Attached files
| file | filename |
|---|---|
| 10-K - Reef Oil & Gas Income & Development Fund III LP | v179474_10k.htm |
| EX-31.1 - Reef Oil & Gas Income & Development Fund III LP | v179474_ex31-1.htm |
| EX-31.2 - Reef Oil & Gas Income & Development Fund III LP | v179474_ex31-2.htm |
| EX-32.1 - Reef Oil & Gas Income & Development Fund III LP | v179474_ex32-1.htm |
| EX-23.2 - Reef Oil & Gas Income & Development Fund III LP | v179474_ex23-2.htm |
| EX-32.2 - Reef Oil & Gas Income & Development Fund III LP | v179474_ex32-2.htm |
ESTIMATED
RESERVES
AND
FUTURE
NET REVENUES
AS
OF
JANUARY
1, 2010
ATTRIBUTABLE
TO INTERESTS OWNED
BY
REEF
OIL & GAS INCOME AND
DEVELOPMENT
FUND III, L.P.
WILLIAM
M. COBB & ASSOCIATES, INC.
Worldwide
Petroleum Consultants
WILLIAM
M. COBB & ASSOCIATES, INC.
Worldwide
Petroleum Consultants
|
12770
Coit Road, Suite 907
|
(972)
385-0354
|
|
Dallas,
Texas 75251
|
Fax:
(972) 788-5165
|
February
22, 2010
Via
email: howard@reefogc.com
Mr. Byron
H. Dean
Reef Oil
& Gas Income and Development Fund III, L.P.
1901 N.
Central Expressway, Suite 300
Richardson,
Texas 75080
Dear Mr.
Dean:
As
requested, William M. Cobb & Associates, Inc. (Cobb & Associates) has
estimated the oil and gas reserves and future income as of January 1, 2010,
attributable to the interest of Reef Oil & Gas Income and Development Fund
III, L. P. (Reef) in certain properties located in Cochran County,
Texas. The properties are located in the Dean, Dean B, and Dean K
Units in the Slaughter San Andres Field. One hundred percent of the
properties identified by Reef were evaluated. This reserves
evaluation was carried out in compliance with the current SEC reserves reporting
rules and guidelines, which were effective January 1, 2010.
Tables 1
summarizes our estimates of the net proved oil and gas reserves and the
pre-federal income tax value undiscounted and discounted at 10
percent. The cash flows have been prepared using un-escalated
wellhead oil and gas prices of $58.19/BO and $1.57/MCF, based on posted WTI and
Henry Hub prices, Reef-supplied price differentials, and the Security and
Exchange Commission’s new procedure for 12-month averaging of first-of-month
2009 prices. The discounted present worth of future income values
shown in Table 1, and in other portions of this report, are not intended to
necessarily represent an estimate of fair market value. Details may
not add to totals due to rounding. Gas volumes are expressed in
millions of standard cubic feet (MMCF) as determined at 60o
Fahrenheit and the legal pressure base for Texas.
TABLE
1
REEF
OIL & GAS INCOME AND
DEVELOPMENT FUND III, L.P.
RESERVE
AND CASH FLOW SUMMARY
AS
OF JANUARY 1, 2010
|
Net Reserves
|
Future Net Cash Flow
|
|||||||||||||||
|
Reserve
|
Oil
|
Gas
|
Undiscounted
|
Discounted
at 10%
|
||||||||||||
|
Category
|
(MBBL)
|
(MMCF)
|
(M$)
|
(M$)
|
||||||||||||
|
PDP
|
111.3 | 63.6 | 3,197.3 | 2,313.3 | ||||||||||||
|
PNP
|
3.1 | 2.5 | 81.8 | 59.5 | ||||||||||||
|
Total
Proved
|
114.4 | 66.1 | 3,279.1 | 2,372.8 | ||||||||||||
Mr. Byron
H. Dean
February
22, 2010
Page
2
The
various categories of reserves have been combined in certain tables of this
report for convenience and/or illustrative purposes. It should be
recognized that different levels of risk and uncertainty are associated with
these reserve categories; however, the reserves and revenues presented in this
report have not been adjusted for risk.
DISCUSSION
Reef
operates the Dean, Dean B, and Dean K Units (the Units) in the Slaughter San
Andres Field, with the Dean B Unit containing the great majority of the Units’
reserves and value. For that reason this evaluation was done on a
by-well basis for the Dean B Unit and on a by-unit basis for the Dean and Dean K
Units. The economics were run with a per-well LOE of $859/month and
water handling cost of $0.34/BW, as supplied by Reef. These costs
were not escalated. The lease operating expense (LOE) for the Dean
and Dean K Units is adjusted for the number of wells on production on the as-of
date. Attachment 1 summarizes the results for each reserves category
by well or Unit, and Attachment 2 provides the yearly production volumes and
cash flows for each reserves category.
The Dean
B Unit is currently undergoing extensive redevelopment and pattern re-alignment,
with the addition of approximately 30 infill wells accompanied by the conversion
of some of the existing producers to injection. This redevelopment is
in progress, and there is not yet sufficient reservoir response to permit
performance-based estimates of the amount and timing of additional
reserves. Therefore, this report includes only decline curve-based
reserves estimates for those wells either on production on the as-of date (the
proved developed producing (PDP) reserves), or those existing shut-in wells that
are expected to be returned to production in 2010 (the proved non-producing
(PNP) reserves). The performance of the wells over the next one to
two years will provide the information needed to quantify the reserve impact of
the redevelopment project.
