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Basic Petroleum Economics spreasheet

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Econonic InputRiskHydrocarbon RecoveryPrice DecksGeological POS100%IP Rate1,000MCFDOilManual OilMinimum Terms21.0 to 1Mechanical POS100%Final Rate900MCFDGasManual GasTotal POS100%Yield0bbl/mmcfCondManual CondPrice DecksReserves345MMCFManual OilInterestsProducing Life1.00yearsProject NameInstall L.P. Comp@ Monte ChristoWTI 2006.SPlanProduction (+MC&OE)100%Decline Rate10.0%per yearProduct TypeGasWTI 2006.SPlan HighOPEX100%Prod End DateOct 2009Discount DateNov 2008WTI 2006.SPlan LowCapital Expenditures100%Escalation DateNov 2008WTI $55/STB FlatAbandonment Liability100%Economic Results (10.5% Discount Rate)Initial Production DateNov 2008WTI 2006-08.BplanNRI87%EVSuccessFailWTI 2005-07Mod.MidTrendOPEX850$/dayNPV ($M)8618610Reserves (Gross)EVSuccessWTI 2005 - 2007 BPlanGas Offset0.49$/MCFCapEx ($M)59590Gas (MMCF)345345WTI 2003 Long Range PlanCond Offset4.20$/bblDPI10.3710.37N/ACond (MBO)00WTI 2002-JanTotal (MBOEG)5858Deck 11 OilNominal Cost ($M)DateDescriptionCVX Cost ($M)NPV Impact ($M)Disc B/T Inv ($M)Deck 12 OilProduction/OPEX NPV Wedge ($M)904Deck 13 Oil0Jan 2008Drilling Tangible000Maintenance Capital0.50$/BOEGDeck 14 Oil0Jan 2008Drilling Intangible000Overhead Expense0.113$/BOEGDeck 15 Oil0Jan 2008Drilling Tangible (Completion)000Maint Cap Disc B/T Inv28$M0Jan 2008Drilling Intangible (Completion)000GrossGrossNPVDisc BT0Jan 2008Workover Tangible000Full Wedge Info for Promote Analysis ($M)Cost ($M)ImpactInv0Jan 2008Workover Intangible000Production/Opex NPV Wedge904Drilling Tangible0000Jan 2008G&A Wells000Success Capital NPV Wedge-43Drilling Intangible00060Jan 2008Facilities Tangible59-4364Failure Capital NPV Wedge0Drilling Tangible (Completion)0000Jan 2008G&A Facility000Success Captial Disc B/T Inv64Drilling Intangible (Completion)0000Jan 2008Incremental Abandonment000Failure Capital Disc B/T Inv0Workover Tangible0000Jan 2008Dry Hole Cost000Success Maint Cap Disc B/T Inv28Workover Intangible00060Initial Gas Price $/Mcf6G&A Wells000Discount RateFacilities Tangible59-436410.5%Exponential Decline, Constant Yield, 2% Cost Inflation, 16-2/3% Royalty, 38% Income TaxQuestions?(Beta Version!)G&A Facility000Disc:10%CapEx does not include ABN or MC costs. DPI = 1 + NPV / Discounted B/T Inv (excl ABN)JBollinger@chevron.comIncremental Abandonment000Dry Hole Cost000

JBollinger@chevron.com

Partner CalcsPromote AnalysisEconomic SummaryBackground CalculationsBackground CalculationsPartnerPartnerBaseNPV AddedProm NPVSuc CaseFail CaseEV CaseSuc CaseFail CaseEV CaseProd/OpexSuc CapFail CapEV CapSuc DiscFail DiscEV DiscCrossoverPOS atMinimumSeriesPOSCap%Prod%NPV (CVX)by PromoteAdd/BaseNPVNPVNPVDPIDPIDPINPV (Suc)NPVNPVNPVBT InvBT InvBT InvPOSNPVd=1Terms (x:1)Title0%100%50%000.004520033.580.000.0045200014000%0%0.00100 for 500%100%50%000.004520033.580.000.0045200014000%0%0.00100 for 505%100%50%43-20-0.4745202333.580.0033.5845200014010%0%20.97100 for 5010%100%50%86-41-0.4745204533.580.0033.5845200014010%0%20.97100 for 5015%100%50%129-61-0.4745206833.580.0033.5845200014020%0%20.97100 for 5020%100%50%172-82-0.4745209033.580.0033.5845200014030%0%20.97100 for 5025%100%50%215-102-0.47452011333.580.0033.5845200014030%0%20.97100 for 5030%100%50%258-123-0.47452013633.580.0033.5845200014040%0%20.97100 for 