Now, obviously, the 5000 boed of production growth is not costing them $128,000/boed.

So lets look at it from another angle.

Normally, companies can add production for about $30,000/boed, so CPG's 2013 growth of 5000 boed should cost about $150 million. Since their total projected capex for 2013 is $1.35 billion, they must be spending about $1.2 billion to simply replace depletion, maintenence capex in other words.