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Antero reports 78% increase in proved reserves to 7.6 Tcfe


Published Feb 6, 2014
Antero Resources LLC

Antero Resources announced that proved reserves at December 31, 2013 were 7.6 Tcfe, a 78% increase compared to proved reserves at December 31, 2012, in each case assuming ethane rejection. Proved, probable and possible (3P) reserves at year-end 2013 totaled 35.0 Tcfe, which represents a 62% increase compared to last year, assuming ethane rejection. Antero's December 31, 2013 proved and 3P reserves exclude 271 and 1,399 million barrels of ethane, respectively, which are not recovered in the Securities and Exchange Commission (SEC) price case due to the relationship between assumed ethane and methane prices at year-end 2013.

Antero replaced 1,857% of estimated production in 2013 from all sources including performance and price revisions. Finding and development costs for proved reserve additions from all sources including costs incurred for drilling capital, acquisitions, leasehold additions and all price and performance revisions averaged $0.58 per Mcfe, based on preliminary unaudited capital expenditure amounts for 2013. Drill-bit only finding and development costs averaged $0.45 per Mcfe for 2013. Antero's proved developed reserve additions totaled 1,281 Bcfe on $1.6 billion of drilling capital for a development cost of $1.25 per Mcfe in 2013. The Company's reserve life of its proved reserves, ba

Tags: Antero Resources




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