Year-end 2009 Reserves
At year-end 2009, we had operational control of 96% of our reserves base, which was estimated to total 112.9 MMBoe (see Reserves) with a PV-10 value of $1.3 billion. These reserves were 50% proved developed and were comprised of approximately 39% crude oil, 43% natural gas, and 18% NGL. They included 8.3 MMBoe of proved undeveloped reserves added during 2009 based on the results of the horizontal drilling program conducted in the AWP Field during the year.
Of our total year-end reserves, 56% were concentrated in Louisiana, 43% in Texas, and 1% in other states. The quantities held in the four core areas of operation were: 27.7% in Southeast Louisiana (86.1% oil and NGL); 38.5% in South Texas (41.8% oil and NGL); 17.7% in Central Louisiana/East Texas (64.2% oil and NGL); and 15.9% in South Louisiana (41.6% oil and NGL).
At year-end 2009, we projected that our reserves would increase 5% to 10% over 2009 levels. (Note: See revised projection under First Quarter 2009 Activities below.)
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