Recently, Energen agreed to sell its Alabama gas utility for $1.28 billion to become a pure-play oil and gas firm. This development will help Energen Corp. (NYSE:EGN) accelerate its 3P reserves (proved, probable, and possible) plus the contingent resources of 3.3 billion, a considerable amount of inventory for a smaller cap firm. In the Permian Basin, the 3P figure is 445 million boe, and the contingent is another 2.23 billion. Their Delaware contingent figure is 1.379 billion and 851 million for the Midland. This reflects a 172% increase in contingent resources over 2013. Energen expects its contingent resources to be moving into the 3P reserve categories."
CEO James McManus notes the following:
"This is tremendous inventory for the...
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