SM Energy Company (SM): Please note the board needs updated as S...

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Re: None

Thursday, 06/02/2011 5:20:03 PM

Thursday, June 02, 2011 5:20:03 PM

Please note the board needs updated as SM is the ticker for SM Energy:

SM Energy (SM) is a well diversified company with a large position in the Bakken. SM seems to be focusing on the Eagle Ford this year, but its Bakken acreage is a significant holding. Its Bakken / Three Forks 2010 proved reserves was 232 BCFE. Total fourth quarter of 2010 production was 69 MMCFE. SM has pushed west in the Bakken, with good results. Its Three Forks holdings in Divide have continued to succeed.

The ramp up drilling programs are going as scheduled. It will spend $830 million in 2011 drilling cap ex. 90% of drilling cap ex will be spent on liquids. The Bakken / Three Forks is 20% of the $830 million. SM's Bakken acreage increased from 81000 net acres to 84000 net acres. SM holds an additional 120000 net legacy acres in the Basin. Two rigs are currently running with an additional rig added later this year. A plan of 20 net operated wells will be drilled in Raven and Divide projects this year.

This is not an offer to buy or sell securities or any kind of investment advice. Oil investment carries very high risks so consult a licensed professional making any decisions. My resume is real time on Twitter @TurnKeyOil.