El Paso Corporation (EP)

[NovoMira]

El Paso Reserves Rise 18 Percent

Wednesday February 20, 4:22 pm ET

El Paso Posts 18 Pct Higher Oil and Gas Reserves in '07; Reserve Replacement Rate of 252 Pct

HOUSTON (AP) -- El Paso Corp. said Wednesday its proved oil and natural-gas reserves rose 18 percent last year, boosted by an addition from its interest in Four Star Oil & Gas Co.

El Paso had 3.12 trillion cubic feet of oil equivalent on Dec. 31, compared with 2.42 billion a year earlier. Four Star contributed 256 billion cubic feet to the total.

The oil and gas company also said it replaced more than twice the consolidated reserves it used, posting a reserve-replacement rate of 252 percent.

El Paso's capital expenditures last year were $2.59 billion, including $1.18 billion for acquisitions.

El Paso shares rose 8 cents to $16.94 in afternoon trading.