Midstates Petroleum Company, Inc. (NYSE: MPO) (the “Company” or “Midstates”) today announced that it grew its year-end 2012 estimated proved reserves to 75.5 million barrels of oil equivalent (“MMBoe”), up 188% from 26.2 MMboe at year-end 2011. Midstates’ reserves were fully engineered by its third-party reserve engineers, Netherland Sewell and Associates (“NSAI”). See notes below for additional disclosures regarding definitions of terms used in this release.
Year-end 2012 reserves were comprised of 50% oil, 19% natural gas liquids (“NGLs”) and 31% natural gas. Of the total reserves, 37% are proved developed. Geographically, 36.8 MMBoe are in Louisiana, a 40% increase over 2011 year-end reserves, and 38.7 MMBoe are in Oklahoma. Midstates operates 94% of its reserves and improved its reserve life at year-end 2012 to 13.3 years using year-end 2012 proved reserves divided by annualized fourth quarter 2012 production rates.
|Total Proved Reserves||(MMBbl)||(MMBbl)||(Bcf)||(MMBoe)|
|Balance December 31, 2011||15.7||4.0||38.7||26.2|
|Extensions and discoveries||12.3||3.2||32.6||20.9|
|Purchase of reserves in place||13.0||7.8||85.3||35.0|
|Revisions of previous estimates||(1.4||)||(0.2||)||(8.5||)||(3.0||)|
|Balance December 31, 2012||37.5||14.2||142.4||75.5|
|Proved developed December 31, 2012||13.2||5.4||54.8||27.8|
|Proved undeveloped December 31, 2012||24.3||8.8||87.6||47.7|
During 2012, extensions, discoveries, and other additions added 20.9 MMBoe reflecting organic reserve replacement of 572% of 2012 production. The organic growth in Louisiana reserves was primarily from successful drilling activity during 2012 in the Pine Prairie and North Cowards Gully fields while fourth quarter drilling activity in the Mississippian Lime play in Woods and Alfalfa Counties added to Oklahoma reserves. Total Company production in 2012 was 3.6 MMBoe.
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