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We are an independent oil and gas exploration, exploitation, development and production company operating both internationally and domestically. Our operations are divided into four operating segments. Our domestic operations are conducted through our wholly-owned subsidiary, Gulf Energy Management Company ("GEM"). GEM's operations consist of exploration, exploitation, development, production and acquisition efforts in the United States, principally in the onshore and offshore Gulf Coast regions of South Texas and Louisiana. Our international crude oil exploration and production operations are conducted through our approximately 62% (as of June 2005) ownership of Global Energy Development PLC (“Global”) which is listed on the Alternative Investment Market (“AIM”) of the London Stock Exchange and operates in Colombia, Peru and Panama. During 2004, we invested in International Business Associates, Ltd. ("IBA") which comprises our third segment. IBA focuses primarily on opportunities created by the recent deregulation of the energy markets in Eastern Europe by seeking to trade energy futures or other energy based contracts, principally in Hungary and the United States. Our fourth operating segment, ("HEC Corporate"), operates and manages our investments in GEM, Global and IBA. HEC Corporate also manages public company compliance and may seek to raise financing through the issuance of debt, equity and convertible debts instruments, if needed, for the utilization of acquisition and development opportunities as they arise