Cross Timbers Oil reports record reserves

Journal Record, The (Oklahoma City), Mar 12, 2001 by David Page

Cross Timbers Oil's proved oil and gas reserves rose 11 percent to a record 2.25 trillion cubic feet of gas equivalent at Dec. 31 from a year earlier.

The year-end reserves do not include acquisitions, primarily in east Texas, completed during 2001.

In addition to the previously announced $115 million acquisition of gas- producing properties from Herd Producing Co., which closed in early January, Cross Timbers has purchased $52 million of additional gas-producing properties located primarily in the East Texas Freestone Trend.

The Fort Worth-based company has purchased 240 billion cubic feet equivalent for $167 million during 2001, bringing pro forma year-end reserves to 2.5 trillion cubic feet equivalent.

During 2000, Cross Timbers added 491 billion cubic feet equivalent at a cost of 41 cents per thousand cubic feet of gas equivalent, replacing 300 percent of production.

Natural gas reserves increased 14 percent to 1.77 trillion cubic feet.

Excluding property sales, gas reserves increased 21 percent for the year.

Natural gas combined with natural gas liquids of 22 million barrels accounted for 84 percent of total reserves.

Oil reserves decreased 5 percent to 58.4 million barrels for the year.