Petrol Industries, Inc. is engaged in a single industry segment that includes drilling for and producing oil and gas on leased property located in the Caddo Pine Island Field and the Shreveport Field, both in Caddo Parish, Louisiana. During the year ended December 31, 2003, the Company's leases contain eight completed gas wells, 18 completed wells producing oil and gas and 157 completed oil wells in the Annona Chalk zone. The Company operates an aggregate of 130 wells producing oil or oil and gas. Its oil production comes from property characterized as stripper well property that is located thereon produced an average of 10 barrels or less per day. In 2003, its interests in oil wells and gas wells taken together with oil wells owned by the limited partnerships organized in connection with its 1979 drilling program had a gross production of 26,766 barrels of oil and 4,910 thousand cubic feet (MCF) of gas and production of 26,695 barrels of oil and 4,910 MCF of gas.