Three Forks Energy, LLC’s Bank borrowing base/facility reserve reviews: Robert Artzberger and Scott Marshall recently completed Three Fork Energy, LLC’s (Three Forks) second quarter 2016 reserve review to fulfill their Texas Capital Bank borrowing facility requirements.
Overview Three Forks’ specializes in exploiting shallow oil reserves in Bastrop, Milam and Van Zandt Counties, Texas. WillRich Energy has prepared Three Fork’s Bank borrowing base/facility reserve reviews since 2010. The deliverability requirements include a Year End Reserve Report, Comfort Letter, PHDWin database and Reserve/Value Reconciliation between current and past years’ results. The process generally involves; evaluating, analyzing, and updating current year operating and Capital costs, updating production and associated future production forecasts, revising gas shrinkage values and price differentials based on current year activity, adding newly acquired or drilled wells, removing plugged or developed assets, along with estimating reserves and updating timing on future development projects.
WillRich Energy reserve estimates include such tests and procedures as considered necessary under the given circumstances to render a reasonable opinion. The estimates of reserves are prepared by the use of methods generally accepted by the petroleum industry. The method or combination of methods, utilized in the estimates is tempered by WillRich’s experience in the area, along with the assets’ stage of development, quality, completeness of basic data, and production history. Robert and Scott both have over 30 years’ experience in assisting companies to meet their Bank and SEC reserve reporting requirements.