XTO Energy announced that Miller and Lents, Ltd., independent petroleum engineers, estimate XTO's proved oil and gas reserves at December 31, 2009 to be a record 14.83 trillion cubic feet of gas equivalent (Tcfe), up 7% compared with 13.86 Tcfe at December 31, 2008.
Natural gas reserves increased 6% to 12.50 Tcf, and natural gas combined with natural gas liquids of 93 million barrels equaled 88% of total reserves. Oil reserves increased 10% to 294 million barrels. Proved developed reserves accounted for 61% of total proved reserves on an equivalent basis. During 2009, XTO Energy added 2.01 Tcfe at a cost of $1.63 per thousand cubic feet of gas equivalent (Mcfe), replacing 192% of production. The Company's development program replaced 190% of production or 1.99 Tcfe at a cost of $1.62 per Mcfe. Including revisions and excluding unproved property additions from leasing activities, development costs were $1.50 per Mcfe. Excluding price revisions and unproved property additions from leasing activities the Company replaced 249% of production or 2.61 Tcfe for development costs of $1.15 per Mcfe.
Average realized gas prices used in the estimation of proved reserves were $3.16 for 2009 and $4.66 for 2008. Average realized natural gas liquids prices were $27.18 for 2009 and $18.26 for 2008. Average realized oil prices were $55.96 for 2009 and $38.12 for 2008.
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