Chesapeake Energy 2000 Annual Report Download - page 83

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The information is presented in accordance with regulations prescribed by the Securities and Exchange
Commission. Chesapeake emphasizes that reserve estimates are inherently imprecise. Our reserve estimates were
generally based upon extrapolation of historical production trends, analogy to similar properties and volumetric
calculations. Accordingly, these estimates are expected to change, and such changes could be material and occur in
the near term as future information becomes available.
Proved oil and gas reserves represent the estimated quantities of crude oil, natural gas, and natural gas liquids
which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from
known reservoirs under existing economic and operating conditions. Proved developed oil and gas reserves are those
expected to be recovered through existing wells with existing equipment and operating methods.
Presented below is a summary of changes in estimated reserves of Chesapeake for 1998, 1999 and 2000:
December 31, 1998
-72-
Proved reserves, beginning of period
Extensions, discoveries and other additions .
Revisions of previous estimates
Production
Sale of reserves-in-place
Purchase of reserves-in-place
24,795
3,599
(3,210)
(3,068)
(136)
1,817
878,584
157,719
25,652
(103,694)
(2,155)
96,963
1,027,353
179,313
6,392
(122,102)
(2,971)
107,864
-178,242
-20,772
(27,973)
(12,077)
-
-
178,242
20,772
(27,973)
(12,077)
24,795
3,599
(3,210)
(3,068)
(136)
1,817
1,056,826
178,491
(2,321)
(115,771)
(2,155)
96,963
1,205,595
200,085
(21,581)
(134,179)
(2,971)
107,864
Proved reserves, end of period 23,797 1,053,069 1,195,849 158,964 158,964 23,797 1,212,033 1,354,813
Proved developed reserves:
Beginning of period 17,750 627,120 733,620 136,203 136,203 17,750 763,323 869,823
End of period 15,445 739,775 832,445 118,688 118,688 15,445 858,463 951,133
Chesapeake and Gothic on a combined
basis:
Proved reserves, end of period 25,565 1,343,976 -
1,497,364 158,964 158,964 25,565 1,502,940 1,656,328
Proved developed reserves, end of period. .17,012 985,247 1,087,319 118,688 118,688 17,012 1,103,935 1,206,007
Proved reserves, beginning of period
Extensions, discoveries and other additions
Revisions of previous estimates
Production
Sale of reserves-in-place
Purchase of reserves-in-place
22,560
4,593
3,404
(4,147)
(4,371)
2,756
724,018
158,801
59,904
(96,873)
(31,616)
64,350
859,377
186,359
80,328
(121,755)
(57,842)
80,886
33
(33)
-
231,773
37,835
(98,571)
(11,737)
(796)
19,738
231,971
37,835
(98,571)
(11,737)
(994)
19,738
22,593
4,593
3,404
(4,147)
(4,404)
2,756
955,791
196,636
(38,667)
(108,610)
(32,412)
84,088
1,091,348
224,194
(18,243)
(133,492)
(58,836)
100,624
Proved reserves, end of period 24,795 878,584 1,027,353 178,242 178,242 24,795 1,056,826 1,205,595
Proved developed reserves:
Beginning of period 18,003 552,953 660,971 33 105,990 106,188 18,036 658,943 767,159
End of period 17,750 627,120 733,620 136,203 136,203 17,750 763,323 869,823
December 31, 2000
U.S. Canada Combined
Oil Gas Total Oil Gas Total Oil Gas Total
(mbbl) (mmcl) (mmcfe) (mbbl) (mmcl) (mmcfe) (mbbl) (mmcl) (mmdc)
U.S. Canada Combined
Oil
(mbbl) Gas
(mmcl) Total
(mmcfe) Oil
(mbbl) Gas
(mmcl) Total
(mmcfe) Oil
(mbbl) Gas
(mmcl) Total
(mmcfe)
Proved reserves, beginning of period
Extensions, discoveries and other additions
Revisions of previous estimates
Production
Sale of reserves-in-place
Purchase of reserves-in-place
18,226
3,448
(4,082)
(5,975)
(30)
10,973
339,118
90,879
(60,477)
(86,68!)
(3,515)
444,694
448,473
111,567
(84,969)
(122,531)
(3,695)
510,532
(I)
34
(7,740)
239,513
(7,746)
239,717
18,226
3,448
(4,082)
(5,976)
(30)
11,007
339,118
90,879
(60,477)
(94,421)
(3,515)
684,207
448,473
111,567
(84,969)
(130,277)
(3,695)
750,249
Proved reserves, end of period 22,560 724,018 859,377 33 231,773 231,971 22,593 955,791 1,091,348
Proved developed reserves:
Beginning of period 10,087 178,082 238,604 10,087 178,082 238,604
End of period 18,003 552,953 660,971 33 105,990 106,188 18,036 658,943 767,159
December 31, 1999
U.S. Canada Combined
Oil Gas Total Oil Gas Total Oil Gas Total
(mbbl) (mmcl) (mmcfe) (mbbl) (mmcl) (mmcfe) (mbbl) (mmcl) (mmcfe)