BEGIN:VCALENDAR VERSION:2.0 METHOD:PUBLISH PRODID:-//Tendenci - The Open Source AMS for Associations//Tendenci Codeba se MIMEDIR//EN BEGIN:VEVENT DESCRIPTION:--- This iCal file does *NOT* confirm registration.\r\nEvent d etails subject to change. ---\r\nhttps://www.spegcs.org/events/3401/\r\n\r \nEvent Title: Reservoir: “Two Vital Secrets for Building Better Type We lls”\r\nStart Date / Time: Dec 06, 2016 11:30 AM US/Central\r\nLocation: Sullivan's Steakhouse\r\nSpeaker: Randy Freeborn\r\nGoogle\r\nhttp://maps .google.com/maps?q=4608+Westheimer+Rd,Houston,Texas,77027\r\n\r\nForecast\ nhttp://www.weather.com/weather/monthly/77027\r\n\r\n \r\n&ldquo\;Two Vita l Secrets for Building Better Type Wells&rdquo\;\r\n Each year, compani es use averaged well production (type wells) to support billion dollar exp enditures to buy and develop oil and gas resources. These type wells often have unrepresentative rate-time profiles and recoveries over-stated by as much as 50%. These intolerable errors result from common, but incorrect, assumptions in constructing type well production profiles, and the selecti on and weighting of analog wells.\r\n Literature related to constructing type wells is sparse and incomplete. This lecture will fill that gap and lead participants to informed decisions for best practices in type well co nstruction. Hind casting examples show that only small errors in recovery result when the type well construction combines historical and predicted p roduction rates. This improvement results from using educated estimates (n ot intrinsic values) for months with no data to average, and from individu al well forecast errors that offset one another. A Monte Carlo method inco rporates risk and leads to better well selection and weighting factors, ac hieving more representative rate-time profiles. The recommended methodolog y incorporates aggregation and choosing different uncertain parameters. Pa rameter choice is important because it makes little sense to risk recovery (e.g., P90 for proved reserves) when the application demands a different parameter such as present value.\r\n Type well construction methods are c ommon, but they have errors that are difficult to detect. Evaluators are l ikely using type wells for financial analysis, facility design, cash flow prediction, reserve estimation and debt financing without knowledge of the inaccuracies and options to improve accuracy.--- This iCal file does *NOT * confirm registration.Event details subject to change. ---\r\n\r\n--- By Tendenci - The Open Source AMS for Associations ---\r\n UID:uid3401@spegcs.org SUMMARY:Reservoir: “Two Vital Secrets for Building Better Type Wells” DTSTART:20161206T173000Z DTEND:20161206T190000Z CLASS:PUBLIC PRIORITY:5 DTSTAMP:20240329T143231Z TRANSP:OPAQUE SEQUENCE:0 LOCATION:Sullivan's Steakhouse X-ALT-DESC;FMTTYPE=text/html: