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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Ed Ajootian who wrote (114591)12/5/2008 12:43:25 AM
From: cyesp  Read Replies (1) of 206338
 
Ed - per SEC, reserves are determined by actual prices and costs as of December 31. Any subsequent pricing or cost declines (or increases) are NOT considered to determine if PUDs are economic.

Just to be clear, if a well is scheduled to be drilled in Feb, costs to heat frac tanks, clear snow, winterize the drilling rig are included, but if the well is scheduled to be drilled in summer, those costs are excluded. Although nat gas prices are typically lower in the shoulder months, and higher in the winter, natural gas prices are determined solely by the reported price on Dec 31 or the preceding business day unless there is a specific contract assigned to the well. Hedges can be assigned at the corporate level, but are generally applied to specific wells.

Cy
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