Energen to buy back company stock under existing repurchase plan

Birmingham, AL, May 22, 2006 — Energen Corp. announced that it will begin to actively buy back shares of Energen common stock under its existing stock repurchase plan. A total of 2,150,700 shares remain authorized for repurchase.

Mike Warren, Energen’s chairman and CEO, said that he also plans to ask the company’s board of directors to increase the amount of Energen common shares authorized for repurchase. The amount and timing of any such increase in authorized shares will be made at the discretion of the board.

“We plan to consider stock repurchase on a go-forward basis as one of several investment options available to us as we strive to allocate capital in ways that will continue to enhance shareholder value,” Warren said.

Energen may buy shares from time to time on the open market or in negotiated purchases. The timing and amounts of any repurchases will be at management’s discretion and in accordance with securities laws and other legal requirements. The repurchase program is subject to reevaluation in the event of changes in market conditions.

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