The estimated quantities of crude oil, natural gas and natural gas liquids that have been discovered and determined to be economically recoverable but remain in the ground.

Crude oil and natural gas reserved on a net revenue interest basis, found to be commercially recoverable.

Proved reserves are estimated volumes of crude oil, natural gas and gas condensates, liquids and associated substances which are expected to be retrieved from deposits and used commercially, at the economic and technical conditions applicable at the time and according to current legislation.

Reserves that can be economically produced with a large degree of certainty from known reservoirs using existing technology.

Those reserves estimated as recoverable under current technology and existing economic conditions in the case of constant price and cost analysis and anticipated economic conditions in the case of escalated price and cost analysis, from that portion of a reservoir which can be reasonably evaluated as economically productive on the basis of analysis of drilling, geological, geophysical and engineering data, including the reserves to be obtained by enhanced recovery processes demonstrated to be economic and technically successful in the subject reservoir.

Estimates of oil, gas and NGL quantities thought to be recoverable from known reservoirs under existing economic and operating conditions.

The estimated quantities of natural gas that geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions.

Reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. There must be at least a 90% probability that the quantities actually recovered will exceed the estimated proved reserves.

An estimate of the amount of oil or natural gas believed to recoverable from know reservoirs under existing economic and operating conditions.