Energen Adds 2010 Hedges

Energen Corporation announced that its oil and gas exploration and production subsidiary, Energen Resources Corporation, has hedged another 30 billion cubic feet (Bcf) of its 2010 natural gas production at an average NYMEX-equivalent price of $9.23 per thousand cubic feet (Mcf). The company also hedged an additional 240,000 barrels of its 2010 sour oil production at a NYMEX-equivalent price of $98.70 per barrel.

Of the new gas hedges, approximately 19 Bcfe are San Juan Basin-specific; the average NYMEX-equivalent hedge price is $9.21 per Mcf, and the assumed basis differential is $1.03 per Mcf.

In total for 2010, Energen Resources has hedged approximately 36.6 Bcf of its natural gas production at an average NYMEX-equivalent price of $9.21 per Mcf, including 26 Bcf of San Juan Basin-specific gas at an average NYMEX-equivalent price of $9.19 per Mcf.

Energen Resources' 2010 oil hedges total 960,000 barrels at a NYMEX-equivalent price of $85.58 per barrel. The 240,000 barrels of sour oil hedges assume a differential of $5.30 per barrel.

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