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QR Energy ends year with 30.4 million boe of estimated proved reserves


QR Energy (NYSE:QRE), after recently completing its $345 million IPO in December, said Thursday that it had estimated proved reserves of 30.4 million barrels of oil equivalent at year-end 2010.

Of the 30.4 million, 68% were classified as proved developed, with the remainder classified as proved undeveloped. Liquids comprised 68% of the estimated total proved reserves.

The Houston, Texas-based master limited partnership said that standardized measure, the present value of estimated future sales from the production of proved reserves, was $498 million.

In the ten day period from QR's IPO on 22 December to year-end 2010, the company said that average daily production was 5,352 barrels of oil equivalent per day, 56% of which was oil and natural gas liquids.

QR generated $3.0 million of revenue during the period, but also posted a net loss of $7.0 million, or $0.20 per unit, impacted by derivative loss. Adjusted EBITDA was $1.7 million for the ten days.

The company expects average daily production of between 5,100 to 5,400 boed for the full year 2011, and anticipates spending $12.5 million in capital expenditures on the development of its oil and natural gas properties.

QR Energy is engaged in the acquisition, production and development of onshore crude oil and natural gas properties in the US.

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