Energen Strengthens 2009, 2011 Hedge Positions

Business Wire, June 24, 2009

BIRMINGHAM, Ala. -- Energen Corporation (NYSE: EGN) announced today that its oil and gas exploration and production subsidiary, Energen Resources Corporation, has hedged an additional 20.3 billion cubic feet (Bcf) of its 2011 natural gas production at an average NYMEX-equivalent price of $7.05 per thousand cubic feet (Mcf) and 1.1 million barrels (MMBbl) of its 2011 oil production at a NYMEX-equivalent price of $77.63 per barrel.

The U.S. driller also said it has hedged another 2.56 Bcf of its August-December 2009 natural gas production at an average NYMEX-equivalent price of $4.67 per Mcf.

Energen’s total hedge positions for the remainder of 2009 and for calendar 2010 and 2011 are as follows:

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Energen’s hedge position by commodity type for the remainder of 2009 and for calendar 2010 and 2011 are as follows:

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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 3.6 trillion cubic feet equivalent of proved, probable and possible reserves (pro forma for pending acquisition) in the San Juan, Permian and Black Warrior basins. Alabama Gas Corporation is the largest distributor of natural gas in Alabama. More information is available at http://www.energen.com.