Equitable Reports 26% Increase in Total Natural Gas Reserve Potential
Equitable Resources, Inc. estimates total natural gas reserve potential, including proved, probable and possible reserve categories, of 7,227 Bcfe, a 26% increase over the 2006 total of 5,725 Bcfe. This increase was mainly driven by the success of the company's horizontal drilling program.
Equitable reported total proved reserves of 2,682 Bcfe at 2007 year end, a net increase of 185 Bcfe or 7%. The company's total proved reserve replacement rate was 323% at an all-in 2007 replacement cost of approximately $0.48/Mcfe. The drill bit reserve replacement rate was 386% from 321 Bcfe of 2007 extensions, discoveries and other additions with a reserve replacement cost of approximately $0.93/Mcfe.
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