0001193125-12-054968.txt : 20120213 0001193125-12-054968.hdr.sgml : 20120213 20120213103941 ACCESSION NUMBER: 0001193125-12-054968 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120210 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120213 DATE AS OF CHANGE: 20120213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENERGEN CORP CENTRAL INDEX KEY: 0000277595 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 630757759 STATE OF INCORPORATION: AL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07810 FILM NUMBER: 12595958 BUSINESS ADDRESS: STREET 1: 605 RICHARD ARRINGTON JR BLVD N CITY: BIRMINGHAM STATE: AL ZIP: 35203-2707 BUSINESS PHONE: 2053262997 MAIL ADDRESS: STREET 1: 605 RICHARD ARRINGTON JR BLVD N CITY: BIRMINGHAM STATE: AL ZIP: 35203 FORMER COMPANY: FORMER CONFORMED NAME: ALAGASCO INC DATE OF NAME CHANGE: 19851002 8-K 1 d299783d8k.htm FORM 8-K FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report

February 10, 2012

 

Commission

File

Number

    Registrant    State of

Incorporation

    IRS Employer

Identification

Number

1-7810    Energen Corporation                Alabama    63-0757759

605 Richard Arrington Jr. Boulevard North

Birmingham, Alabama

(Address of principal executive offices)

    35203

(Zip Code)

(205) 326-2700

(Registrant’s telephone number including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 8.01 Other Events

On February 10, 2012, Energen Corporation issued a press release announcing that its oil and gas exploration and production subsidiary, Energen Resources, has signed a purchase and sale agreement to buy a primarily proved undeveloped Wolfberry package from a private seller for approximately $66 million. Energen also announced that it is cutting approximately $45 million from Energen Resources’ planned capital investment in the San Juan Basin in 2012. The press release is attached hereto as Exhibit 99.1 to this Form 8-K and is furnished to, but not filed with, the Commission.

 

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibit is furnished as part of this Current Report on Form 8-K.

 

Exhibit

Number:

  
99.1  

Press Release dated February 10, 2012

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

      ENERGEN CORPORATION

        February 13, 2012        

  

  By    /s/ Charles W. Porter, Jr.

 

  Charles W. Porter, Jr.

  Vice President, Chief Financial Officer and Treasurer of

  Energen Corporation

EXHIBIT INDEX

 

        EXHIBIT NUMBER        

           

                             DESCRIPTION                                             

99.1     

*    Press Release dated February 10, 2012                 

* This exhibit is furnished to, but not filed with, the Commission by inclusion herein.

 

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EX-99.1 2 d299783dex991.htm EXHIBIT 99.1 EXHIBIT 99.1
Exhibit 99.1    

For Release: 4:30 p.m. ET

     Contacts:    Julie S. Ryland

Friday, February 10, 2012

     205.326.8421

ENERGEN TO ACQUIRE PROVED WOLFBERRY PROPERTIES

Low Gas Prices Lead to San Juan Basin Capital Reduction

BIRMINGHAM, Alabama – Energen Corporation (NYSE: EGN) today announced that its oil and gas exploration and production subsidiary, Energen Resources, has signed a purchase and sale agreement to buy a primarily proved undeveloped Wolfberry package from a private seller for $65.8 million plus standard closing adjustments.

Energen also announced that it is cutting approximately $45 million from Energen Resources’ planned capital investment in the San Juan Basin in 2012. This capital reduction is a direct result of the current outlook for low natural gas prices. The bulk of the company’s natural gas production comes from the San Juan Basin.

PERMIAN BASIN ACQUISITION

Energen’s newest planned acquisition is expected to close by the end of February and will add some 3,200 net acres in Midland County to the company’s extensive Wolfberry position in the Permian Basin. The acquisition package includes 29 producing wells, an estimated 50 undeveloped locations, and approximately 8.5 million barrels of oil equivalent (MMBOE) proved and probable reserves, of which some 80 percent are proved undeveloped. Energen Resources does not plan to begin developing this acreage before 2013. The company’s estimated cost to develop the properties is $115 million.

 

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SAN JUAN BASIN CAPITAL REDUCTION

Energen Resources expects to have completed drilling its highest return wells in the San Juan Basin by mid-year and will cease all drilling activities there after June 30, 2012, in light of continued weakness in natural gas prices. This reduction in natural gas drilling will have a minimal impact on current-year production that will be more than offset by production from the existing wells associated with the company’s latest planned Wolfberry acquisition (see above).

Energen Resources’ revised capital investment plans for 2012 reflect approximately $890 million for drilling and development, with $855 million targeting the oil- and liquids-rich Permian Basin. The largest portion of 2012 capital – approximately $415 million -- will be invested in the company’s Wolfberry play. Energen Resources’ estimated production in 2012 remains 24 MMBOE.

Energen Corporation is an oil and gas exploration and production company with headquarters in Birmingham, Alabama. Through Energen Resources Corporation, the company has approximately 900 million barrels of oil-equivalent proved, probable, and possible reserves. These all-domestic reserves are located mainly in the Permian and San Juan basins. For more information, go to http://www.energen.com.

 

FORWARD LOOKING STATEMENT: This release contains statements expressing expectations of future plans, objectives and performance that constitute forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Except as otherwise disclosed, the Company’s forward-looking statements do not reflect the impact of possible or pending acquisitions, divestitures or restructurings. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise. All statements based on future expectations rather than on historical facts are forward-looking statements that are dependent on certain events, risks and uncertainties that could cause actual results to differ materially from those anticipated. In addition, the Company cannot guarantee the absence of errors in input data, calculations and formulas used in its estimates, assumptions and forecasts. A more complete discussion of risks and uncertainties that could affect future results of Energen and its subsidiaries is included in the Company’s periodic reports filed with the Securities and Exchange Commission.

  

 

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