AR updates proven reserves

[dan_s]

DENVER, Jan. 27, 2016 /PRNewswire/ -- Antero Resources (AR) ("Antero" or the "Company") today announced reserves as of December 31, 2015.

Announcement Highlights:
•Proved reserves increased by 4% to 13.2 Tcfe at year-end 2015
•Proved developed reserves increased by 54% to 5.8 Tcfe at year-end 2015
•Replaced 425% of net production in 2015
•All-in finding and development cost for proved reserve additions from all sources was $0.80 per Mcfe for 2015
•All-in 3-year finding and development cost for proved reserve additions from all sources through 2015 was $0.57 per Mcfe
•Proved undeveloped reserves at year-end 2015 have estimated future development cost of $0.69 per Mcfe
•Pre-tax PV-10 of 3P reserves at year-end 2015 was $6.8 billion at SEC pricing including hedges
•Pre-tax PV-10 of 3P reserves at year-end 2015 was $13.7 billion at 12/31/2015 strip pricing including hedges

HEDGES: Antero has 100% of their 2016 natural gas production (~80% of their total production) hedged at $3.92/mcf. Full table of their hedges can be found at the bottom of my forecast model for Antero, which you can view or download to Excel from the EPG website.

Antero's proved reserves at December 31, 2015 were 13.2 Tcfe, a 4% increase compared to proved reserves at December 31, 2014. Proved, probable and possible ("3P") reserves at year-end 2015 totaled 37.1 Tcfe, which represents a 9% decrease compared to the previous year. Both proved and 3P reserves as of December 31, 2015 exclude 366 million barrels and 1,237 million barrels of ethane, respectively, that is expected remain in the natural gas stream until such time pricing supports full ethane recovery.

Full report: http://finance.yahoo.com/news/antero-re ... 00829.html