Chesapeake Energy 2000 Annual Report Download - page 17

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December 31, 2000 (based on combined weighted average prices of $26.42 per barrel of oil and $10.13 per
mcf of gas):
Actual future prices and costs may be materially higher or lower than the prices and costs as of the date
of any estimate. A change in price of $0.10 per mcf for natural gas and $1.00 per barrel for oil would result in:
a change in our December 31, 2000 present value of proved reserve of $62 million and $13 million,
respectively; and
a change in the December 31, 2000 present value of proved reserves for us and Gothic combined
of $75 million and $14 million, respectively.
If the present value of our combined pro forma proved reserves were calculated using a more recent
approximation of NYMEX spot prices of $24.00 per barrel of oil and $5.00 per mcf of gas, adjusted for our
price differentials, the present value of our combined pro forrna proved reserves at December 31, 2000 would
have been $3.2 billion.
Development, Exploration and Acquisition Expenditures
The following table sets forth information regarding the costs we have incurred in our development,
exploration and acquisition activities during the periods indicated:
-6-
Oil
(mbbl) Gas
(mmcf)
Gas
Equivalent
(mmcfe)
Percent
of
Proved
Reserves
Present
Value
($ in thousands)
Mid-Continent 15,049 1,140,801 1,231,097 74% $5,425,407
Gulf Coast 4,010 133,661 157,719 9825,891
Canada 158,964 158,964 10 680,800
Permian Basin 1,536 49,536 58,750 4252,001
Other areas 4,970 19,978 49,798 3128,432
Total 25,565 1,502,940 1,656,328 100% $7,312,531
Years Ended December 31,
1998 1999 2000
($ in thousands)
Development and leasehold costs $150,241 $124,118 $151,844
Exploration costs 68,672 23,693 24,658
Acquisition costs:
Proved properties 740,280 52,093 75,285
Unproved properties 26,369 2,747 3,625
Sales of oil and gas properties (15,712) (45,635) (1,529)
Capitalized internal costs 5,262 2,710 6,958
Total $975,112 $159,726 $260,841