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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
139
Gas Oil NGL Total
(bcf) (mmbbl) (mmbbl) (bcfe)
December 31, 2011
Proved reserves, beginning of period .......................................... 15,455 150.1 123.3 17,096
Extensions, discoveries and other additions ................................ 4,156 168.4 85.2 5,683
Revisions of previous estimates .................................................. (361) (7.8) 60.6 (50)
Production ................................................................................... (1,004) (17.0) (14.7) (1,194)
Sale of reserves-in-place ............................................................. (2,754) (2.6) (1.2) (2,776)
Purchase of reserves-in-place ..................................................... 23 0.5 0.7 30
Proved reserves, end of period(b) ................................................. 15,515 291.6 253.9 18,789
Proved developed reserves:
Beginning of period ............................................................... 8,246 84.2 64.0 9,143
End of period ......................................................................... 8,578 124.0 130.6 10,106
Proved undeveloped reserves:
Beginning of period ............................................................... 7,209 65.9 59.3 7,953
End of period ......................................................................... 6,937 167.6 123.3 8,683
December 31, 2010
Proved reserves, beginning of period(c) ....................................... 13,510 124.0 — 14,254
Extensions, discoveries and other additions ................................ 4,678 47.6 22.3 5,098
Revisions of previous estimates .................................................. (445) (3.6) 108.3 183
Production ................................................................................... (925) (10.9) (7.5) (1,035)
Sale of reserves-in-place ............................................................. (1,426) (11.2) — (1,493)
Purchase of reserves-in-place ..................................................... 63 4.2 0.2 89
Proved reserves, end of period .................................................... 15,455 150.1 123.3 17,096
Proved developed reserves:
Beginning of period ............................................................... 7,859 78.8 — 8,331
End of period ......................................................................... 8,246 84.2 64.0 9,143
Proved undeveloped reserves:
Beginning of period ............................................................... 5,651 45.2 — 5,923
End of period ......................................................................... 7,209 65.9 59.3 7,953
___________________________________________
(a) Includes 91 bcf of natural gas, 4 mmbbls of oil and 9 mmbbls of NGL reserves owned by the Chesapeake Granite
Wash Trust, 45 bcf of natural gas, 2 mmbbls of oil and 4 mmbbls of NGL of which are attributable to the noncontrolling
interest holders.
(b) Includes 136 bcf of natural gas, 6 mmbbls of oil and 14 mmbbls of NGL reserves owned by the Chesapeake
Granite Wash Trust, 67 bcf of natural gas, 3 mmbbls of oil and 7 mmbbls of NGL of which are attributable to the
noncontrolling interest holders.
(c) Prior to 2010, NGL reserve volumes were recognized as a component of natural gas volumes.
During 2012, we acquired approximately 42 bcfe of proved reserves through purchases of natural gas and oil
properties for consideration of $332 million, and we sold 1.347 tcfe of our proved reserves for approximately $2.381
billion. During 2012, we recorded downward revisions of 6.763 tcfe to the December 31, 2011 estimates of our reserves.
Included in the revisions were 5.414 tcfe of downward revisions resulting from lower natural gas prices in 2012 and
1.349 tcfe of downward revisions resulting from changes to previous estimates. Lower prices decrease the economic
lives of the underlying natural gas and oil properties and thereby decrease the estimated future reserves. The natural
gas and oil prices used in computing our reserves as of December 31, 2012 were $2.76 per mcf and $94.84 per bbl
before price differentials. Including the effect of price differential adjustments, the prices used in computing our reserves