EXCO Resources' Proved Reserves Increase 52%
EXCO Resources has continued its strategy of acquiring long-lived oil and natural gas reserves through both acquisitions and leasing, applying geoscience and other technology to enhance properties, exploiting all potential horizons and drilling aggressively to develop additional reserves. EXCO's headcount has grown from 471 employees on December 31, 2006 to 689 employees on December 31, 2007, of which 406 directly support field operations. Its gross productive well count has increased from approximately 8,000 gross wells at the end of the fourth quarter of 2006 to approximately 10,300 gross wells at the end of the fourth quarter of 2007.
Our estimated proved reserves have grown 52%, from 1,250 Bcfe at December 31, 2006 to approximately 1,902 Bcfe at December 31, 2007, with both cases calculated at $8 per Mcf natural gas and $60 per barrel oil pricing. Similarly, our estimated total proved, probable and possible reserves have more than doubled, growing from 1,911 Bcfe at December 31, 2006 to 4,192 Bcfe at December 31, 2007.
Fourth quarter 2007 net production volumes totaled 376 Mmcfe per day, a 90% increase over the prior-year period production of 198 Mmcfe per day. For full year 2007, net production volumes totaled 121.3 Bcfe, for an average of 332 Mmcfe per day, a 144% increase over the prior year average of 136 Mmcfe per day reflecting the effects of our acquisition and development efforts. While our organic growth remains in the 5-6% per year range, we believe upside exists across the portfolio through additional exploitation of our base, continued efficiency improvement, and development of potential resources.
- EXCO Halts Drilling In Eagle Ford Shale, Cites Low Oil Prices (Oct 27)
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- EXCO Finalizes $725M Deal with Harbinger Group (Feb 15)