March 31, 2019, mid-year proved reserves were 159.5 Bcfe, as calculated by DeGolyer and MacNaughton, the Company’s independent consulting petroleum engineering firm. This was an 8% decrease, compared to the 173.6 Bcfe of proved reserves at Sept. 30, 2018. SEC prices used for the March 31, 2019, report averaged $2.75 per Mcf for natural gas, $61.63 per barrel for oil and $23.46 per barrel for NGL, compared to $2.56 per Mcf for natural gas, $62.86 per barrel for oil and $26.13 per barrel for NGL at the Sept. 30, 2018, report. These prices reflect net prices received at the wellhead. Total proved developed reserves decreased 4% to 105.0 Bcfe, as compared to Sept. 30, 2018, reserve volumes. Total proved undeveloped reserves decreased 9.3 Bcfe principally due to 12 Eagle Ford Shale wells being reclassified from proven undeveloped to probable undeveloped as the wells are no longer scheduled to be drilled within five years of when they were classified as proven undeveloped. To a lesser extent, the change of our Arkoma Basin Woodford proven undeveloped locations from working interest to royalty interest also contributed to the decrease. This change was made to reflect our current intent to lease these minerals and not participate with a working interest when they are drilled.

Mid-Year 2019 Proved Reserves

Pie chart of mid-year reserves



Mid-Year 2019 Proved, Probable & Possible Reserves

Pie chart of mid-year reserves


Historic Reserves Information

Reserves Update - September 30, 2018

Reserves Update - September 30, 2017

Reserves Update - September 30, 2016

Reserves Update - September 30, 2015

Reserves Update - September 30, 2014