Reserves and Production

Reserves

Our proved reserves as of December 31, 2014 totaled 780.3 MMBOE, which represents a 78% increase over the 438.5 MMBOE of proved reserves at year-end 2013. Adding Kodiak’s proved reserves at year-end 2013, proved reserves increased 29%. Based on SEC NYMEX prices of $94.99 per barrel of oil and $4.35 per Mcf of gas, the year-end 2014 estimated proved reserves had a pre-tax PV10% value of $14.1 billion. In total, we replaced 923% of our 2014 production of 41.8 MMBOE.

Production

Our production in 2014 totaled a record 41.8 MMBOE, or 114,530 BOE per day, compared to 34.3 MMBOE, or 94,090 BOE per day, in 2013.