Mitchell Energy & Development replaced 187% percent of thegas and oil reserves it produced in fiscal 1998, even while settinga new high for annual gas sales of 238 MMcf/d.
As of Jan. 31, the company had record proven gas reserves of 778Bcf, up 11% from the prior year. Oil reserves were 15.7 millionbarrels, up 18%. Reserve additions from extensions, discoveries andenhanced recovery totaled 179 Bcf of gas and 4.7 million barrels ofoil. Overall, Mitchell replaced 184% of gas production and 209% ofoil production in fiscal 1998, the 10th consecutive year thecompany has more than replaced gas produced.
Mitchell added almost 105 Bcf of gas reserves in its most activefield, the Barnett shale in North Texas. This included 43 Bcf ofundeveloped reserves that were booked based on results of a pilotin-fill drilling program conducted over the last two years.Evaluation of the production performance of 25 wells alreadydrilled on 50 acres and their 100-acre offsets has increasedconfidence that closer-spaced wells will increase the amount of gasultimately recovered and will be economic. Mitchell now believes future in-fill development of the Barnett will ultimately addanother 140 Bcf of gas to reserves already booked. Mitchell alsoadded gas and condensate reserves from its Lake Creek field inSoutheast Texas.
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