XTO Energy's Reserves Jump to Record 14.83 Tcfe
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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