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<P>An Undercovered And Undervalued E Resolute Energy Corporation (NYSE:REN) is an independent oil and gas company engaged in the exploration, exploitation, and development of its oil and gas properties located in Utah (Paradox Basin/Aneth Field), Wyoming (Powder River Basin/Hilight Field and Big Horn Basin), North Dakota (Williston Basin/Baaken Field), and Texas (Permian Basin). From inception in 2004 as a private company, Resolute's goal has been to grow its reserve base and production through acquisitions of domestic onshore properties. Per the 10K, REN completed the acquisitions of its Aneth Field Properties in 2004 and 2006, its Wyoming Properties in 2008, its North Dakota Properties in 2010 and 2011 and its Texas Properties in 2011. While a primary business strategy is the continued development of these properties, Resolute will pursue opportunities to acquire, explore and develop properties that are oil and NGLrich.</P> <P>Oil sales comprised approximately 90% of revenue during 2011. As of 12/31/11, Resolute's estimated net proved reserves were approximately 64.8MMBoe, of which approximately 82% of REN's estimated net proved reserves were oil, about 9% were NGLs, and the remaining 9% consisted of gas.</P> <P>click to enlarge imagesAs with all oil and gas E the focus is on proved reserves and production. Below is <a href="http://www.cheapmonclerstore.com/"><STRONG>moncler jackets outlet</STRONG></a> a snapshot of REN's proved reserves as of 12/31/10 and 12/31/11. Note the history of public information is limited in this case; while REN began operations as a private company in 2004, its IPO was filed in September 2009.</P> <P>A significant portion of the reserves is oil and NGLbased, a positive factor in an environment that favors oil prices over gas. More than 86% of reserves are concentrated in the Aneth Field in Utah. The Aneth Field was first discovered for its uranium deposits and subsequently for its oil reserves in 1953 as Humble Oil and Shell Oil initiated agreements with the Navajo Tribe and the state of Utah to produce oil. The initial production brought increased attention to the area as several other oil producers followed, negotiating additional leases throughout the northern part of the reservation in what was known as the Four Corners Oil Field.</P> <P>As is typical with mature oil fields, the major oil exploration companies that first explored the area have since sold the <a href="http://www.cheapmonclerstore.com/"><STRONG>cheap moncler jackets</STRONG></a> mature properties in search for higher risk and higher growth properties. An area once owned by several E producers is now under one company's ownership and management for the first time as noted on REN's website. REN maintains a Cooperative Agreement with the Navajo Nation Oil Gas Company, Inc, which represents the interest of the Navajo Nation. As the majors shed these assets, smaller E companies like REN acquired land rights with the intent of more efficiently producing the remaining oil reserves. Since the low hanging fruit was picked decades ago by the big oil companies, REN relies on secondary and tertiary oil recovery methods.</P>
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