Energen Board Increases Cash Dividend 4.3%

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The Board Energen Corporation (NYSE: EGN) increased the quarterly cash dividend 4.3% to 12 cents per share. This marks the 26th consecutive year that Energen's cash dividend has been increased. On an annualized basis, the Company's new dividend rate is 48 cents per share. The dividend is payable March 3, 2008, to shareholders of record on February 15, 2008.

"This increase reflects a projected payout of net income from our natural gas utility, Alabama Gas Corporation (Alagasco), that is in line with traditional gas utility payouts of 65%-75%," said James McManus, Energen's chairman and chief executive officer. "In addition, our oil and gas exploration and production subsidiary, Energen Resources Corporation, contributes a small portion of its net income to the dividend; however, the majority of Energen Resources' cash flows are reinvested in that business to help fund future growth."

Energen Corporation is a diversified energy holding company with headquarters in Birmingham, AL.

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