We have
not made any field examination of the Reef properties; therefore, operating
ability and condition of the production equipment have not been
considered. No consideration was given in this report to potential
environmental liabilities which may exist, nor were any costs included for
potential liability to restore and clean up damages, if any, caused by past
operating practices. In evaluating the information at our disposal
concerning this appraisal, we have excluded from our consideration all matters
as to which legal or accounting interpretation, rather than engineering, may be
controlling.
As in all
aspects of oil and gas evaluation, there are uncertainties inherent in the
interpretation of engineering data and such conclusions necessarily represent
only informed professional judgments. The reserves included in this
report are estimates only and should not be construed as being exact
quantities. The revenues from such reserves and the actual costs
related thereto could be more or less than the estimated
amounts. Because of governmental policies, uncertainties of supply
and demand, and operational uncertainties, the prices actually received for the
reserves evaluated in this report, and the costs incurred in recovering such
reserves, may vary from the price and cost assumptions used in this
report. In any case, estimates of reserves may increase or decrease
as a result of future operations.
Mr. Byron
H. Dean
February
22, 2010
Page
3
Titles to
the appraised properties have not been examined by William M. Cobb &
Associates, Inc., nor has the actual degree of interest owned been independently
confirmed. The data used in our evaluation were obtained from Reef
and the non-confidential files of Cobb & Associates, and were considered
accurate. Basic field performance data, together with our engineering
work sheets, are maintained on file in our office.
William
M. Cobb & Associates, Inc. is an independent consulting firm. Our
compensation is not contingent on the results obtained or
reported. This report was prepared by an officer of the firm who is a
licensed professional engineer with more than 30 years of experience in the
estimation, assessment, and evaluation of reserves.
|
Sincerely,
|
|
|
WILLIAM
M. COBB & ASSOCIATES, INC.
|
|
|
Texas
Registered Engineering Firm F-84
|
|
 |
|
|
Randal
M. Brush, P.E.
Senior
Vice President
|
 |
|
|
|
Attachment
1
|
|
Economic
One-Liners
|
||
|
Project Name
:
Slaughter
Dean Unit Prod Update
|
As
of Date: 1/1/2010
|
|
|
Ownership
Group : All Cases
|
SEC
FLAT PRICE
|
|
Gross
Reserves
|
Net
Reserves
|
Net
Revenue
|
Expense
|
Cash
Flow
|
||||||||||||||||||||||||||||||
|
Lease
Name
|
Oil
|
Gas
|
Oil
|
Gas
|
Oil
|
Gas
|
Other
|
&
Tax
|
Invest.
|
Non-Disc.
|
Disc.
10%
|
|||||||||||||||||||||||
|
Risked /
UnRisked
|
(Mbbl)
|
(MMcf)
|
(Mbbl)
|
(MMcf)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
|||||||||||||||||||||||
|
Grand
Total
|
193.28 | 110.98 | 114.40 | 66.06 | 6,657.59 | 103.83 | 0.00 | 3,482.30 | 0.00 | 3,279.13 | 2,372.80 | |||||||||||||||||||||||
|
Producing
Rsv Category
|
188.07 | 106.81 | 111.30 | 63.58 | 6,477.09 | 99.93 | 0.00 | 3,379.73 | 0.00 | 3,197.29 | 2,313.26 | |||||||||||||||||||||||
|
Dean
B 162 - 162
|
17.96 | 10.78 | 10.69 | 6.41 | 622.07 | 10.08 | 0.00 | 272.82 | 0.00 | 359.34 | 240.77 | |||||||||||||||||||||||
|
Dean
B 182 - 182
|
13.99 | 8.40 | 8.33 | 5.00 | 484.75 | 7.86 | 0.00 | 233.98 | 0.00 | 258.63 | 181.08 | |||||||||||||||||||||||
|
Dean
B 158 - 158
|
13.52 | 8.11 | 8.05 | 4.83 | 468.40 | 7.59 | 0.00 | 191.69 | 0.00 | 284.30 | 185.10 | |||||||||||||||||||||||
|
Dean
B 165 - 165
|
13.06 | 7.84 | 7.77 | 4.66 | 452.45 | 7.33 | 0.00 | 193.96 | 0.00 | 265.82 | 176.38 | |||||||||||||||||||||||
|
Dean
B 186 - 186
|
9.58 | 5.75 | 5.70 | 3.42 | 331.78 | 5.38 | 0.00 | 145.53 | 0.00 | 191.63 | 131.49 | |||||||||||||||||||||||
|
DEAN,
C. S. 'K'
|
