Mariner Energy announced results from an independent, fully engineered analysis of the company's properties prepared by the Ryder Scott Company, L.P. The report is based on a detailed study of Mariner's properties and assumes average hydrocarbon prices for the 12-month period ending December 31, 2009 in accordance with the requirements of the Securities & Exchange Commission (SEC).
Prices used for this report were $61.18 per barrel for oil and $3.87 per million British Thermal Units for gas. Highlights from the report and Mariner's year-end operations review include:
"In 2009 Mariner once again achieved significant growth in its reserve base, and the reserve profile reflects a more profitable product mix in the current environment. Due to the early stages of development plans, our year-end 2009 proved reserve report includes no contribution from recent, significant discoveries at Lucius and Heidelberg, nor does it include proved reserves from discoveries at Wide Berth, Bushwood, Dalmatian, and other projects that are in various stages of development," said Scott Josey, Chairman, Chief Executive Officer and President of Mariner Energy, Inc.
Of Mariner's 2009 year-end estimated proved reserves, 66% are proved developed. Approximately 47% of the reserves are oil, condensate and NGLs; and 47% are in the Permian Basin, versus 43% and 45%, respectively, for 2008.
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