Resolute Energy Corp. (REN) Issues Financial Update For 2012

Mar. 06, 2012 2:28 PM ETREN1 Comment
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Resolute Energy updated investors on the company's financial operations for 2012, as well as provided guidance on capital expenditures and expenses for 2012. The company also reported data on crude oil and natural gas reserves and production for 2012.

Resolute Energy has established a capital budget between $180 million and $190 million for 2012, with about 65% of the funds to be used for the development of oil and gas assets on the company's properties. The balance of the budget will be spent on infrastructure needed to transport and process oil and natural gas production.

Resolute Energy plans to fund the 2012 capital budget with internally generated cash flow derived from oil and natural gas sales and borrowings under the company's credit line. The company has $157 million of availability on its borrowing facility.

Resolute Energy expects the company's oil and natural gas production for 2012 to range from 3.25 million to 3.45 million barrels of oil equivalent (BOE). The midpoint of this production range would be 15% growth over the 2.92 million BOE produced in 2011.

Resolute Energy reported proved reserves of 64.8 million BOE at the end of 2011, compared to 64.7 million BOE at the end of the previous year. The company said that approximately 82% of its proved reserves were composed of crude oil.

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