10.05 | 0.00 | 5.34 | 0.00 | 310.85 | 0.00 | 0.00 | 147.06 | 0.00 | 163.80 | 113.16 | |||||||||||||||||||||||
|
Dean
B 157 - 157
|
7.47 | 4.48 | 4.44 | 2.67 | 258.63 | 4.19 | 0.00 | 144.70 | 0.00 | 118.12 | 89.53 | |||||||||||||||||||||||
|
Dean
B 16 - 16
|
7.24 | 4.34 | 4.31 | 2.59 | 250.80 | 4.06 | 0.00 | 140.24 | 0.00 | 114.62 | 86.85 | |||||||||||||||||||||||
|
Dean
B 170 - 170
|
7.01 | 4.21 | 4.17 | 2.50 | 242.81 | 3.94 | 0.00 | 116.92 | 0.00 | 129.83 | 90.79 | |||||||||||||||||||||||
|
Dean
B 176 - 176
|
6.61 | 3.97 | 3.93 | 2.36 | 228.93 | 3.71 | 0.00 | 115.63 | 0.00 | 117.00 | 83.80 | |||||||||||||||||||||||
|
Dean
B 188 - 188
|
6.55 | 3.93 | 3.90 | 2.34 | 226.84 | 3.68 | 0.00 | 115.38 | 0.00 | 115.14 | 82.76 | |||||||||||||||||||||||
|
Dean
B 185 - 185
|
6.39 | 3.84 | 3.81 | 2.28 | 221.47 | 3.59 | 0.00 | 114.60 | 0.00 | 110.45 | 80.12 | |||||||||||||||||||||||
|
Dean
B 184 - 184
|
6.30 | 3.78 | 3.75 | 2.25 | 218.21 | 3.54 | 0.00 | 131.34 | 0.00 | 90.41 | 71.74 | |||||||||||||||||||||||
|
Dean
B 187 - 187
|
5.56 | 3.34 | 3.31 | 1.99 | 192.74 | 3.12 | 0.00 | 108.19 | 0.00 | 87.67 | 66.57 | |||||||||||||||||||||||
|
Dean
B 175 - 175
|
5.53 | 3.32 | 3.29 | 1.98 | 191.67 | 3.11 | 0.00 | 107.89 | 0.00 | 86.89 | 66.09 | |||||||||||||||||||||||
|
Dean
B 61 - 61
|
5.38 | 3.23 | 3.20 | 1.92 | 186.35 | 3.02 | 0.00 | 106.26 | 0.00 | 83.11 | 63.72 | |||||||||||||||||||||||
|
Dean
B 160 - 160
|
5.26 | 3.15 | 3.13 | 1.88 | 182.09 | 2.95 | 0.00 | 104.97 | 0.00 | 80.08 | 61.81 | |||||||||||||||||||||||
|
Dean
B 76 - 76
|
5.10 | 3.06 | 3.04 | 1.82 | 176.79 | 2.87 | 0.00 | 103.25 | 0.00 | 76.40 | 59.45 | |||||||||||||||||||||||
|
Dean
B 3R - 3R
|
5.23 | 3.14 | 3.11 | 1.87 | 181.15 | 2.94 | 0.00 | 97.54 | 0.00 | 86.55 | 64.16 | |||||||||||||||||||||||
|
Dean
B 180 - 180
|
4.06 | 2.43 | 2.42 | 1.45 | 140.58 | 2.28 | 0.00 | 88.83 | 0.00 | 54.03 | 44.34 | |||||||||||||||||||||||
|
Dean
B 159 - 159
|
3.41 | 2.05 | 2.03 | 1.22 | 118.15 | 1.91 | 0.00 | 77.88 | 0.00 | 42.19 | 35.74 | |||||||||||||||||||||||
|
Dean
B 168 - 168
|
3.32 | 1.99 | 1.98 | 1.19 | 114.97 | 1.86 | 0.00 | 76.23 | 0.00 | 40.61 | 34.56 | |||||||||||||||||||||||
|
Dean
B 166 - 166
|
3.05 | 1.83 | 1.81 | 1.09 | 105.52 | 1.71 | 0.00 | 64.26 | 0.00 | 42.96 | 34.36 | |||||||||||||||||||||||
|
Dean
B 181 - 181
|
2.98 | 1.79 | 1.78 | 1.07 | 103.37 | 1.68 | 0.00 | 63.40 | 0.00 | 41.64 | 33.47 | |||||||||||||||||||||||
|
Dean
B 72 - 72
|
2.77 | 1.66 | 1.65 | 0.99 | 95.93 | 1.55 | 0.00 | 60.19 | 0.00 | 37.29 | 30.45 | |||||||||||||||||||||||
|
Dean
B 135 - 135
|
2.34 | 1.40 | 1.39 | 0.84 | 81.02 | 1.31 | 0.00 | 53.07 | 0.00 | 29.27 | 24.67 | |||||||||||||||||||||||
|
Dean
B 149 - 149
|
2.03 | 1.22 | 1.21 | 0.73 | 70.36 | 1.14 | 0.00 | 47.37 | 0.00 | 24.13 | 20.80 | |||||||||||||||||||||||
|
Dean
B 161 - 161
|
1.90 | 1.14 | 1.13 | 0.68 | 65.97 | 1.07 | 0.00 | 47.35 | 0.00 | 19.69 | 17.93 | |||||||||||||||||||||||
|
Dean
B 164 - 164
|
1.72 | 1.03 | 1.03 | 0.62 | 59.73 | 0.97 | 0.00 | 41.34 | 0.00 | 19.36 | 17.07 | |||||||||||||||||||||||
|
Dean
B 171 - 171
|
1.20 | 0.72 | 0.71 | 0.43 | 41.59 | 0.67 | 0.00 | 30.02 | 0.00 | 12.25 | 11.21 | |||||||||||||||||||||||
|
Dean
B 57 - 57
|
0.95 | 0.57 | 0.57 | 0.34 | 33.02 | 0.54 | 0.00 | 24.22 | 0.00 | 9.33 | 8.69 | |||||||||||||||||||||||
|
Dean
B 53 - 53
|
0.52 | 0.31 | 0.31 | 0.19 | 18.12 | 0.29 | 0.00 | 13.65 | 0.00 | 4.76 | 4.58 | |||||||||||||||||||||||
|
Dean
B 110 - 110
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 119 - 119
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
1
|
|
|
Attachment
1
|
|
Economic
One-Liners
|
||
|
Project Name
:
Slaughter
Dean Unit Prod Update
|
As
of Date: 1/1/2010
|
|
|
Ownership
Group : All Cases
|
SEC
FLAT PRICE
|
|
Gross
Reserves
|
Net
Reserves
|
Net
Revenue
|
Expense
|
Cash
Flow
|
||||||||||||||||||||||||||||||
|
Lease
Name
|
Oil
|
Gas
|
Oil
|
Gas
|
Oil
|
Gas
|
Other
|
&
Tax
|
Invest.
