Question: A 320-acre lease has to be evaluated. Data on the lease are as follows: Average Porosity = 15%, Net pay = 15 ft, Water saturation

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/m, Economic Limit = 200 STB/m, Recovery Factor = 20% Determine by calculations the following: a) STBs initially in place b) Reserves c) Exponential decline rate required to recover the reserves d) Life of field, years e) Average producing rate after five years, STB/month

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