Chesapeake Energy 2014 Annual Report Download - page 17

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9
We ensure that the key members of our Corporate Reserves Department have appropriate technical qualifications
to oversee the preparation of reserves estimates, including, with respect to our engineers, a minimum of an
undergraduate degree in petroleum, mechanical or chemical engineering or other applicable technical discipline. With
respect to our engineering technicians, a minimum of a four-year degree in mathematics, economics, finance or other
technical/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 Vice President of Corporate and Strategic Planning and the Executive
Vice Presidents of our operating divisions 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 approximately 79% of our estimated proved reserves
(by volume) at year-end 2014. The portion of our estimated proved reserves prepared by each of our third-party
engineering firms as of December 31, 2014 is presented below.
% Prepared
(by Volume) Operating Division
Ryder Scott Company, L.P. 54% Southern
PetroTechnical Services, Division of
Schlumberger Technology Corporation 25% 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
• member in good standing of the Society of Petroleum Engineers and the Society of Petroleum Evaluation
Engineers
• Bachelor of Science degree in Electrical Engineering
PetroTechnical Services, Division of Schlumberger Technology Corporation
• over 30 years of practical experience in the estimation and evaluation of reserves
• registered professional geologist license in the Commonwealth of Pennsylvania
• member in good standing of the Society of Petroleum Engineers and the Society of Petroleum Evaluation
Engineers
• Bachelor of Science degree in Geological Sciences