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2015 U.S. Proved Reserves Report Adapted from a Press Release by the U.S. Energy Information Administration According to the latest proved reserves report issued by the U.S. Energy Information Administration (EIA), U.S. crude oil proved reserves declined 4.7 billion barrels (11.8%) from year-end 2014 levels, while natural gas proved reserves witnessed a 16.6% decline to 64.5 trillion cubic feet (Tcf). This amounts to a decrease of more than 324 Tcf at year-end 2015. Proved re- serves refers to the quantity of petroleum which can be commercially recovered from a known reservoir. Some factors which can affect the amount of proved reserves include current economic conditions, operating methods, and government regulations. The report, U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2015 , also indicated the significant reduction in the average price of both oil and natural gas between 2014 and 2015 resulted in more challenging economic and operating conditions, an important factor in determining proved reserves. West Texas Intermediate crude oil spot prices observed a nearly 50% decline from $95 per barrel in 2014, to $50 per barrel in 2015. The decrease for the natural gas spot price at the Louisiana Henry Hub was more than 40% at 2.62 per mi l l ion British Thermal Units (Btu) in 2014, to $4.55 per million Btu in 2015. These massive pricing is- sues resulted in reduced drilling activity and ultimately, a downward revision in proved reserves across a broad range of U.S. producers in 2015. Thanks largely to the development of the Wolfcamp Shale and Bone Spring Plays in the Delaware Basin, New Mexico had the largest net increase in proved reserves of crude oil and lease condensate (vapor in a formation which condenses to a liquid after being cooled) of all states in 2015. Although crude oil and lease condensate extensions to existing fields were highest in Texas and North Dakota during 2015, the new revisions led to both states experiencing a net reduction in proved reserves. In 2015, Ohio added more than 5 Tcf of natural gas proved reserves, due primarily to the Utica/Point Pleasant Shale play, and surpassed Arkansas and the Gulf of Mexico to become the ninth-largest natural gas reserves state. Crude oil and lease condensate billion barrels Natural gas trillion cubic feet 2014 U.S. proved reserves 39.9 388.8 Net additions to U.S. proved reserves -4.7 -64.5 2015 U.S. proved reserves 35.2 324.3 Percentage change -11.8% -16.6% Open the Doorway to all the Event Photos during Ohio Water Well Association Annual Convention and Trade Show. To see all the pictures from this event, go to: www.worldwidedrillingresource.info/gallery/2016/OWWA2016, or just click here. Feel free to download at will and print the photo(s) of your choice. Compliments of WorldWide Drilling Resource ® . Photos are copyrighted and released for personal use only - no commercial use permitted. 50 FEBRUARY 2017 WorldWide Drilling Resource ®