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2016 Annual ReportStronger than Ever2 01 6OPERATING DATACENTER MANAGEMENT TEABOARD OF DIRECTORSProved Reserves Barton R. BrookmanPresident and Chief Executive Officer Jeffrey C. SwovelandLance A.

How to fill out proved reserves

How to fill out proved reserves

1. To fill out proved reserves, follow these steps:
2. Collect data on the oil and gas fields including production rates, well test results, and geological studies.
3. Determine the reservoir properties such as porosity, permeability, and fluid saturation.
4. Estimate the original oil and gas in place using volumetric calculations or reservoir simulation techniques.
5. Apply recovery factors based on historical performance or analog fields.
6. Classify the reserves into different categories based on certainty levels such as proved, probable, and possible reserves.
7. Prepare an engineering report documenting the methodology, assumptions, and calculations used.
8. Get the report audited or certified by a qualified petroleum engineer or reserves auditor.
9. Submit the report to relevant regulatory authorities or banks as required.

Who needs proved reserves?

1. Various entities and stakeholders require proved reserves, such as:
2. - Oil and gas companies: Proved reserves provide a measure of the company's asset value, production potential, and future income streams.
3. - Investors and shareholders: Proved reserves influence investment decisions and help assess the financial health and profitability of a company.
4. - Lenders and banks: Proved reserves serve as collateral for loans and determine the borrowing capacity of an oil and gas company.
5. - Regulatory bodies: Proved reserves help in monitoring and ensuring compliance with regulations related to resource management and production reporting.
6. - Government agencies: Proved reserves assist in strategic planning, taxation, and energy policy formulation.

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What is proved reserves?

Proved reserves are quantities of hydrocarbons that are estimated to be commercially recoverable from known reservoirs under current economic and operating conditions.

Who is required to file proved reserves?

Companies involved in oil and gas exploration and production, particularly those that are publicly traded or operate in regulated markets, are generally required to file proved reserves.

How to fill out proved reserves?

Filling out proved reserves usually involves utilizing established guidelines to assess and report the quantity and value of recoverable resources based on geological and engineering data.

What is the purpose of proved reserves?

The purpose of proved reserves is to provide an accurate and standardized accounting of a company's oil and gas resources, which is essential for financial reporting, investment analysis, and regulatory compliance.

What information must be reported on proved reserves?

Companies must report the total estimated quantities of proved reserves, the classification of reserves (proven developed and proven undeveloped), production history, and any future developments or projects impacting these reserves.