Mariner's 2009 Proved Reserves Top Record 1.1 Tcfe
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:
- Estimated proved reserves increased to a record 1.087 trillion cubic feet equivalent (Tcfe) of natural gas, up 12% from the 973.9 billion cubic feet equivalent (Bcfe) of natural gas reported at year-end 2008.
- The company achieved a proved reserve replacement rate for 2009 of 190% from all sources at an all-in reserve replacement cost of approximately $3.13 per million cubic feet equivalent (Mcfe) of natural gas.
- Onshore proved reserves comprise approximately 56% of the company's total proved reserves.
- Crude oil and natural gas liquids (NGLs) represent 47% of total proved reserves, up from 43% in 2008.
- Production in 2009 totaled 126.4 Bcfe, up 7% from 2008.
"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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