Defining Our Terms: Different Types of O&G Reserves

From time to time MDN mentions a driller’s “proved reserves” and sometimes their “unproven reserves.” Like this story from earlier this week: Magnum Hunter Proved Reserves Up 10.7%, Marcellus/Utica Tops; or this story from February: CONSOL Proved Reserves Up 44%, Marcellus the Key. Sometimes we define those terms and sometimes not. There’s always new MDN readers who may not be all that familiar with industry inside lingo. Yesterday our favorite federal government agency–the U.S. Energy Information Administration–published a helpful guide to define just what proved/unproved and other types of reserves mean. It’s a sort of “Oil & Gas Reserves 101” kind of article, a very helpful article we thought you would find useful…

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