Energy XXI provided estimates of its fiscal 2014 year-end reserves and fiscal 2015 capital program, as well as an operations update, including production and recent drilling results.
Fiscal 2014 Year-end Reserves
Preliminary June 30, 2014 fiscal year-end proved reserves are estimated at 246 million barrels of oil equivalent (MMBOE), 75 percent liquids, up 38 percent from the June 30, 2013 year-end reserves, primarily due to the June 2014 acquisition of EPL Oil & Gas.
Approximately 61 percent of proved reserves are proved developed. Netherland, Sewell & Associates, Inc., independent oil and gas reserves auditors, are currently finalizing the year-end proved, probable and possible reserves audit and these preliminary estimates are subject to change. All of the company's reserves are in the United States Gulf of Mexico or Gulf Coast.