Energen Entered Into Swap Pacts for About 480k Barrels for 2012; Senior $300M Credit Facility

Energen Corporation EGN announced today that its oil and gas exploration and production subsidiary, Energen Resources Corporation, has added to its liquids hedge positions in 2012 and 2013. For 2012, the company entered into swap contracts for 480,000 barrels of oil at a NYMEX price of $100 per barrel and for approximately 15.1 million gallons of natural gas liquids at a price of $1.26 per gallon. Energen now has 80 percent of its estimated 2012 oil production of 8.5 million barrels hedged at a NYMEX-equivalent price of $87.86 per barrel as well as 50 percent of its estimated NGL production of 117.9 million gallons hedged at an average price of 98 cents per gallon.