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Concho Resources Inc. Provides 2012 Operational Update And Increases 2013 Production Guidance

The following reconciliation of Concho’s estimated proved oil and natural gas reserves for year-end 2012 are based on reports prepared by Cawley, Gillespie & Associates, Inc. and Netherland, Sewell & Associates, Inc., independent petroleum engineers.

Proved reserves at December 31, 2011     386.5
Purchase of minerals-in-place 56.5
Sales of minerals-in-place (35.3 )
Extensions and discoveries 91.9
Revisions of previous estimates 1 (22.6 )
Production   (29.8 )
Proved reserves at December 31, 2012   447.2  

1 Includes 5.1 MMBoe of negative revisions due to price.

Concho’s costs incurred (including asset retirement costs) are as follows:

    Years Ended December 31,
2011     2012
(In thousands)
Property acquisition costs $ 524,979     $ 1,298,878
Exploration 562,679 781,174
Development   744,481   741,206
Total costs incurred for oil and natural gas properties $ 1,832,139 $ 2,821,258

For 2012, drill-bit finding and development costs, defined as the total costs incurred for oil and natural gas properties, less property acquisition costs, divided by extensions and discoveries, were $16.56 per Boe, as compared to $15.11 per Boe in 2011.

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