5035%100%50%301-143-0.47452015833.580.0033.5845200014050%0%20.97100 for 5040%100%50%344-164-0.47452018133.580.0033.5845200014060%0%20.97100 for 5045%100%50%387-184-0.47452020333.580.0033.5845200014060%0%20.97100 for 5050%100%50%430-204-0.47452022633.580.0033.5845200014070%0%20.97100 for 5055%100%50%473-225-0.47452024933.580.0033.5845200014080%0%20.97100 for 5060%100%50%517-245-0.47452027133.580.0033.5845200014080%0%20.97100 for 5065%100%50%560-266-0.47452029433.580.0033.5845200014090%0%20.97100 for 5070%100%50%603-286-0.47452031633.580.0033.58452000140100%0%20.97100 for 5075%100%50%646-307-0.47452033933.580.0033.58452000140100%0%20.97100 for 5080%100%50%689-327-0.47452036233.580.0033.58452000140110%0%20.97100 for 5085%100%50%732-348-0.47452038433.580.0033.58452000140120%0%20.97100 for 5090%100%50%775-368-0.47452040733.580.0033.58452000140120%0%20.97100 for 5095%100%50%818-388-0.47452042933.580.0033.58452000140130%0%20.97100 for 50100%100%50%861-409-0.47452045233.580.0033.58452000140140%0%20.97100 for 500%80%40%000.005340019.110.000.00542-90029000%0%0.0080 for 400%80%40%000.005340019.110.000.00542-90029000%0%0.0080 for 405%80%40%43-16-0.3853402719.110.0019.11542-90-029010%0%20.9780 for 4010%80%40%86-33-0.3853405319.110.0019.11542-90-129030%0%20.9780 for 4015%80%40%129-49-0.3853408019.110.0019.11542-90-129040%0%20.9780 for 4020%80%40%172-65-0.38534010719.110.0019.11542-90-229060%0%20.9780 for 4025%80%40%215-82-0.38534013319.110.0019.11542-90-229070%0%20.9780 for 4030%80%40%258-98-0.38534016019.110.0019.11542-90-329090%0%20.9780 for 4035%80%40%301-114-0.38534018719.110.0019.11542-90-3290100%0%20.9780 for 4040%80%40%344-131-0.38534021419.110.0019.11542-90-3290120%0%20.9780 for 4045%80%40%387-147-0.38534024019.110.0019.11542-90-4290130%0%20.9780 for 4050%80%40%430-164-0.38534026719.110.0019.11542-90-4290150%0%20.9780 for 4055%80%40%473-180-0.38534029419.110.0019.11542-90-5290160%0%20.9780 for 4060%80%40%517-196-0.38534032019.110.0019.11542-90-5290180%0%20.9780 for 4065%80%40%560-213-0.38534034719.110.0019.11542-90-6290190%0%20.9780 for 4070%80%40%603-229-0.38534037419.110.0019.11542-90-6290210%0%20.9780 for 4075%80%40%646-245-0.38534040019.110.0019.11542-90-6290220%0%20.9780 for 4080%80%40%689-262-0.38534042719.110.0019.11542-90-7290240%0%20.9780 for 4085%80%40%732-278-0.38534045419.110.0019.11542-90-7290250%0%20.9780 for 4090%80%40%775-294-0.38534048019.110.0019.11542-90-8290270%0%20.9780 for 4095%80%40%818-311-0.38534050719.110.0019.11542-90-8290280%0%20.9780 for 40100%80%40%861-327-0.38534053419.110.0019.11542-90-9290290%0%20.9780 for 400%90%60%000.003570021.400.000.00362-40018000%0%0.0090 for 600%90%60%000.003570021.400.000.00362-40018000%0%0.0090 for 605%90%60%43-25-0.5835701821.400.0021.40362-40-018010%0%20.9790 for 6010%90%60%86-50-0.5835703621.400.0021.40362-40-018020%0%20.9790 for 6015%90%60%129-76-0.5835705421.400.0021.40362-40-118030%0%20.9790 for 6020%90%60%172-101-0.5835707121.400.0021.40362-40-118040%0%20.9790 for 6025%90%60%215-126-0.5835708921.400.0021.40362-40-118040%0%20.9790 for 6030%90%60%258-151-0.58357010721.400.0021.40362-40-118050%0%20.9790 for 6035%90%60%301-176-0.58357012521.400.0021.40362-40-218060%0%20.9790 for 6040%90%60%344-201-0.58357014321.400.0021.40362-40-218070%0%20.9790 for 6045%90%60%387-227-0.58357016121.400.0021.40362-40-218080%0%20.9790 for 6050%90%60%430-252-0.58357017921.400.0021.40362-40-218090%0%20.9790 