By OGJ editors
HOUSTON, Jan. 23 -- El Paso Corp. reported 2.7 tcfe of proved gas and oil reserves as of the end of 2005 and renamed its exploration and production subsidiary.
The total, 78% of which is gas, is 22% higher than yearend 2004 reserves. The company replaced 94% of its 280 bcfe of 2005 production through the drill bit and added 529 bcfe of reserves with the acquisition of Medicine Bow Energy Corp. and Medicine Bow's pro forma share of proved reserves in Four Star Oil & Gas Co.
El Paso targets 5-10% reserve growth for 2006.
It renamed its exploration and production business El Paso Exploration & Production Co., formerly El Paso Production Holding Co., as of Dec. 31, 2005. The company's assets are in basins in the US, Gulf of Mexico, and off Brazil.
