Dominion Power 2006 Annual Report Download - page 104

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Company-Owned Reserves
Estimated net quantities of proved gasand oil (including condensate) reservesin the U.S. and CanadaatDecember 31, 2006, 2005 and
2004, and changes in the reserves duringthose years, are shown in the two schedules that follow:
2006 2005 2004
Total
United
States Canada Total
United
States Canada Total
United
States Canada
(billion cubic feet)
Proved developed and undeveloped reserves—Gas
At January 1 4,962 4,856 106 4,910 4,814 96 5,1614,718 443
Changes in reserves:
Extensions, discoveries andotheradditions 431 393 38 299 276 23 387 342 45
Revisions of previous estimates(1) 109 58 51 73 71 22141 (139)
Production (318) (302) (16) (290) (275) (15) (348) (312) (36)
Purchases of gas in place 48 48 —55 55 —1010 —
Sales of gas in place (96) (92) (4) (85) (85) —(302) (85) (217)
At December 31 5,136 4,961175 4,962 4,856 106 4,910 4,814 96
Proved developed reserves—Gas
At January 1 3,706 3,605 101 3,685 3,591 94 3,834 3,474 360
At December 31 3,556 3,424 132 3,706 3,605 101 3,685 3,591 94
Proved developed and undeveloped reserves—Oil
(thousands of barrels)
At January 1 217,698 198,602 19,096 164,062 144,007 20,055 204,509 149,707 54,802
Changes in reserves:
Extensions, discoveries andotheradditions 11,373 10,678 695 6,681 5,399 1,282 11,615 7,699 3,916
Revisions of previous estimates(2) 38,010 40,629 (2,619)63,884 65,264 (1,380) (22,925) (1,989) (20,936)
Production (24,947) (23,923) (1,024) (15,575) (14,714) (861) (13,783) (11,258) (2,525)
Purchases of oil in place 615 615 —69 69 —666 666 —
Sales of oil in place (10,490) (9,752) (738) (1,423) (1,423) —(16,020) (818) (15,202)
At December 31(3) 232,259 216,849 15,410 217,698 198,602 19,096 164,062 144,007 20,055
Proved developed reserves—Oil
At January 1 152,889 145,735 7,154 113,992 102,152 11,840 88,379 55,530 32,849
At December 31 180,779 173,718 7,061 152,889 145,735 7,154 113,992 102,152 11,840
(1) Approximately 135 bcf of the 2004 Canadian reserve revisions pertained to properties sold in 2004 and resulted from performance-based reserve reclassifications from
proved undeveloped to unproved.
(2) The 2006 U.S. revision is comprised of approximately 27.6 million barrels of natural gas liquids and 13 million barrels of oil/condensate. Naturalgasliquids revisions
were primarily the result of additional contractual changes with third-party gas processors in which we now take title to our processed natural gas liquids, and residue
gas and liquids reserve amounts recognized under such contracts. Oil/condensate revisions were primarily the result of positive performance revisionsatGulf of Mexico
deepwater locations. The 2005 U.S. revision is primarily due to an increase in plantliquids that resulted from acontractual change for aportion of ourgasprocessed by
third parties. We now take title to and market the natural gas liquids extracted from this gas.Approximately 17 million barrels of the 2004 Canadian reserve revisions
pertained to properties sold in 2004 and resulted from performance-based reserve re-determinations on two British Columbia enhanced oil recovery projects.
(3) Ending reserves for 2006, 2005 and 2004 included 114.6, 127.6 and 148.6 million barrels of oil/condensate, respectively, and 117.7, 90.1 and 15.5 million barrels of
natural gas liquids, respectively.
DOMINION2006 Annual Report 103