for 6055%90%60%473-277-0.58357019621.400.0021.40362-40-2180100%0%20.9790 for 6060%90%60%517-302-0.58357021421.400.0021.40362-40-3180110%0%20.9790 for 6065%90%60%560-327-0.58357023221.400.0021.40362-40-3180110%0%20.9790 for 6070%90%60%603-353-0.58357025021.400.0021.40362-40-3180120%0%20.9790 for 6075%90%60%646-378-0.58357026821.400.0021.40362-40-3180130%0%20.9790 for 6080%90%60%689-403-0.58357028621.400.0021.40362-40-3180140%0%20.9790 for 6085%90%60%732-428-0.58357030421.400.0021.40362-40-4180150%0%20.9790 for 6090%90%60%775-453-0.58357032221.400.0021.40362-40-4180160%0%20.9790 for 6095%90%60%818-478-0.58357033921.400.0021.40362-40-4180170%0%20.9790 for 60100%90%60%861-504-0.58357035721.400.0021.40362-40-4180180%0%20.9790 for 600%60%40%000.005250013.410.000.00542-170042000%0%0.0060 for 400%60%40%000.005250013.410.000.00542-170042000%0%0.0060 for 405%60%40%43-17-0.3952502613.410.0013.41542-170-142020%0%20.9760 for 4010%60%40%86-34-0.3952505313.410.0013.41542-170-242040%0%20.9760 for 4015%60%40%129-50-0.3952507913.410.0013.41542-170-342060%0%20.9760 for 4020%60%40%172-67-0.39525010513.410.0013.41542-170-342080%0%20.9760 for 4025%60%40%215-84-0.39525013113.410.0013.41542-170-4420110%0%20.9760 for 4030%60%40%258-101-0.39525015813.410.0013.41542-170-5420130%0%20.9760 for 4035%60%40%301-118-0.39525018413.410.0013.41542-170-6420150%0%20.9760 for 4040%60%40%344-134-0.39525021013.410.0013.41542-170-7420170%0%20.9760 for 4045%60%40%387-151-0.39525023613.410.0013.41542-170-8420190%0%20.9760 for 4050%60%40%430-168-0.39525026313.410.0013.41542-170-9420210%0%20.9760 for 4055%60%40%473-185-0.39525028913.410.0013.41542-170-9420230%0%20.9760 for 4060%60%40%517-201-0.39525031513.410.0013.41542-170-10420250%0%20.9760 for 4065%60%40%560-218-0.39525034113.410.0013.41542-170-11420270%0%20.9760 for 4070%60%40%603-235-0.39525036813.410.0013.41542-170-12420300%0%20.9760 for 4075%60%40%646-252-0.39525039413.410.0013.41542-170-13420320%0%20.9760 for 4080%60%40%689-269-0.39525042013.410.0013.41542-170-14420340%0%20.9760 for 4085%60%40%732-285-0.39525044613.410.0013.41542-170-15420360%0%20.9760 for 4090%60%40%775-302-0.39525047313.410.0013.41542-170-16420380%0%20.9760 for 4095%60%40%818-319-0.39525049913.410.0013.41542-170-16420400%0%20.9760 for 40100%60%40%861-336-0.39525052513.410.0013.41542-170-17420420%0%20.9760 for 400%90%30%000.006280025.330.000.00633-40026000%0%0.0090 for 300%90%30%000.006280025.330.000.00633-40026000%0%0.0090 for 305%90%30%43-12-0.2762803125.330.0025.33633-40-026010%0%20.9790 for 3010%90%30%86-23-0.2762806325.330.0025.33633-40-026030%0%20.9790 for 3015%90%30%129-35-0.2762809425.330.0025.33633-40-126040%0%20.9790 for 3020%90%30%172-46-0.27628012625.330.0025.33633-40-126050%0%20.9790 for 3025%90%30%215-58-0.27628015725.330.0025.33633-40-126060%0%20.9790 for 3030%90%30%258-70-0.27628018925.330.0025.33633-40-126080%0%20.9790 for 3035%90%30%301-81-0.27628022025.330.0025.33633-40-226090%0%20.9790 for 3040%90%30%344-93-0.27628025125.330.0025.33633-40-2260100%0%20.9790 for 3045%90%30%387-105-0.27628028325.330.0025.33633-40-2260120%0%20.9790 for 3050%90%30%430-116-0.27628031425.330.0025.33633-40-2260130%0%20.9790 for 3055%90%30%473-128-0.27628034625.330.0025.33633-40-2260140%0%20.9790 for 3060%90%30%517-139-0.27628037725.330.0025.33633-40-3260150%0%20.9790 for 3065%90%30%560-151-0.27

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