Chesapeake Energy 2013 Annual Report Download - page 16
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8
business/science field is required. We maintain a continuous education program for our engineers and technicians on
new technologies and industry advancements as well as refresher training on basic skills and analytical techniques.
We maintain internal controls such as the following to ensure the reliability of reserves estimations:
• We follow comprehensive SEC-compliant internal policies to determine and report proved reserves. Reserves
estimates are made by experienced reservoir engineers or under their direct supervision.
• The Corporate Reserves Department reviews all of the Company's proved reserves at the close of each
quarter.
• Each quarter, Corporate Reserves Department managers, the Director - Corporate Reserves, the Vice
Presidents of our business units, the Senior Vice Presidents of our operating divisions and the Senior Vice
President of Corporate and Strategic Planning review all significant reserves changes and all new proved
undeveloped reserves additions.
• The Corporate Reserves Department reports independently of our operating divisions.
We engaged two third-party engineering firms to prepare portions of our reserves estimates comprising
approximately 81% of our estimated proved reserves (by volume) at year-end 2013. The portion of our estimated
proved reserves prepared by each of our third-party engineering firms as of December 31, 2013 is presented below.
% Prepared
(by Volume) Operating Division
Ryder Scott Company, L.P........................................................................ 51% Northern, Southern
PetroTechnical Services, Division of
Schlumberger Technology Corporation ................................................. 30% Northern
Copies of the reports issued by the engineering firms are filed with this report as Exhibits 99.1 and 99.2. The
qualifications of the technical person at each of these firms primarily responsible for overseeing his firm's preparation
of the Company's reserve estimates are set forth below.
Ryder Scott Company, L.P.
• over 30 years of practical experience in the estimation and evaluation of reserves
• registered professional engineer in the state of Texas
• Bachelor of Science degree in Electrical Engineering
• member in good standing of the Society of Petroleum Engineers and the Society of Petroleum Evaluation
Engineers
PetroTechnical Services, Division of Schlumberger Technology Corporation
• over 20 years of practical experience in petroleum geology and in the estimation and evaluation of reserves
• registered professional geologist license in the Commonwealth of Pennsylvania
• certified petroleum geologist of the American Association of Petroleum Geologists
• Bachelor of Science degree in Petroleum and Natural Gas Engineering