Netherland, Sewell & Associates, Inc., independent oil and gas reserves auditors, completed the year-end proved and probable reserves audits and currently are finalizing the possible reserves audit. All of the company's reserves are in the United States Gulf of Mexico or Gulf Coast, with approximately 75 percent being liquids, of which 95 percent is crude oil and condensate. Approximately 61 percent of proved reserves are proved developed."The horizontal drilling campaign was a key driver to our reserves growth in fiscal 2013," Energy XXI Chairman and CEO John Schiller said. "Since initiating the horizontal program a year ago, we have been successful in nine of our first 11 attempts. On average, the successful horizontal wells added about 1 MMBOE of incremental proved reserves per location due to higher recoveries of oil-in-place. We have addressed the early challenges associated with the program and the value generated by the overall horizontal program has been outstanding."
Energy XXI Provides Fiscal Year-End Reserves Estimates And Operations Update
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