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PDC Energy Reports Record Year-End 2013 Proved Reserves Of 266 MMBoe And PV-10 Before Tax Value Of $2.7 Billion; Increase In 3P Reserves Of 45% To 854 MMBoe; Replaced 1,320% Of Production From Continuing Operations
DENVER, January 28, 2014 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) today reported 2013 year-end reserves and production.
2013 Proved Reserves
Total proved reserves as of December 31, 2013 were 266 million barrels of oil equivalent ("MMBoe"), compared to 193 MMBoe reported as of December 31, 2012. Taking into account the Company's sale of approximately 16 MMBoe of proved developed ("PD") reserves in the divestiture of its non-core Colorado dry gas assets and Appalachian shallow Upper Devonian dry gas assets, the reserve increase from continuing operations was approximately 50%. The Company's before tax PV-10 proved reserve value increased to $2.7 billion at December 31, 2013 compared with $1.7 billion at year-end 2012, driven primarily by highly economic reserve additions in the liquid-rich Wattenberg Field. Proved reserves at year-end 2013 were comprised of approximately 54% liquids and 46% natural gas.
The Company's proved reserve additions included further Wattenberg downspacing and an increase in per well reserves in the horizontal Niobrara and Codell formations, as well as initial proved reserve bookings in the Utica Shale play. Total proved undeveloped ("PUD") horizontal locations in the Wattenberg Field increased to 623, including 543 in the Niobrara play and 80 in the Codell play.
James Trimble, Chief Executive Officer and President, stated, "Our 2013 year-end reserve estimates set several records for the Company, including total proven and 3P reserves, reserve additions, percent liquids, and before tax PV-10 value. Additionally, we booked initial reserves from our Utica Shale play and are seeing strong production growth from this emerging liquid-rich area. We also experienced solid production for the full-year 2013 of approximately 7.3 MMBoe. Our plan is to ramp up the pace of development by adding a fifth drilling rig in Wattenberg in the second quarter of 2014 and a second drilling rig in the Utica in the second half of 2014."