Production
2007 Production
Crude oil per day (Bopd) 540
Natural gas per day (Mcfpd) 15,254
Natural gas equivalents per day (Mcfepd) 18,491
Natural gas equivalents (Bcfe) 6.75
The Company produced 7.7 Bcfe during 2006, a 26% increase over the 6.1 Bcfe produced in 2005.
Reserves
Existing Asset Base (Consolidated)
Abraxas' independent reservoir engineering firm, DeGolyer and MacNaughton, estimated total proved oil and natural gas reserves of 106.8 Bcfe (17.8 MMBOE) as of December 31, 2007, an 8% increase over December 31, 2006. Natural gas reserves account for 82% of the total proved reserves and 44% were classified as proved developed. Abraxas operates over 95% of its proved reserve base. The Company's proved reserve life index exceeds 20 years.
The present value, using a 10% discount rate, of the future net cash flows before income tax ("PV10") of the Company's proved oil and natural gas reserves is approximately $215.7 million using realized oil and natural gas prices of $87.30 and $6.33, respectively. Such prices were based on market prices for oil and natural gas on December 31, 2007, as adjusted for the Company's basis differentials.
Total capital expenditures for 2007 were approximately $16.7 million. Overall, the Company added approximately 14.8 Bcfe (2.5 MMBOE) of proved reserves which was offset by 6.7 Bcfe (1.1 MMBOE) of production, for a finding and development cost of $1.13 per Mcfe and a 219% reserve replacement for 2007. Future development costs of $28.5 million associated with the added undeveloped reserves equate to an all-in finding and development cost of $3.06 per Mcfe.
Properties Recently Acquired (Consolidated)
Abraxas internally engineered reserves for the properties acquired from St. Mary Land & Exploration on January 31, 2008. The Company estimated total proved oil and natural gas reserves of 60.8 Bcfe (10.1 MMBOE) as of December 31, 2007, a slight decrease from previously announced reserve estimates due to the roll-forward date, year-end prices and certain properties excluded at closing. Oil reserves account for 56% of the total proved reserves and 85% were classified as proved developed. The PV10 of these properties is approximately $178.5 million using year-end oil and natural gas prices, as adjusted for basis differentials.
Abraxas' independent reservoir engineering firm, DeGolyer and MacNaughton, estimated total proved oil and natural gas reserves of 99 Bcfe as of December 31, 2006, a 6% decrease from December 31, 2005. Natural gas reserves account for 83% of the total proved reserves and 48% were classified as proved developed. Abraxas operates over 95% of its proved reserve base. The Company's proved reserve life index exceeds 15 years.