The company reported that the discounted present value of EPM’s proved reserves, defined as ‘those reserves claimed to have a reasonable certainty (normally at least 90% confidence) of being recoverable under existing economic and political conditions, with existing technology’, were $16.01 per share as of July 1st. The proved reserves consisted of 86% crude oil. Company reserves are calculated by third party Registered Professional Engineers, and the methodology used is dictated by SEC regulation.
Probable reserves, defined as ‘reserves which are estimated to have a better than 50% chance of being technically and economically producible’, were $6.26 per share as of July 1st and consisted of 77% crude oil with the remainder natural gas liquids and natural gas.