The properties to be sold had net production of approximately 1,870 barrels of oil equivalent (BOE) per day during the second quarter of 2015, consisting of 76% natural gas, 16% natural gas liquids (NGLs) and 8% oil. As a result of the divestiture, reported 2015 production is expected to decrease by an estimated 200,000 BOE. Estimated proved reserves associated with the divested properties at year-end 2014, as determined by third party engineers, were 13.7 million BOE, 85% of which were proved developed. The reserves consisted of 77% natural gas, 16% NGLs and 6% oil.
Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the uncertainties inherent in projecting future rates of production for our wells and the extent to which actual production differs from estimated proved oil and gas reserves; our ability to successfully monetize select assets and repay our debt, including our ability to complete the pending asset sale; and other risks set forth in our filings with the
James W. DeanVice President, Corporate Development Ph: (610) 687-7531 Fax: (610) 687-3688 E-Mail: email@example.com
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