|
Non-Disc.
|
Disc.
10%
|
|||||||||||||||||||||||
|
Risked /
UnRisked
|
(Mbbl)
|
(MMcf)
|
(Mbbl)
|
(MMcf)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
|||||||||||||||||||||||
|
Dean
B 129 - 129
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 154 - 154
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 163 - 163
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 167 - 167
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 172 - 172
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 173 - 173
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 174 - 174
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 177 - 177
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 178 - 178
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 179 - 179
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 183 - 183
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 189 - 189
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 192 - 192
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 59 - 59
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 70 - 70
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 74 - 74
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 78 - 78
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 92 - 92
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Dean
B 99 - 99
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
DEAN
UNIT
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
|
Non-Producing
Rsv Category
|
5.21 | 4.17 | 3.10 | 2.48 | 180.50 | 3.90 | 0.00 | 102.56 | 0.00 | 81.83 | 59.54 | |||||||||||||||||||||||
|
Dean
B 63 - 63
|
5.21 | 4.17 | 3.10 | 2.48 | 180.50 | 3.90 | 0.00 | 102.56 | 0.00 | 81.83 | 59.54 | |||||||||||||||||||||||
|
Dean
B 55 - 55
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
2
Attachment
2
|
|
ECONOMIC
SUMMARY PROJECTION
|
Grand
Total
|
|
Project Name
: Slaughter Dean Unit Prod
Update
Partner
:
All Cases
Case Type
: GRAND TOTAL
CASE
|
As
Of Date : 1/1/2010
Discount
Rate (%) : 10.00
All
Cases
|
SEC FLAT
PRICE
Cum
Oil (Mbbl)
: 4,024.76
Cum
Gas (MMcf) : 2,082.98
|
Gross
|
Gross
|
Net
|
Net
|
Oil
|
Gas
|
Oil
|
Gas
|
Misc.
|
||||||||||||||||||||
|
Year
|
Oil
|
Gas
|
Oil
|
Gas
|
Price
|
Price
|
Revenue
|
Revenue
|
Revenue
|
|||||||||||||||||||
|
(Mbbl)
|
(MMcf)
|
(Mbbl)
|
(MMcf)
|
($/bbl)
|
($/Mcf)
|
(M$)
|
(M$)
|
(M$)
|
||||||||||||||||||||
|
2010
|
31.37 | 18.16 | 18.60 | 10.81 | 58.19 | 1.57 | 1,082.16 | 16.99 | 0.00 | |||||||||||||||||||
|
2011
|
28.51 | 16.59 | 16.90 | 9.87 | 58.19 | 1.57 | 983.47 | 15.52 | 0.00 | |||||||||||||||||||
|
2012
|
24.84 | 14.42 | 14.72 | 8.58 | 58.19 | 1.57 | 856.50 | 13.49 | 0.00 | |||||||||||||||||||
|
2013
|
22.02 | 12.77 | 13.04 | 7.60 | 58.19 | 1.57 | 759.05 | 11.95 | 0.00 | |||||||||||||||||||
|
2014
|
18.63 | 10.77 | 11.03 | 6.41 | 58.19 | 1.57 | 642.05 | 10.08 | 0.00 | |||||||||||||||||||
|
2015
|
16.04 | 9.26 | 9.50 | 5.51 | 58.19 | 1.57 | 552.75 | 8.66 | 0.00 | |||||||||||||||||||
|
2016
|
13.43 | 7.72 | 7.95 | 4.60 | 58.19 | 1.57 | 462.58 | 7.22 | 0.00 | |||||||||||||||||||
|
2017
|
11.15 | 6.38 | 6.60 | 3.80 | 58.19 | 1.57 | 383.84 | 5.97 | 0.00 | |||||||||||||||||||
|
2018
|
7.68 | 4.28 | 4.53 | 2.55 | 58.19 | 1.57 | 263.59 | 4.00 | 0.00 | |||||||||||||||||||
|
2019
|
6.07 | 3.29 | 3.57 | 1.96 | 58.19 | 1.57 | 208.01 | 3.08 | 0.00 | |||||||||||||||||||
|
2020
|
4.89 | 2.62 | 2.88 | 1.56 | 58.19 | 1.57 | 167.47 | 2.45 | 0.00 | |||||||||||||||||||
|
2021
|
3.76 | 1.97 | 2.21 | 1.17 | 58.19 | 1.57 | 128.47 | 1.84 | 0.00 | |||||||||||||||||||
|
2022
|
2.26 | 1.18 | 1.32 | 0.70 | 58.19 | 1.57 | 77.06 | 1.10 | 0.00 | |||||||||||||||||||
|
2023
|
1.67 | 1.00 | 1.00 | 0.60 | 58.19 | 1.57 | 57.95 | 0.94 | 0.00 | |||||||||||||||||||
|
2024
|
0.69 | 0.42 | 0.41 | 0.25 | 58.19 | 1.57 | 24.02 | 0.39 | 0.00 | |||||||||||||||||||
|
Rem
|
0.25 | 0.15 | 0.15 | 0.09 | 58.19 | 1.57 | 8.63 | 0.14 | 0.00 | |||||||||||||||||||
|
Total
|
193.28 | 110.98 | 114.40 | 66.06 | 58.19 | 1.57 | 6,657.59 | 103.83 | 0.00 | |||||||||||||||||||
|
Ult
|
4,218.04 | 2,193.95 | ||||||||||||||||||||||||||
|
Well
|
Net
Tax
|
Net
Tax
|
Net
|
Net
|
Net
|
Other
|
Net
|
Annual
|
Cum
Disc.
