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COFF

CROFF ENTERPRISES, INC.

ABOUT CROFF ENTERPRISES

Croff Enterprises, Inc. is engaged in the business of oil and gas exploration and production, primarily through ownership of perpetual mineral interests and acquisition of producing oil and gas leases. The Company's principal activity is oil and gas production from non-operated properties. The Company also acquires, owns, and sells producing and non-producing leases and perpetual mineral interests. Croff participates as a working interest owner in approximately 50 wells or units of several wells. Croff holds small royalty interests in approximately 200 wells.

Croff Enterprises, Inc. was founded as Croff Mining Company in 1907. It changed its name to Croff Oil Company in 1952, and in 1996 it changed its name to Croff Enterprises, Inc. The Company, however, continues to operate its oil and natural gas properties as Croff Oil Company. The Company offices are located in downtown Denver at 621 17th Street, Suite 830, Denver, Colorado 80293.

Croff has been in business for nearly 100 years. Formed originally to hold placer mining claims in Utah, its stock was traded on the Salt Lake Stock Exchange for many years until that Stock Exchange was closed in the early 1980s. The Company was one of the earliest companies to register with the Securities and Exchange Commission, once the Securities and Exchange Commission was created in 1933, and has been a fully reporting public company for seven decades. Croff may be the smallest, profitable, fully reporting public Company in the U.S. We pride ourselves on keeping the overhead of the Company low and utilizing cash flow to grow. The present management and Board of Director's first year of managing the Company was 1986. You can find out more about us in the Corporate Profile section of this website.

CORPORATE PROFILE

Croff’s business strategy is focused on targeting opportunities that are of lower risk with the potential for stable cash flow and long asset life while seeking to keep operating costs low. The Company over the last four years acquired three wells in Michigan, one well in Montana, six wells in Oklahoma and eight wells in Texas. The Company continues to actively explore oil and natural gas properties that may fit into our overall business strategy. The Company’s plans for ongoing development, acquisition and exploration expenditures, and possible equity repurchases over and beyond the Company’s operating cash flows will depend entirely on the Company’s ability to secure acceptable financing.

At December 31, 2003, the Company had 1,036,039 thousand cubic feet equivalent (Mcfe) of proved reserves having a pretax present value (PV10%) of $1,464,000 based on non-escalated prices and costs. The valuation reflected average wellhead prices of $4.03 per Mcf and $30.14 per barrel at year-end. During 2003, the quantity of the Company’s reserves increased 19%. The growth was attributable to acquisitions which increased reserves by 34,036 barrels of oil and 91,496 Mcf of natural gas and increased the pretax present value (PV10%) by approximately $450,000. In addition, the value of the Company’s proved reserves increased as a result of higher prices at December 31, 2003 as compared to December 31, 2002. At December 31, 2003, approximately 51% of the Company reserves were natural gas. Oil and natural gas equivalents are based on 6 Mcf of natural gas being equivalent to one barrel of oil.

The Company has acquired rights in certain oil and gas properties for a proposed drilling program to develop oil and natural gas producing trends in the Wilcox, Edwards and Georgetown in south Texas, titled the “2004 Yorktown Re-entry Program”. The 2004 Yorktown Re-entry Program currently contains eleven re-entry prospects on 1,100 leased acres. The 2004Yorktown Re-entry Program primarily targets gas zones in the Wilcox bypassed in original wells drilled in the 1950’s and 1960’s to the Wilcox and Edwards. Some of these wells were drilled to the Edwards Limestone and were new field discoveries. Extensive evaluation of these wells using petrophysical logs, company records and public data have revealed that many zones in the eleven previously drilled wells either tested gas or calculated as productive. The wells were not completed due to a number of reasons including, poor gas price, lack of gathering and pipeline infrastructure, prohibitive cost of completion, and lack of fracture stimulate technology. These factors resulted in either the premature abandonment of uneconomic wells or the plugging of the well as a dry hole. The Company is actively seeking financing for this program.

Today gas and oil prices are at or near record levels and all indications are suggesting that prices will remain high for some time. In today’s environment these by-passed opportunities are once again economically attractive. Modern frac technology specialized to specific reservoir situations is readily available and cost effective.

The Company is operated by a five-member Board of Directors.

The Company's financial results are reported each quarter and annually following an audit. The Company is a fully reported public company and its results can be found on Edgar, by requesting financial results from the Company or from Mergent (formally Moody's) Corporate Visibility Program. This may be accessed at www.fisonline.com. Listed on your left are the Company's most recent quarterly and annual reports.

CURRENT DEVELOPMENTS

The Company issues its financial statement as filed with the Security and Exchange Commission. Click the top link on the left panel to obtain the most recent SEC filings and the most current financial statements. For a more complete list, please see the Corporate Profiles section.

If you have any other questions which are not answered by the information on the left, please go to the Contact us section where you will find information on reaching someone from Croff. We appreciate your interest in the Company.

INVESTOR RESOURCES

Croff has two classes of shares currently issued. The Company is now establishing a Clearinghouse that will be continuously available on this website. Croff Common Shares represent the non-oil and gas assets of the Company. Croff's Preferred B Shares represent Croff Oil Company or the oil and natural gas assets of the Company. Currently, Croff is seeking to grow the Company outside of oil and natural gas production by merging with a private company seeking access to the public market. The Preferred B Shares are not registered, but were created by the Company to allow existing shareholders to retain the perpetual mineral interests and other oil and natural gas leases in the event of a merger of the parent company. In order to allow shareholders to sell the Preferred B Shares, which are not registered, and do not have a CUSIP number, the Company has been conducting a clearinghouse each year to allow buyers and sellers to trade their shares. The Company historically conducted this Clearinghouse by mail, at no cost to buyers or sellers, in order to provide liquidity in the Preferred B Shares.

This website enables any holder of Croff Common Stock or Preferred B Shares to buy or sell their shares online through the Clearinghouse. The shareholder Clearinghouse is available through the online trading section of the Croff website. This is a fully disclosed site, which requires any buyer and/or seller to fully disclose who they are. All transactions will close through the Company's offices, so Croff will continue to act as the clearinghouse for the shares. The Company acts as its own transfer agent for the Preferred B Shares, and utilizes ComputerShare Investor Services, Inc. at 12039 West Alameda Parkway, Suite Z-2, Lakewood, Colorado 80228, as its transfer agent for the common shares. Common Shares may be traded over the counter, through a broker, as well as on this site.

CONTACT US

You may contact Croff Enterprises, Inc. by email, fax, or phone. Listed below are the current officers of Croff and their contact information. We are a small company and will be pleased to talk to you directly by phone, or through email, to answer your questions.

General Information:
Gerald Jensen
President
3773 Cherry Creek Drive North Suite 1025 Denver, CO 80209
Ph: (303) 383-1555
Fax: (303) 383-5018
jerry@croff.com

Investor Relations:
Kelle Thomas
Assistant Secretary
3773 Cherry Creek Drive North Suite 1025
Denver, CO 80209
Ph: (303) 383-1555
Fax: (303) 383-5018
kelle@croff.com

www.croft.com

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CROFF ENTERPRISES, INC.

ABOUT CROFF ENTERPRISES

CORPORATE PROFILE

CURRENT DEVELOPMENTS

INVESTOR RESOURCES

CONTACT US

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