The company’s risked total unproved resources rose approximately 1.6 Tcfe, or 44%, from year-end 2008 levels. The majority of the increase was due to the addition of drilling opportunities in the Haynesville Shale and Eagle Ford Shale programmes. Unproved resources and proved reserves include the company’s proportionate share of Four Star Oil & Gas and represent the company’s net interest.
The company’s future drilling inventory, which includes proved undeveloped reserves, is approximately six Tcfe of risked resource potential, or almost 6,000 drilling locations. At current activity levels, this represents more than 10 years of drilling inventory, the company said.
Brent Smolik, president of El Paso Exploration & Production, said: “One of our key goals for 2009 was to expand our unproved resource base, which, in turn, provides opportunities for future proved reserves and production growth. Not only were we successful, but we added significant new resources in some of the most economically advantaged natural gas plays in North America.”