|
||||||||||||||||||||||
|
Year
|
Count
|
Production
|
AdValorem
|
Investment
|
Lease
Costs
|
Well
Costs
|
Costs
|
Profits
|
Cash
Flow
|
Cash
Flow
|
|||||||||||||||||||||
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
|||||||||||||||||||||||
|
2010
|
34.00 | 51.05 | 27.48 | 0.00 | 0.00 | 251.45 | 148.08 | 0.00 | 621.09 | 592.81 | |||||||||||||||||||||
|
2011
|
32.00 | 46.40 | 24.97 | 0.00 | 0.00 | 245.71 | 141.83 | 0.00 | 540.06 | 1,061.66 | |||||||||||||||||||||
|
2012
|
31.00 | 40.41 | 21.75 | 0.00 | 0.00 | 227.66 | 124.72 | 0.00 | 455.45 | 1,421.13 | |||||||||||||||||||||
|
2013
|
29.00 | 35.81 | 19.27 | 0.00 | 0.00 | 216.70 | 117.11 | 0.00 | 382.09 | 1,695.26 | |||||||||||||||||||||
|
2014
|
27.00 | 30.29 | 16.30 | 0.00 | 0.00 | 193.97 | 99.79 | 0.00 | 311.78 | 1,898.70 | |||||||||||||||||||||
|
2015
|
24.00 | 26.08 | 14.04 | 0.00 | 0.00 | 177.77 | 88.98 | 0.00 | 254.55 | 2,049.70 | |||||||||||||||||||||
|
2016
|
22.00 | 21.82 | 11.75 | 0.00 | 0.00 | 154.33 | 78.76 | 0.00 | 203.15 | 2,159.29 | |||||||||||||||||||||
|
2017
|
19.00 | 18.10 | 9.75 | 0.00 | 0.00 | 136.97 | 66.66 | 0.00 | 158.33 | 2,236.94 | |||||||||||||||||||||
|
2018
|
16.00 | 12.43 | 6.69 | 0.00 | 0.00 | 96.62 | 41.48 | 0.00 | 110.37 | 2,286.20 | |||||||||||||||||||||
|
2019
|
11.00 | 9.80 | 5.28 | 0.00 | 0.00 | 79.40 | 33.24 | 0.00 | 83.38 | 2,319.98 | |||||||||||||||||||||
|
2020
|
10.00 | 7.89 | 4.25 | 0.00 | 0.00 | 65.05 | 30.11 | 0.00 | 62.62 | 2,343.08 | |||||||||||||||||||||
|
2021
|
7.00 | 6.05 | 3.26 | 0.00 | 0.00 | 51.12 | 25.52 | 0.00 | 44.37 | 2,357.96 | |||||||||||||||||||||
|
2022
|
4.00 | 3.63 | 1.95 | 0.00 | 0.00 | 30.89 | 16.01 | 0.00 | 25.68 | 2,365.80 | |||||||||||||||||||||
|
2023
|
3.00 | 2.74 | 1.47 | 0.00 | 0.00 | 23.29 | 14.18 | 0.00 | 17.22 | 2,370.56 | |||||||||||||||||||||
|
2024
|
2.00 | 1.13 | 0.61 | 0.00 | 0.00 | 11.78 | 4.10 | 0.00 | 6.78 | 2,372.28 | |||||||||||||||||||||
|
Rem.
|
0.41 | 0.22 | 0.00 | 0.00 | 4.54 | 1.39 | 0.00 | 2.21 | 0.52 | ||||||||||||||||||||||
|
Total
|
314.04 | 169.04 | 0.00 | 0.00 | 1,967.26 | 1,031.97 | 0.00 | 3,279.13 | 2,372.80 | ||||||||||||||||||||||
|
Present
Worth Profile (M$)
|
||||
|
PW
5.00% :
|
2,753.65
|
|||
|
PW
8.00% :
|
2,511.53
|
|||
|
Disc.
