2.8 BILLION BARRELS ON SHARETALK

Key Assumptions:
· Mean liquids by weight = 3.5%
· Average thickness of HRZ shale = 170’ (52m)
· HRZ shale extends across all 272,000 acres
· Shale Rock density of 2000 kg/m3 *
· Weight of oil per barrel = 140kg **

Volume = Area x Thickness = 1,100,512,000 x 52 = 57,226,624,000 m3
Total rock weight = Rock density x Volume = 2000 x 57,226,624,000 = 114,453,248,000,000 kg
Total liquids weight (at 3.5%) = 0.035 x 114,453,248,000,000 = 4,005,863,680,000 kg
Barrels of oil in place = Total liquids weight/ weight per barrel = 4,005,863,680,000 / 140kg
= 28,613,312,000 barrels (28 billion barrels)
Barrels Recoverable (assuming 10% recovery = 2.8 billion barrels oil

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