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Energen Reports 4th Quarter And CY12 Operating And Financial Results

Stocks in this article: EGN

Energen Resources’ vertical Wolfberry program in the Midland Basin finished the year strong. During 2012 the company drilled 172 gross (167 net) Wolfberry wells. Some 179 gross (172 net) wells -- including 7 drilled in late 2011 – were completed and tested at an average initial stabilized rate of 90 BOE per day (75% oil); the average 30-day rate of the wells was 76 BOE per day (77% oil).

Through acquisition of proved property and leasehold during 2012, Energen Resources now has approximately 65,000 net acres in the Midland Basin that are prospective for the vertical Wolfberry play; approximately 34,000 net acres remain undeveloped. Based on 40-acre spacing, Energen Resources estimates that it has 850 potential locations remaining to be drilled; 20-acre downspacing could add another 800 locations.

Testing of the horizontal Wolfcamp shale continues in the Delaware Basin. The 4 wells remaining in the 2012 drilling program are in various stages of completion or testing. Successful results from these wells could help prove up the Wolfcamp potential in this region and add substantially to the company’s drilling inventory in the Delaware Basin.

Year-end Proved Reserves Total 346 MMBOE

Energen’s proved reserves at year-end 2012 totaled a record 346 MMBOE and were essentially unchanged from the prior year as record production and price-related, downward revisions offset the addition of previously classified unproved reserves and acquisition-related reserves. Oil and NGL reserves represent 61 percent of total proved reserves and are expected to increase as Energen continues to focus on the exploration and development of the liquids-rich Permian Basin.

Natural gas and NGL prices used for calculating reserves were down substantially in 2012 relative to 2011. Reserves pricing in 2012 was $2.76 per Mcf of gas vs $4.12 per Mcf in 2011; $0.88 per gallon of NGL (before transportation and fractionation) vs $1.23 per gallon in 2011; and $94.71 per barrel of oil vs $96.19 per barrel in the prior year.

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