Melrose Resources reports 2010 Annual Results; 2010 Production in line with Market Guidance; Plan to invest 60% of 2011 Capital budget for development programs in Egypt

Melrose’s working interest production averaged 41.1 Mboepd during the year up 6% over 2009. Approximately 83% of the production was gas. Approx. 95% of the production came from Egypt, benefited from a full year contribution from five developments brought on stream in 2009.The company's 2010 production is inline with latest market guidance of 40.7 kboepd, contained in the quarterly 2010 Interim Management Statement.

The company forecasted US$112 million capital program for 2011, of which approximately 50% will be invested to high impact exploration in Egypt, Bulgaria, Romania and Turkey.

The company projected 2011 net entitlement production to be approximately 22,000 bopd, which will be supplemented by a full year's contribution from the Kaliakra and Kavarna fields in Bulgaria

MOL Hungarian Oil and Gas Plc (MOL) reported 2010 annual results; Production up 33% over 2009; Plan to focus on field development in Syria, Pakistan, Russia, Hungary and Croatia for 2011-2013

In FY 2010, MOL’s average total hydrocarbon production was 143,500 boepd, Crude oil production up 13%, gas production up 49% over 2009. This is due to result of recent years’ major developments turning into production in Syria, Pakistan and the Adriatic offshore area while keeping onshore production at a stable level with enhanced and intensified oil and gas recovery technologies.

Keypoints:

--Production activities in 7 countries

-- Exploration activities in 12 countries

-- $1.7 billion CAPEX for 2011 

Range Resources announced 2010 annual results; Production up 18% over last year; Plan to invest $1.38 billion, of which 86% directed to Marcellus

Range Resources reported production for 2010 totaled 181 Bcfe, comprised of 142 Bcf of natural gas (79%), 4.5 million barrels of NGLs (15%) and 2.0 million barrels of oil (6%). Production for 2009 totaled 159 Bcfe and was 82% natural gas, 8% NGLs and 10% crude oil. The company has increased its natural gas production by 9% but has increased its NGLs and crude oil production by 36% when compared year-over-year. Reserves increased 1,313 Bcfe or 42% compared to the prior year. The company replaced 931% of production in 2010.

Key points:

-- 2010 production up 12% and reserves/share ratio up 32% over 2009

-- Higher quality asset base – producing more with less wells

-- Plan to invest $1.38 billion in 2011, of which 86% is allocating to Marcellus

PDC Energy announced 2010 year-end results; Production down 9.6%; Plan to invest $233 million in 2011

PDC’s annual 2010 production from continuing operations was 37.6 Bcfe down 9.6% compared to 41.6 Bcfe of production from continuing operations in 2009. The company reported 861 Bcfe of proved reserves, up 20% over 2009. PDC’s CAPEX budget for 2011 is expected to be approximately $233 million, including $206 million of development CAPEX, which represents a 46% increase over the 2010 development CAPEX of $141 million. The 2011 CAPEX budget does not include the previously announced offer to repurchase the Company’s three 2005 partnerships for $36.4 million


Keypoints:

861 Bcfe of 1P reserves, up 20% for the year, or 585% on a reserve replacement basis

Estimated 2011 production growth from 37.6 Bcfe to 44.9 Bcfe, 19% over 2010; with 2005 partnership buyback, growth over 20%

CAPEX budget for 2011 is expected to be approximately $233 million