Resolute Energy Corporation declared its 2013 capital budget and issued guidance for production and costs in 2013. Resolute also provided detail on its year-end 2012 reserves and production.

Nicholas J. Sutton, Chairman of the Board and Chief Executive Officer, commented: "Following our successful 2012, Resolute is focused in 2013 on building value in our core operating areas in Aneth Field in southeast Utah and within our expanded asset base in the Permian Basin. We expect to increase total net production by more than 30 percent over 2012 with a level of capital spending that will be more than 90 percent funded by internal sources. Approximately 80 percent of our expected 2013 production increase is attributable to our year-end 2012 acquisitions, with the remaining increase coming from our ongoing organic growth activities."

"In Aneth Field we are realizing the benefits of previous investments in our tertiary recovery projects, and we expect gross Aneth Field production to grow more than 10 percent and to generate significant free cash flow. Our two acquisitions at year-end 2012, located in the Permian Basin, complement our existing operations, increase our footprint and provide visible growth potential from this multi-play oil-prone region. Our expansion and continued growth in the Permian Basin provides greater portfolio diversity going forward."

Tags: Resolute Energy Corporation