Texas Gulf Coast Oil And Gas Reserves Analysis Case Study

This is an in depth case study looking back on the reserves analysis of an area within the Texas Gulf Coast for Corum Production Company, produced by the lead petroleum engineer at Mire Petroleum Consultants, Kurt Mire.

Link to Google Slides / PowerPoint

Analyzing The Reserve Estimation To Determine The Project Economic Accuracy

The primary goal of this case study, when it was produced in 2013, was to evaluate the reserves and values of Corum’s producing and non producing assets.

The project began in April 2013 and was located in Appling North Field, Calhoun County, Texas, about 90 miles from Houston.

Mr Mire began the project by analyzing the key performing indicator data that Corum provided regarding the technical and economic metrics that they had collected from the wells so far.

How Can We Calculate The Reserves For The Corum State 209 #1 Producing In The 7400’ Frio Sand?

Volumetrics (Map & Log)

Decline Analysis (Producing For 1 Year)

P/Z Analysis (Material Balance)

Other (FTP Trend, Analogy, Etc.)

Next, Mr Mire checks the map scale and estimated areas in order to analyze the volumetrics

Estimated average net pay, BHP & BHT, gas gravity, recovery factor.

Volumetrics indicated ~ 954 MMCF EUR (1021 MCF/ACFT)

Decline analysis (Ec. Limit) ~ 911 MMCF EUR (975 MCF/ACFT)

187-acre geo/reservoir map looks good

Recovery factor of 975 MCF/ACFT looks good

EUR is 1,117 MMCF

Looking Back And Analyzing Reserve Performance (2013 VS 2020)

Reserve Analysis Conclusions:

FTP analysis was selected for EUR

Volumetrics was too uncertain

2013 EUR 1,700 MMCF & 19 MBO

2020 EUR 2,176 MMCF & 16.2 MBO

2013 Reserves 1,375 MMCF & 14.9 MBO

(2020) Reserves 1,851 MMCF & 12.1 MBO

Underpredicted gas reserves by 35%

Overpredicted oil reserves by 20%

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