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CORRECTING and REPLACING Six New Wolfcamp Wells Generate Excellent Rates

Stocks in this article: EGN

Headline of release should read: Six New Wolfcamp Wells Generate Excellent Rates (sted: Four New Wolfcamp Wells Generate Excellent Rates)

The corrected release reads:

SIX NEW WOLFCAMP WELLS GENERATE EXCELLENT RATES

2014 Production, Capital Guidance Announced Energen Reports 4th Quarter 2013 Operating, Financial Results 3P Reserves and Contingent Resources Increase 96%

Highlights

  • Wolfcamp “B” well in western Reeves County sets known record for peak 24-hour IP (3-phase) in southern Delaware Basin at 2,387 boepd.
  • 7,000 foot Wolfcamp “B” well in Midland Basin (Glasscock County) produces at peak 24-hour IP (3 phase) of 1,387 boepd (80% oil) without artificial lift.
  • 2014 drilling and development capital estimated at $1.05 billion.
  • Permian Basin production in 2014 estimated to increase 16% year-over-year (YOY).
  • Oil and NGL (“liquids”) production estimated to increase 12%, building on company high 13.6 MMBOE in 2013.
  • 2013 Permian Basin production rises 27% YOY despite ≈240,000 BOE impact from 4 th quarter ice storms.

Energen Corporation (NYSE: EGN) has tested six new Wolfcamp wells in the Permian Basin, including two “B” bench wells in western Reeves County and two “B” bench well with 7,000-foot drilled lateral lengths in southern Glasscock County. All produced at very attractive initial rates. [See locator maps at www.energen.com ].

The Winchester 57-10 #1H in western Reeves County produced at a peak 24-hour rate (3-stream) of 2,387 boepd, which is the highest initial production (IP) rate for a southern Delaware Wolfcamp well known to have been publicly disclosed to date. Were it not for its shorter completed lateral length, the Tisdale 56-8 #1H – also in western Reeves County – likely would have been comparable to the Winchester.

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