WPX Energy Receives Public Lands Award
TULSA, Okla. -- October 10, 2013
The Bureau of Land Management presented WPX Energy (NYSE:WPX) with the Restore
New Mexico award at an industry conference this week for supporting the
agency’s ongoing efforts to improve and protect public lands.
“WPX has demonstrated their leadership in the San Juan Basin for responsible
energy development by proposing plans of development that incorporate a
long-term view for the health of the land and maximizing the extraction of the
resource,” said David Evans, who manages the BLM’s Farmington district office.
WPX Energy has approximately 159,000 net acres under lease in the San Juan
Basin, including 31,000 that canvass an area where the company announced an
oil discovery in August.
The company’s first six oil wells in the San Juan Basin have an average I.P.
rate of 819 barrels of oil equivalent per day. The production is coming from
the Gallup Sandstone in the Mancos formation. The company is on pace to drill
another six to eight Gallup wells by the end of 2013.
WPX also operates 880 natural gas wells in the San Juan Basin and holds a
joint ownership interest in another 2,400 wells. The company has three decades
of experience in the region.
“As we plan wells, we take an approach that considers best management
practices, the goals of public agencies and the desires of our landowners. For
us, it’s about maintaining the strength of our word and keeping our commitment
to work together,” said Bryan Guderian, WPX's senior vice president of
The Restore New Mexico award recognizes WPX for supporting legacy well
restoration, vegetation management and a multi-year mule deer study that will
help the BLM replicate high-value habitat, as well as for extensive planning
that reduces emissions, truck traffic, ground disturbance and soil compaction.
David Evans added, “WPX conducts on-site meetings prior to each phase of a
project with private landowners and government agencies. WPX employees also
take advantage of continuous learning opportunities to enhance their awareness
of resource concerns and issues that affect land management decisions.”
Fifty-eight people work at WPX’s San Juan Basin office in Aztec, N.M., which
has a local payroll of approximately $4.5 million.
Overall, WPX’s staff that supports its New Mexico operations has earned 13
awards for wildlife protection, environmental stewardship, making improvements
to public roads, emergency preparedness and implementing best practices. WPX
also received the Restore New Mexico award in 2009.
About WPX Energy, Inc.
WPX Energy is an exploration and production company focused on developing its
significant oil and gas reserves, particularly in the Piceance, Williston and
Appalachian basins. WPX also has domestic operations in the San Juan and
Powder River basins, as well as a 69 percent interest in Apco Oil and Gas
International. Go to http://www.wpxenergy.com/investors.aspx to join our
This press release includes “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, included in this press release that
address activities, events or developments that the company expects, believes
or anticipates will or may occur in the future are forward-looking statements.
Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the company. Statements
regarding future drilling and production are subject to all of the risks and
uncertainties normally incident to the exploration for and development and
production of oil and gas. These risks include, but are not limited to, the
volatility of oil, natural gas and NGL prices; uncertainties inherent in
estimating oil, natural gas and NGL reserves; drilling risks; environmental
risks; and political or regulatory changes. Investors are cautioned that any
such statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected in the
forward-looking statements. The forward-looking statements in this press
release are made as of the date of this press release, even if subsequently
made available by WPX Energy on its website or otherwise. WPX Energy does not
undertake and expressly disclaims any obligation to update the forward-looking
statements as a result of new information, future events or otherwise.
Investors are urged to consider carefully the disclosure in our filings with
the Securities and Exchange Commission, available from us at WPX Energy, Attn:
Investor Relations, P.O. Box 21810, Tulsa, Okla., 74102, or from the SEC’s
website at www.sec.gov.
Additionally, the SEC requires oil and gas companies, in filings made with the
SEC, to disclose proved reserves, which are those quantities of oil and gas,
which, by analysis of geoscience and engineering data, can be estimated with
reasonable certainty to be economically producible – from a given date
forward, from known reservoirs, under existing economic conditions, operating
methods, and governmental regulations. The SEC permits the optional disclosure
of probable and possible reserves. From time to time, we elect to use
“probable” reserves and “possible” reserves, excluding their valuation. The
SEC defines “probable” reserves as “those additional reserves that are less
certain to be recovered than proved reserves but which, together with proved
reserves, are as likely as not to be recovered.” The SEC defines “possible”
reserves as “those additional reserves that are less certain to be recovered
than probable reserves.” The Company has applied these definitions in
estimating probable and possible reserves. Statements of reserves are only
estimates and may not correspond to the ultimate quantities of oil and gas
recovered. Any reserve estimates provided in this presentation that are not
specifically designated as being estimates of proved reserves may include
estimated reserves not necessarily calculated in accordance with, or
contemplated by, the SEC‘s reserves reporting guidelines. Investors are urged
to consider closely the disclosure in our SEC filings that may be accessed
through the SEC’s website at www.sec.gov.
The SEC’s rules prohibit us from filing resource estimates. Our resource
estimations include estimates of hydrocarbon quantities for (i) new areas for
which we do not have sufficient information to date to classify as proved,
probable or even possible reserves, (ii) other areas to take into account the
low level of certainty of recovery of the resources and (iii) uneconomic
proved, probable or possible reserves. Resource estimates do not take into
account the certainty of resource recovery and are therefore not indicative of
the expected future recovery and should not be relied upon. Resource estimates
might never be recovered and are contingent on exploration success, technical
improvements in drilling access, commerciality and other factors.
WPX Energy, Inc.
Kelly Swan, 539-573-4944
David Sullivan, 539-573-9360
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