Initial Invest. (M$) :
|
0.000
|
PW
9.00% :
|
2,440.14
|
|
|
ROInvestment
(disc/undisc) :
|
0.00
/ 0.00
|
PW
12.00% :
|
2,249.05
|
|
|
Years
to Payout :
|
0.00
|
PW
15.00% :
|
2,086.89
|
|
|
Internal
ROR (%) :
|
0.00
|
PW
20.00% :
|
1,865.82
|
|
|
|
Page
1 of 3
|
Attachment
2
|
|
ECONOMIC
SUMMARY PROJECTION
|
Producing
Rsv
Category
|
|
Project Name
: Slaughter Dean Unit Prod
Update
|
As
Of Date : 1/1/2010
|
|
|
Partner
:
All Cases
|
Discount
Rate (%) : 10.00
|
|
|
Case Type
:
REPORT BREAK TOTAL CASE
|
All
Cases
|
SEC FLAT
PRICE
Cum
Oil (Mbbl)
: 3,893.86
Cum
Gas (MMcf) : 1,981.97
|
Gross
|
Gross
|
Net
|
Net
|
Oil
|
Gas
|
Oil
|
Gas
|
Misc.
|
||||||||||||||||||||
|
Year
|
Oil
|
Gas
|
Oil
|
Gas
|
Price
|
Price
|
Revenue
|
Revenue
|
Revenue
|
|||||||||||||||||||
|
(Mbbl)
|
(MMcf)
|
(Mbbl)
|
(MMcf)
|
($/bbl)
|
($/Mcf)
|
(M$)
|
(M$)
|
(M$)
|
||||||||||||||||||||
|
2010
|
30.93 | 17.81 | 18.33 | 10.60 | 58.19 | 1.57 | 1,066.79 | 16.66 | 0.00 | |||||||||||||||||||
|
2011
|
27.69 | 15.93 | 16.41 | 9.48 | 58.19 | 1.57 | 954.89 | 14.90 | 0.00 | |||||||||||||||||||
|
2012
|
24.08 | 13.82 | 14.27 | 8.22 | 58.19 | 1.57 | 830.22 | 12.93 | 0.00 | |||||||||||||||||||
|
2013
|
21.32 | 12.21 | 12.63 | 7.27 | 58.19 | 1.57 | 735.00 | 11.43 | 0.00 | |||||||||||||||||||
|
2014
|
17.99 | 10.26 | 10.65 | 6.11 | 58.19 | 1.57 | 619.99 | 9.60 | 0.00 | |||||||||||||||||||
|
2015
|
15.46 | 8.79 | 9.15 | 5.23 | 58.19 | 1.57 | 532.52 | 8.22 | 0.00 | |||||||||||||||||||
|
2016
|
12.90 | 7.29 | 7.63 | 4.34 | 58.19 | 1.57 | 443.97 | 6.82 | 0.00 | |||||||||||||||||||
|
2017
|
10.66 | 5.99 | 6.30 | 3.56 | 58.19 | 1.57 | 366.81 | 5.60 | 0.00 | |||||||||||||||||||
|
2018
|
7.44 | 4.09 | 4.39 | 2.43 | 58.19 | 1.57 | 255.30 | 3.82 | 0.00 | |||||||||||||||||||
|
2019
|
6.07 | 3.29 | 3.57 | 1.96 | 58.19 | 1.57 | 208.01 | 3.08 | 0.00 | |||||||||||||||||||
|
2020
|
4.89 | 2.62 | 2.88 | 1.56 | 58.19 | 1.57 | 167.47 | 2.45 | 0.00 | |||||||||||||||||||
|
2021
|
3.76 | 1.97 | 2.21 | 1.17 | 58.19 | 1.57 | 128.47 | 1.84 | 0.00 | |||||||||||||||||||
|
2022
|
2.26 | 1.18 | 1.32 | 0.70 | 58.19 | 1.57 | 77.06 | 1.10 | 0.00 | |||||||||||||||||||
|
2023
|
1.67 | 1.00 | 1.00 | 0.60 | 58.19 | 1.57 | 57.95 | 0.94 | 0.00 | |||||||||||||||||||
|
2024
|
0.69 | 0.42 | 0.41 | 0.25 | 58.19 | 1.57 | 24.02 | 0.39 | 0.00 | |||||||||||||||||||
|
Rem
|
0.25 | 0.15 | 0.15 | 0.09 | 58.19 | 1.57 | 8.63 | 0.14 | 0.00 | |||||||||||||||||||
|
Total
|
188.07 | 106.81 | 111.30 | 63.58 | 58.19 | 1.57 | 6,477.09 | 99.93 | 0.00 | |||||||||||||||||||
|
Ult
|
4,081.92 | 2,088.78 | ||||||||||||||||||||||||||
|
Well
|
Net
Tax
|
Net
Tax
|
Net
|
Net
|
Net
|
Other
|
Net
|
Annual
|
Cum
Disc.
