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February 6, 2013
09:29 EDTWRESWarren Resources reports FY12 proved oil reserves up 9.5% to 16.4 MMbo
Warren's year-end 2012 oil reserves in California increased 9.5% to 16.4 million barrels of oil, or MMbo, compared to 15.0 MMbo at year-end 2011. An 18 well 2012 drilling program combined with the company's 2012 geological and engineering work in the Wilmington Townlot Unit in California resulted in a new oil reserve additions to production replacement ratio of 228%. The 2012 production results and development program in California resulted in PDP reserves of 8.0 MMbo in comparison to 8.2 MMbo last year, reflecting 2012 production of 1.1 MMbo, additions from newly drilled oil wells of 2.7 MMbo, and 0.2 MMbo of negative revisions. Oil reserves now include 8.3 MMbo in PUDs with 75 drilling locations, having a projected development cost of about $26 per barrel of oil. PDP oil reserves declined by 3% and PUD reserves increased by 26% over year-end 2011 levels. At year-end 2012, PDP oil reserves were 49% of total oil proved reserves, compared to 55% for 2011. The PV-10 of the company's oil reserves at December 31, 2012 was $476M, compared to $499M at year-end 2011. For the year-end 2012 reserve evaluation, this 12 month calculation resulted in an average realized price of $104.27 per barrel of oil for 2012, compared to $104.47 per barrel of oil for 2011.
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