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Strategies & Market Trends : Value Investing
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To: Madharry who wrote (25603)12/25/2006 5:35:59 PM
From: Spekulatius  Read Replies (2) of 78670
 
REGARDING CHK - YES the quantity of reserves is indeed dependent on the reserve price at the time of estimate, since onl;y reserves that can be exploited economically are counted. This is true for official reserve estimates (those stated in 10k's and such) i am not sure about the numbers stated in corporate presentations.

I am also not sure what this means for high cost proven reserves where costs are already sunk but lifting costs are low enough to warrant exploitation, those would have to be written down in value but the reserve quantity on the books would not change. I have not seen that with CHK so far. CHK's average lifting costs are less than 1$, so i doubt that this would matter (as far as quantity is concerned) even at prices around 4$.
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