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DTE Touts Unconventional Prowess; Some Assets for Sale

DTE Energy's unconventional natural gas business grew significantly in 2006, more than doubling Barnett Shale proved reserves and increasing Antrim Shale proved reserves by 31%, the company said Monday.

Detroit-based DTE said it boosted reserves, acreage and production levels last year as it expanded its unconventional gas production business. Revenue and earnings will be released Feb. 26. DTE is exploring the sale of a portion of its unconventional gas assets (see Daily GPI, Nov. 8, 2006).

"We have continued to have success in growing our unconventional gas business, which has provided significant value to the company in 2006," said Richard Redmond Jr., president of the unconventional gas business unit.

Highlights of the business in the Barnett Shale from 2006 include:

The Antrim Shale showed similar progress:

"Our goal is to monetize mature assets and continue to create value by proving up less mature assets," Redmond said.

DTE Energy's unconventional gas business is engaged in natural gas exploration, development and production primarily within the Antrim Shale in the northern lower peninsula of Michigan and the Barnett Shale in North Texas. DTE Energy manages one of the industry's largest inventories of proved gas shale reserves in the Antrim area.

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