Energen Resources has sold NYMEX and San Juan Basin-specific contracts totaling some 5.8 Bcf at an average NYMEX price of $8.11 per thousand cubic feet; 82,000 barrels of oil at a NYMEX price of $83.95 per barrel; and approximately 6.4 million gallons of natural gas liquids (NGL) at an average price of $1.15 per gallon.

2008 HEDGE POSITION SUMMARY

Energen Resources' 2008 hedge position by commodity is as follows:

                                                        NYMEX-equiv.
   Commodity     Hedge Vols. 2008e Production % Hedged      price
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Natural Gas       49.5 Bcf       67.0 Bcf        74      $8.54 / Mcf
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Oil               3.1 MMBbl     4.2 MMBbl        73    $68.59 / barrel
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NGL              47.8 MMgal     69.9 MMgal       68    $0.96 / gallon
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Energen Resources' 2008 natural gas and oil hedge positions by hedge type are as follows:

                                        Natural Gas Hedges
                             -----------------------------------------
                             Volumes Assumed Differential NYMEXe Price
                              (Bcf)       (per Mcf)        (per Mcf)
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NYMEX                         18.7            --             $8.52
----------------------------------------------------------------------
San Juan Basin                30.8          $1.05            $8.55
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                                            Oil Hedges
                             -----------------------------------------
                             Volumes Assumed Differential NYMEXe Price
                             (MBbl)      (per barrel)     (per barrel)
----------------------------------------------------------------------
Sour Oil (WTS)                2,398         $5.00            $67.02
----------------------------------------------------------------------
NYMEX                          657            --             $74.30
----------------------------------------------------------------------

NOTE: Average natural gas and oil revenues per unit of production for Energen Resources' production associated with NYMEX contracts will reflect the impact of basis differentials. Average NGL revenues per unit of production will be net of transportation and fractionation fees. For production associated with basin-specific contracts, Energen Resources will receive the contracted hedge price; the Company typically hedges basis differentials where applicable. The basin-specific contract prices have been converted for comparability purposes to a NYMEX-equivalent price by adding to them Energen Resources' assumed basis differentials.

Energen Corporation is a diversified energy holding company with headquarters in Birmingham, AL. Its two lines of business focus on the development and production of domestic, onshore natural gas, oil and NGL reserves and natural gas distribution in central and north Alabama. Energen has approximately 1.7 trillion cubic feet equivalent of proved reserves in the San Juan, Permian and Black Warrior basins and in the North Louisiana/East Texas area. More information is available at http://www.energen.com/. 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.

SOURCE: Energen Corporation

Energen Corporation
Julie S. Ryland, 205-326-8421