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Energen Initiates 2010 Natural Gas Hedging For Release: Monday, March 10, 2008 Contacts: Julie S. Ryland, 205-326-8421 BIRMINGHAM, Ala. - Energen Corporation (NYSE: EGN) announced today that its oil and gas exploration and production subsidiary, Energen Resources Corporation, has hedged 6.6 billion cubic feet of its 2010 San Juan Basin natural gas production at an average NYMEX-equivalent price of $9.14 per thousand cubic feet (Mcf). The 55 contracts per month are Energen Resources’ first hedges for its 2010 natural gas production. The assumed basis differential used to calculate the NYMEX-equivalent price is $1.03 per Mcf. Energen Resources previously disclosed that it has hedges in place for 720,000 barrels of its 2010 oil production at a NYMEX price of $81.20 per barrel. Energen Corporation is a diversified energy holding company with headquarters in Birmingham, AL. Its two lines of business are the acquisition, development and exploration of domestic, onshore natural gas, oil and NGL reserves and natural gas distribution in central and north Alabama. Energen Resources has approximately 1.75 Tcfe of proved reserves and 1.9 Tcfe of probable and possible reserves in the San Juan, Permian and Black Warrior basins and in the North Louisiana/East Texas area. Alabama Gas Corporation is the largest distributor of natural gas in Alabama. More information is available at www.energen.com. |
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