Anadarko: 109 Million BOE from Infill Drilling
In addition to the detailed information provided in the company's fourth-quarter and year-end 2007 earnings news release and conference call, and in an effort to provide clarification regarding the company's proved reserves prepared in accordance with U.S. Securities and Exchange Commission (SEC) guidance, Anadarko Petroleum Corporation confirmed that 109 million barrels of oil equivalent (BOE) of the total 121 million BOE categorized as "Revisions" were additions from its infill drilling activity.
"We pride ourselves on transparency regarding reserves," Anadarko Chairman, President and CEO Jim Hackett said. "Our drilling results delivered outstanding production growth and reserve additions in 2007. The strength and quality of our assets is reflected in the fact that 90% of the reserve additions listed as 'Revisions' were the direct result of our successful infill drilling."
On Feb. 4, 2008, Anadarko reported that its estimated worldwide proved reserves at year-end 2007 totaled 2.43 billion BOE. The company added approximately 250 million BOE of proved reserves during the year.
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