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Linn Energy, LLC (LINE) Message Board

  • rlp2451 rlp2451 Feb 25, 2013 2:22 PM Flag

    OT: Laredo Petroleum 2012 Results

    Next Target for Linn?

    LAREDO PETROLEUM ANNOUNCES RECORD PRODUCTION AND YEAR-END PROVED
    RESERVES IN 2012
    TULSA, OK – February 25, 2013 – Laredo Petroleum Holdings, Inc. (NYSE: LPI) (“Laredo” or “the
    Company”), today announced preliminary operating results for year-end 2012, in which the Company:
    • Increased annual production approximately 31% from 2011, to a record 11.3 million barrels of oil
    equivalent(MMBOE);
    • Increased oil percentage of total production to approximately 42% from 39% in the prior year;
    • Increased proved reserves to a record 188.6 MMBOE, up approximately 21% from the prior yearend;
    • Increased oil percentage of proved reserves to approximately 52% from 36% at year-end 2011;
    and
    • Replaced approximately 385% of production, with approximately 93% of this replacement from
    the drill bit.

    “Throughout 2012, Laredo successfully executed its development and delineation program to grow
    production, reserves and identified resource potential through a deliberate and disciplined approach to
    recognize the full value of the entire resource potential that we believe exists within our Permian acreage
    position,” saidRandy A. Foutch, Laredo Chairman and Chief Executive Officer. “We have once again
    grown our reserves more than 20% and meaningfully enhanced the quality of our reserves by increasing
    the oil and proved developed components to 52% and 43%, respectively. Yet, we believe the current
    reserves only represent a fraction of the resource potential that has been de-risked to date within our
    Permian-Garden City acreage. Our recent successes from the initial Middle and Lower Wolfcamp
    horizontal wells, coupled with ongoing strong results from the Upper Wolfcamp and Cline horizontal
    wells, have continued to de-risk the significant resource potential that we believe exists from all four
    zones across our entire 145,000 net acres in the Permian-Garden City area.”

    Laredo’s total proved reserves, presented on a two-stream basis, were 188.6 MMBOE at year-end 2012,
    an approximate 21% increase fromthe year-end 2011 amount. Reserves consisted of 98.1 million barrels
    of oil and 542.9 billion cubic feet of liquids-rich natural gas. At December 31, 2012, approximately 43%
    of the Company’s proved reserves were proved developed compared to approximately 40% at year-end
    2011. Geographically, approximately 85% of year-end 2012 reserves were located in the Permian Basin,
    approximately 11% in the Anadarko Granite Wash and approximately 4% in other areas.

 
LINE
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