Stone Energy Corporation SGY today announced its estimated year-end 2012 proved reserves were 129
Mmboe (million barrel equivalents) or 773 Bcfe (billion cubic feet of natural
gas equivalent), as compared with 100 Mmboe or 602 Bcfe at year-end 2011,
representing a 28% increase in its estimated proved reserves. From all
sources, Stone replaced approximately 288% of production in 2012. The
estimated proved reserves were 35% oil, 14% natural gas liquids (NGLs) and 51%
gas on an equivalent basis. The changes from 2011 year-end estimated proved
reserves to 2012 year-end estimated proved reserves included production of
approximately 15 Mmboe or 91 Bcfe, drilling additions/extensions of 30 Mmboe
or 181 Bcfe, net upward revisions of 7 Mmboe or 44 Bcfe and net acquisitions
of 6 Mmboe or 37 Bcfe.
The present value of the estimated future net cash flows from estimated proved
reserves before income taxes, using a 10% discount rate (PV10), was
approximately $2.0 billion using 12 month average prices after differentials
of $101.20 per barrel of oil, $38.23 per barrel of NGLs and $2.68 per Mmbtu of
gas. The estimated year-end 2012 proved reserves included proved developed
(PD) reserves of 73 Mmboe or 437 Bcfe (split 40% oil, 12% NGLs, 48% gas) and
proved undeveloped (PUD) reserves of 56 Mmboe or 337 Bcfe (split 28% oil, 17%
NGLs, 55% gas). In addition, there were 59 Mmboe or 356 Bcfe of estimated
probable reserves and 167 Mmboe or 1.0 Tcfe of estimated possible reserves at
year-end 2012. All of Stone's 2012 year-end estimated proved, probable and
possible reserves were independently engineered by Netherland Sewell &
Associates.
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