|
||||||||||||||||||||||
|
Year
|
Count
|
Production
|
AdValorem
|
Investment
|
Lease
Costs
|
Well
Costs
|
Costs
|
Profits
|
Cash
Flow
|
Cash
Flow
|
|||||||||||||||||||||
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
|||||||||||||||||||||||
|
2010
|
32.00 | 50.32 | 27.09 | 0.00 | 0.00 | 247.57 | 146.38 | 0.00 | 612.10 | 584.44 | |||||||||||||||||||||
|
2011
|
31.00 | 45.04 | 24.24 | 0.00 | 0.00 | 237.95 | 138.45 | 0.00 | 524.09 | 1,039.43 | |||||||||||||||||||||
|
2012
|
30.00 | 39.16 | 21.08 | 0.00 | 0.00 | 219.90 | 121.34 | 0.00 | 441.67 | 1,388.02 | |||||||||||||||||||||
|
2013
|
28.00 | 34.67 | 18.66 | 0.00 | 0.00 | 208.94 | 113.73 | 0.00 | 370.43 | 1,653.79 | |||||||||||||||||||||
|
2014
|
26.00 | 29.24 | 15.74 | 0.00 | 0.00 | 186.21 | 96.41 | 0.00 | 302.00 | 1,850.85 | |||||||||||||||||||||
|
2015
|
23.00 | 25.11 | 13.52 | 0.00 | 0.00 | 170.01 | 85.60 | 0.00 | 246.50 | 1,997.08 | |||||||||||||||||||||
|
2016
|
21.00 | 20.93 | 11.27 | 0.00 | 0.00 | 146.56 | 75.37 | 0.00 | 196.65 | 2,103.16 | |||||||||||||||||||||
|
2017
|
18.00 | 17.29 | 9.31 | 0.00 | 0.00 | 129.21 | 63.28 | 0.00 | 153.33 | 2,178.36 | |||||||||||||||||||||
|
2018
|
15.00 | 12.03 | 6.48 | 0.00 | 0.00 | 92.63 | 39.73 | 0.00 | 108.26 | 2,226.66 | |||||||||||||||||||||
|
2019
|
11.00 | 9.80 | 5.28 | 0.00 | 0.00 | 79.40 | 33.24 | 0.00 | 83.38 | 2,260.44 | |||||||||||||||||||||
|
2020
|
10.00 | 7.89 | 4.25 | 0.00 | 0.00 | 65.05 | 30.11 | 0.00 | 62.62 | 2,283.54 | |||||||||||||||||||||
|
2021
|
7.00 | 6.05 | 3.26 | 0.00 | 0.00 | 51.12 | 25.52 | 0.00 | 44.37 | 2,298.42 | |||||||||||||||||||||
|
2022
|
4.00 | 3.63 | 1.95 | 0.00 | 0.00 | 30.89 | 16.01 | 0.00 | 25.68 | 2,306.26 | |||||||||||||||||||||
|
2023
|
3.00 | 2.74 | 1.47 | 0.00 | 0.00 | 23.29 | 14.18 | 0.00 | 17.22 | 2,311.02 | |||||||||||||||||||||
|
2024
|
2.00 | 1.13 | 0.61 | 0.00 | 0.00 | 11.78 | 4.10 | 0.00 | 6.78 | 2,312.74 | |||||||||||||||||||||
|
Rem.
|
0.41 | 0.22 | 0.00 | 0.00 | 4.54 | 1.39 | 0.00 | 2.21 | 0.52 | ||||||||||||||||||||||
|
Total
|
305.44 | 164.43 | 0.00 | 0.00 | 1,905.04 | 1,004.83 | 0.00 | 3,197.29 | 2,313.26 | ||||||||||||||||||||||
|
Present
Worth Profile (M$)
|
||||
|
PW
5.00% :
|
2,684.46
|
|||
|
PW
8.00% :
|
2,448.42
|
|||
|
Disc.
Initial Invest. (M$) :
|
0.000
|
PW
9.00% :
|
2,378.86
|
|
|
ROInvestment
(disc/undisc) :
|
0.00
/ 0.00
|
PW
12.00% :
|
2,192.74
|
|
|
Years
to Payout :
|
0.00
|
PW
15.00% :
|
2,034.89
|
|
|
Internal
ROR (%) :
|
0.00
|
PW
20.00% :
|
1,819.81
|
|
|
|
Page
2 of 3
|
Attachment
2
|
|
ECONOMIC
SUMMARY PROJECTION
|
Non-Producing
Rsv
Category
|
|
Project
Name :
Slaughter Dean Unit Prod Update
Partner
:
All
Cases
Case
Type
:
REPORT BREAK TOTAL CASE
|
As
Of Date : 1/1/2010
Discount
Rate (%) : 10.00
All
Cases
|
SEC FLAT
PRICE
Cum
Oil (Mbbl)
: 130.91
Cum
Gas (MMcf) : 101.01
|
Gross
|
Gross
|
Net
|
Net
|
Oil
|
Gas
|
Oil
|
Gas
|
Misc.
