EQT estimates year-end 2011 total natural gas reserves, including proved, probable and possible reserve categories (3P), at 21.4 Tcfe.
Summarized below are the company's estimated 3P reserves broken out by play:
Reserve Estimates (Bcfe)
CBM / Other
|Total Proved, Prob. and Poss.||12,747||7,717||913||21,377|
* The company includes the Lower Huron,
100% of the company's proved reserves have been audited by
Estimated 3P Reserves by Play
|Total Proved, Probable and Possible||12,747||12,237|
|Total Proved, Probable and Possible||7,717||7,352|
|Total Proved, Probable and Possible||913||1,588|
|Total Probable and Possible||16,012||15,957|
|Total Proved, Probable and Possible||21,377||21,177|
The company has also made an assessment of its total resource potential, including 3P reserves and its estimate of the potential resources beyond the 3P totals. This resource potential is estimated to be:
|Resource Potential||Total (Tcfe)|
|Summary of Changes in Proved Reserves|
|Natural Gas and Oil* (in Bcfe)|
|Extensions, discoveries and other additions||694|
*Oil is converted to natural gas reserves using a 6 Mcfe per Bbl of oil.
Reserve Replacement Calculations
Reserve replacement ratio is the sum of the net increase of reserves before production, divided by production.
Drill Bit Finding Cost
Drill bit finding cost is the total cost incurred related to natural gas and oil activities calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification 932 (ASC 932) less property acquisition costs for proved developed and unproved properties, divided by extensions, discoveries and other additions.
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 foregoing,
forward-looking statements contained in this press release specifically
include the expectations of resource potential, EUR and projected well
drilling plans, including the projected capital budget. These statements
involve risks and uncertainties that could cause actual results to
differ materially from projected results. Accordingly, investors should
not place undue reliance on forward-looking statements as a prediction
of actual results. The company has based these forward-looking
statements on current expectations and assumptions about future events.
While the company considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks and uncertainties,
most of which are difficult to predict and many of which are beyond the
company's control. The risks and uncertainties that may affect the
operations, performance and results of the company's business and
forward-looking statements include, but are not limited to, those set
forth under Item 1A, "Risk Factors" of the company's Form 10-K filed 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.
EQT is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, transmission and distribution. Additional information about the company can be obtained through the company's web site, http://www.eqt.com. Investor information is available on EQT's web site at http://ir.eqt.com. EQT uses its web site as a channel of distribution of important information about the company, and routinely posts financial and other important information regarding the company and its financial condition and operations on the Investors web pages.
Chief Investor Relations Officer
Public Relations Manager
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