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Report of Independent Registered Public Accounting Firm




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RAVEN OBO PROPERTIES
 STATEMENTS OF REVENUES AND DIRECT OPERATING EXPENSES
OIL AND NATURAL GAS PROPERTIES ACQUIRED FROM
RAVEN RESOURCES, LLC
 Year endedDecember 31,
    
    
    Six months ended June 30,2006
    
    
    2006
    
    
    2007(Unaudited)Revenues  oil and natural gas sales
    
    $
    6,052,994
    
    
    $
    3,090,135
    
    
    $
    2,721,249Direct operating expenses:Production and other taxes
    
    
    433,377
    
    
    
    221,266
    
    
    
    189,245Lease operating expenses
    
    
    1,627,765
    
    
    
    807,977
    
    
    
    967,658Total direct operating expenses
    
    
    2,061,142
    
    
    
    1,029,243
    
    
    
    1,156,903Revenues in excess of direct operating expenses
    
    $
    3,991,852
    
    
    $
    2,060,892
    
    
    $
    1,564,346
  4




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RAVEN OBO PROPERTIES
NOTES TO STATEMENTS OF REVENUES AND DIRECT OPERATING EXPENSES
 (1) Basis of Presentation
       5




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RAVEN OBO PROPERTIES
NOTES TO STATEMENTS OF REVENUES AND DIRECT OPERATING EXPENSES
 (continued)
 (2) Supplemental Financial Information for Oil and Natural Gas Producing Activities (Unaudited)
  (a)
    
    Reserve Quantity Information
   NaturalOil
    
    Gas
    
    NGL(MBbls)
    
    (MMcf)
    
    (MBbls)Total Proved Reserves:Balance, December 31, 2005
    
    
    1,043
    
    
    
    2,380
    
    
    
    194Revisions of
previous estimates
and improved
recovery
    
    
    (81
    )
    
    
    (106
    )
    
    
    1Production
    
    
    (69
    )
    
    
    (201
    )
    
    
    (11
    )Balance, December 31, 2006
    
    
    893
    
    
    
    2,073
    
    
    
    184Proved Developed Reserves:December 31, 2005
    
    
    1,043
    
    
    
    2,380
    
    
    
    194December 31, 2006
    
    
    893
    
    
    
    2,073
    
    
    
    184
 (b)
    
    Standardized Measure of Discounted Future Net Cash Flows Relating to Oil and Natural
Gas Reserves
  6




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RAVEN OBO PROPERTIES
NOTES TO STATEMENTS OF REVENUES AND DIRECT OPERATING EXPENSES
 (continued)
   December 31,2006(in thousands)Future production revenues
    
    $
    71,096Future costs:Production
    
    
    (35,318
    )Development
    
    
    (272
    )Future net cash flows before income taxes
    
    
    35,50610% annual discount for estimated timing of cash flows
    
    
    (17,565
    )Standardized measure of discounted net cash flows
    
    $
    17,941
  December 31,2006Oil (per Bbl)
    
    $
    56.40Natural Gas (per MMBtu)
    
    $
    6.05NGL (per Bbl)
    
    $
    44.33
 7




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RAVEN OBO PROPERTIES
NOTES TO STATEMENTS OF REVENUES AND DIRECT OPERATING EXPENSES
 (continued)
  Year endedDecember 31,2006(in thousands)Increase (decrease):Sales, net of production costs
    
    $
    (3,992
    )Net change in sales prices, net of production costs
    
    
    (4,480
    )Revisions of previous estimates and improved recovery
    
    
    (1,246
    )Revisions of estimated development costs to be incurred
    
    
    (258
    )Previously estimated development costs incurred
    
    
    44Other
    
    
    1,608Accretion of discount
    
    
    2,354Net decrease
    
    
    (5,970
    )Standardized measure of discounted future net cash flows:Beginning of year
    
    
    23,911End of year
    
    $
    17,941
  8