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Energen to write off 2010 unproved capitalised leasehold of Conasauga shale.

International Resource News-20 July 2010-Energen to write off 2010 unproved capitalised leasehold of Conasauga shale(C)2010 ENPublishing - http://www.enpublishing.co.uk

International Resource News - 20 July 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Energen Corporation (Energen) (NYSE: EGN), a diversified energy holding company with headquarters in Birmingham, US, is writing off its 2010 unproved capitalised leasehold associated with its deep Conasauga shale acreage in the second quarter of 2010.

The non cash charges are worth USD10m after-tax, or USD0.14 per diluted share.

The decision has been taken following an analysis of the flow rate from completions performed this year in Marchant 22-16 #1 in Bibb County, Alabama.

[Editorial queries for this story should be sent to irn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))

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Publication:International Resource News (IRN)
Date:Jul 20, 2010
Words:135
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