Ratio -- Total debt over (total debt plus total stockholder equity) - -   Drillbit Finding and Development Costs -- Per Mcfe, including exploration costs and actual drilling costs incurred compared to the volume of new reserves added, prior to any revisions in engineering estimates. - -   Ebitdax and Ebitda -- See the Investor Relations section of the Company's Web site at www.txco.com for a reconciliation of non-GAAP financial measures. - -   Enterprise Value -- Diluted shares (assuming exercise of all outstanding options and warrants), times share price, plus debt, plus preferred equity, less cash and equivalents. - -   EUR -- Estimated ultimate recovery - -   Gross Profit -- Oil and gas revenues less operating expenses and G&A costs - -   Gross Profit Return on Investment -- Gross Profit divided by Finding and Development Costs - -   MBbls/MMBbls - Thousand/million barrels of oil - -   Mcf -- Thousand cubic feet of gas - -   MMcfd -- Million cubic feet of gas per day - -   Mcfe/MMcfe/Bcfe/Tcfe -- Thousand cubic feet equivalent / Million cubic feet equivalent / Billion cubic feet equivalent / Trillion cubic feet equivalent - -   Pro Forma Numbers -- For the quarter ended Sept. 30, adjusted for sales of properties to EnCana. - -   Proved Reserves -- Interim estimates internally generated. Year-end estimates prepared by independent reservoir engineers. Reserve estimates prepared in accordance with SEC and FASB requirements. - -   ROI -- Return on investment - -   TOC -- Total organic carbon present in a formation. A basic chemical analysis of source rock.