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A 320-acre lease has to be evaluated Data on the lease are as follows

A 320-acre lease has to be evaluated. Data on the lease are as follows:

Average porosity = 15%

Net pay = 15 ft

Water saturation = 30%

Reservoir oil formation volume factor = 1.2

Initial producing rate = 9,026 Stb/month

Economic limit = 200 Stb/month

Recovery factor = 20%

Determine by calculations the following parameters:

a- Stb initially in place

b- Recoverable reserves

c- Exponential decline rate required to recover the reserves

d- Life of field, years

g- Producing rate after five years, Stb/month

Feb 07 2020 View more View Less

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