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Reserves
Important Defining Factors
Resources
Reserves
Reserves Classification
Proved
Unproved
Probable
Possible
Reserves Classification
Proved
Proved reserves can be estimated with
reasonable certainty to be recoverable under
current economic conditions (prices and costs
prevailing at the time of the estimate). Proved
reserves may be developed or undeveloped.
Reserves Classification
Unproved
Unproved reserves are based on geologic
and/or engineering data similar to that used in
estimates of proved reserves; but technical,
contractual, economic, or regulatory
uncertainties preclude such reserves being
classified as proved. They may be estimated
assuming future economic conditions different
from those prevailing at the time of the
estimate.
Reserves Classification
Unproved
Probable
Probable reserves are less certain than proved
reserves and can be estimated with a degree of
certainty sufficient to indicate they are more
likely to be recovered than not.
Possible
Possible reserves are less than probable
reserves and can be estimated with a low
degree of certainty, insufficient to indicate
whether they are more likely to be recovered
than not.
Proved Reserves
Developed Reserved
Reserves which are recoverable through
existing wells and with existing facilities.
Undeveloped Reserves
Reserves under undeveloped spacing units
which are so close and so related to developed
spacing units that they may be assumed with
confidence to become commercially productive
when drilled.
Developed Reserves
Producing Reserves
Reserves to be produced by existing wells from
completion intervals open to production.
NonNon-Producing Reserves
Reserves to be produced from existing wells
but which are now behind the casing or at
minor depths below the bottom of the hole.
Reserves Classification
Primary Reserves
Reserves that are recoverable commercially at
the current prices and costs by conventional
methods and equipment as a result of natural
energy inherent in the reservoir.
Secondary Reserves
Reserves that are recoverable commercially at
the current prices and costs by secondary
operations.
Reserves Classification