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The most significant positive and negative factors with respect to the Contingent Resource estimates in respect of the Bir Ben Tartar (TT) discovery relate to fact that the field is currently at an evaluation/delineation stage.
The table below summarizes the DPIIP, Reserves, Cumulative Production, Contingent Resources and portion of the unrecoverable portion of DPIIP associated with the Bir Ben Tartar (TT) discovery.
--------------------------------------------------------------------------------------------------------------------------------------------------------Category mbbls----------------------------------------------------------------------------DPIIP 201,700Gross Proved + Probable Reserves 10,663Gross Cumulative Production 1,884Gross Contingent Resource (Best Estimate) 15,166Unrecoverable DPIIP 174,016--------------------------------------------------------------------------------------------------------------------------------------------------------
About Chinook Energy Inc.
Chinook is a Calgary-based public oil and gas exploration and development company that combines high quality natural gas-weighted assets in Western Canada with an exciting high growth oil business onshore and offshore Tunisia in North Africa.
Definitions of Oil and Gas Resources and Reserves
Reserves are estimated remaining quantities of oil and natural gas and related substance anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical and engineering data; the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates as follows:
Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.
Possible Reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. There is 10% probability that the quantities recovered will exceed the sum of proved and probable reserves.
Resources encompasses all petroleum quantities that originally existed on or within the earth's crust in naturally occurring accumulations, including Discovered and Undiscovered (recoverable and unrecoverable) plus quantities already produced. "Total resources" is equivalent to "Total Petroleum Initially-In-Place". Resources are classified in the following categories:
Discovered Petroleum Initially-In-Place ("DPIIP") is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum initially-in-place includes production, reserves, and contingent resources; the remainder is unrecoverable.
