Reserves and Production

Reserves

Our proved reserves as of December 31, 2013 totaled 438.5 MMBOE, which represents a 16% increase over the 378.8 MMBOE of proved reserves at year-end 2012. Based on SEC NYMEX prices of $96.78 per barrel and $3.67 per Mcf of gas, the year-end 2013 estimated proved reserves had a pre-tax PV10% value of $8,994 million. In total, we replaced 402% of our 2013 production of 34.34 MMBOE.

Production

Our production in 2013 totaled a record 34.34 MMBOE, or 94,090 BOE per day, compared to 30.21 MMBOE, or 82,540 BOE per day, in 2012.