|
||||||||||||||||||||
|
Year
|
Oil
|
Gas
|
Oil
|
Gas
|
Price
|
Price
|
Revenue
|
Revenue
|
Revenue
|
|||||||||||||||||||
|
(Mbbl)
|
(MMcf)
|
(Mbbl)
|
(MMcf)
|
($/bbl)
|
($/Mcf)
|
(M$)
|
(M$)
|
(M$)
|
||||||||||||||||||||
|
2010
|
0.44 | 0.35 | 0.26 | 0.21 | 58.19 | 1.57 | 15.37 | 0.33 | 0.00 | |||||||||||||||||||
|
2011
|
0.83 | 0.66 | 0.49 | 0.39 | 58.19 | 1.57 | 28.58 | 0.62 | 0.00 | |||||||||||||||||||
|
2012
|
0.76 | 0.61 | 0.45 | 0.36 | 58.19 | 1.57 | 26.29 | 0.57 | 0.00 | |||||||||||||||||||
|
2013
|
0.69 | 0.56 | 0.41 | 0.33 | 58.19 | 1.57 | 24.04 | 0.52 | 0.00 | |||||||||||||||||||
|
2014
|
0.64 | 0.51 | 0.38 | 0.30 | 58.19 | 1.57 | 22.06 | 0.48 | 0.00 | |||||||||||||||||||
|
2015
|
0.58 | 0.47 | 0.35 | 0.28 | 58.19 | 1.57 | 20.23 | 0.44 | 0.00 | |||||||||||||||||||
|
2016
|
0.54 | 0.43 | 0.32 | 0.26 | 58.19 | 1.57 | 18.61 | 0.40 | 0.00 | |||||||||||||||||||
|
2017
|
0.49 | 0.39 | 0.29 | 0.23 | 58.19 | 1.57 | 17.02 | 0.37 | 0.00 | |||||||||||||||||||
|
2018
|
0.24 | 0.19 | 0.14 | 0.11 | 58.19 | 1.57 | 8.30 | 0.18 | 0.00 | |||||||||||||||||||
|
Rem
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
|
Total
|
5.21 | 4.17 | 3.10 | 2.48 | 58.19 | 1.57 | 180.50 | 3.90 | 0.00 | |||||||||||||||||||
|
Ult
|
136.12 | 105.18 | ||||||||||||||||||||||||||
|
Well
|
Net
Tax
|
Net
Tax
|
Net
|
Net
|
Net
|
Other
|
Net
|
Annual
|
Cum
Disc.
|
||||||||||||||||||||||
|
Year
|
Count
|
Production
|
AdValorem
|
Investment
|
Lease
Costs
|
Well
Costs
|
Costs
|
Profits
|
Cash
Flow
|
Cash
Flow
|
|||||||||||||||||||||
|
as(M$)
|
as(M$)
|
as(M$)
|
as(M$)
|
as(M$)
|
as(M$)
|
as(M$)
|
as(M$)
|
as(M$)
|
|||||||||||||||||||||||
|
2010
|
2.00 | 0.73 | 0.39 | 0.00 | 0.00 | 3.88 | 1.70 | 0.00 | 8.99 | 8.38 | |||||||||||||||||||||
|
2011
|
1.00 | 1.36 | 0.73 | 0.00 | 0.00 | 7.76 | 3.38 | 0.00 | 15.96 | 22.23 | |||||||||||||||||||||
|
2012
|
1.00 | 1.25 | 0.67 | 0.00 | 0.00 | 7.76 | 3.39 | 0.00 | 13.78 | 33.10 | |||||||||||||||||||||
|
2013
|
1.00 | 1.14 | 0.61 | 0.00 | 0.00 | 7.76 | 3.38 | 0.00 | 11.66 | 41.47 | |||||||||||||||||||||
|
2014
|
1.00 | 1.05 | 0.56 | 0.00 | 0.00 | 7.76 | 3.38 | 0.00 | 9.78 | 47.85 | |||||||||||||||||||||
|
2015
|
1.00 | 0.96 | 0.52 | 0.00 | 0.00 | 7.76 | 3.38 | 0.00 | 8.05 | 52.62 | |||||||||||||||||||||
|
2016
|
1.00 | 0.89 | 0.48 | 0.00 | 0.00 | 7.76 | 3.39 | 0.00 | 6.50 | 56.13 | |||||||||||||||||||||
|
2017
|
1.00 | 0.81 | 0.43 | 0.00 | 0.00 | 7.76 | 3.38 | 0.00 | 5.00 | 58.58 | |||||||||||||||||||||
|
2018
|
1.00 | 0.40 | 0.21 | 0.00 | 0.00 | 4.00 | 1.76 | 0.00 | 2.11 | 59.54 | |||||||||||||||||||||
|
Rem.
|
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
|
Total
|
8.60 | 4.61 | 0.00 | 0.00 | 62.22 | 27.14 | 0.00 | 81.83 | 59.54 | ||||||||||||||||||||||
|
Present
Worth Profile (M$)
|
||||
|
PW
5.00% :
|
69.20
|
|||
|
PW
8.00% :
|
63.11
|
|||
|
Disc.
Initial Invest. (M$) :
|
0.000
|
PW
9.00% :
|
61.28
|
|
|
ROInvestment
(disc/undisc) :
|
0.00
/ 0.00
|
PW
12.00% :
|
56.31
|
|
|
Years
to Payout :
|
0.00
|
PW
15.00% :
|
52.01
|
|
|
Internal
ROR (%) :
|
0.00
|
PW
20.00% :
|
46.01
|
|
|
|
Page
3 of 3
|