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Energen Reports 4th Quarter And CY12 Operating And Financial Results

Potential reserves not yet reflected in Energen’s probable and possible reserves include Wolfberry downspacing, horizontal Cline in the Midland Basin, horizontal Wolfcamp in the Delaware Basin, and horizontal Avalon shale in the Delaware Basin. Energen also has identified 685 net horizontal Wolfcamp locations (Upper, Middle, and Lower) that are not currently included in the company’s unproved reserves.

Oil and natural gas liquids now comprise more than 55 percent of Energen’s proved and unproved (3P) reserves, and the Permian Basin is home to 52 percent of the company’s 3P reserves.

YE2012 3P Reserves (MMBOE)
Basin     Proved     Probable     Possible     Total Unproved     3P Total
Permian     225.0     62.8     101.6     164.4     389.4
  • Delaware Basin
35.7 4.6 3.4 8.0 43.7
  • Midland Basin
110.1 44.8 38.6 83.4 193.5
  • Central Basin Platform
79.2 13.4 59.6 73.0 152.2
San Juan 100.9 49.4 188.5 237.9 338.9
Other     20.5     2.0     2.3     4.3     24.7
TOTAL     346.4     114.2     292.4     406.6     753.0

The definitions of probable and possible reserves imply different probabilities of potential recovery in each classification; the quantities reported here are unrisked and based on the Company’s best estimate of current costs to drill wells in each basin/area and bring associated production to market.

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