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
Summarized below are the company's estimated 3P reserves broken out by play type:
Reserve Estimates (Bcfe) Shale Other CBM TOTAL Proved Developed 749 846 163 1,758 Proved Undeveloped 410 427 87 924 Probable 2,115 101 76 2,292 Possible 1,903 107 243 2,253 TOTAL 5,177 1,481 569 7,227
In addition to the reserve estimates above, the company has also made an assessment of the total resource potential across its entire acreage position. This assessment has categorized the company's resource potential into a number of emerging plays with a range of unrisked reserve potential.
Emerging Plays - Unrisked Reserve Potential Bcfe Devonian Shale extension/re-entry 3,000-6,000 Marcellus Shale - High Pressure 2,000-3,000 Marcellus Shale - Low Pressure 1,000-2,000 Devonian Shale - Virginia 1,000-2,000 CBM extensions 300-400 Deep Undefined TOTAL 7,300 - 13,400+
Reserve Replacement Calculations
Total proved reserve replacement rate is the sum of purchases, sales, extensions, discoveries and other additions, and revisions divided by production. Drill bit reserve replacement rate is the sum of extensions, discoveries and other additions divided by production. The all-in replacement cost is the total development cost plus costs for reserve acquisitions less proceeds from reserve sales divided by the total net reserve additions which include purchases, sales, extensions, discoveries and other additions, and revisions. The reserve replacement cost is the total development cost divided by the sum of extensions, discoveries and other additions.
Equitable Resources is an integrated energy company, with emphasis on Appalachian area natural gas production, gathering, processing, transmission and distribution. For information on Equitable, visit http://www.eqt.com.
Cautionary Statements
The
Equitable's calculations of replacement rates and replacement costs may differ significantly from the methods used by other companies who report similar measures. As a result, our measures may not be comparable to similar measures reported by other companies. The data used to calculate the total reserve replacement rate and the drill bit reserve replacement rate is preliminary and, in some cases, remain subject to audit. Final data will be included in the company's 2007 Form 10-K, which will be filed with the SEC.
Disclosures in this press release contain forward-looking statements.
Statements that do not relate strictly to historical or current facts are
forward-looking. Without limiting the generality of the forgoing, forward-
looking statements contained in this press release specifically include the
estimates of proved, probable and possible reserves and the unrisked reserve
potential. A variety of factors could cause the Company's actual results to
differ materially from the anticipated results. The risks and uncertainties
that may affect the results of the Company's forward-looking statements
include, but are not limited to, those set forth under Item 1A, "Risk
Factors", of the Company's Form 10-K for the year ended
Any forward-looking statement speaks only as of the date on which such statement is made and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Equitable Resources, Inc.