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This excerpt taken from the CHK 8-K filed Jul 2, 2008. www.pxp.com.
This
news release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. The companies believe that their expectations are based on
reasonable assumptions. No assurance, however, can be given that such
expectations will prove to have been correct. A number of factors could
cause actual results in the Haynesville Shale play to differ materially from the
projections, anticipated results or other expectations expressed in this news
release, including drilling risks, uncertainties inherent in estimating
reserves and future production and the ability to execute on production and
development plans. See “Risk Factors” in the
respective companies’ 2007 Annual Reports on Form 10-K and other
filings with the Securities and Exchange Commission(SEC) for a more complete
discussion of risk factors that could cause actual results to differ from those
projected. The companies undertake no obligation to publicly update
or revise any forward-looking statements.
Production
forecasts are dependent upon many assumptions, including estimates of production
decline rates from existing wells and the outcome of future drilling activity.
Although the companies believe the expectations and forecasts reflected in these
and other forward-looking statements are reasonable, they can give no assurance
they will prove to have been correct. They can be affected by inaccurate
assumptions or by known or unknown risks and uncertainties.
The
SEC has generally permitted natural gas and oil companies, in filings made with
the SEC, to disclose only proved reserves that a company has demonstrated by
actual production or conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. The companies use
the term "unproved" to describe volumes of reserves potentially recoverable
through additional drilling or recovery techniques that the SEC's guidelines
prohibit from appearing in filings with the SEC. These estimates are by their
nature more speculative than estimates of proved reserves and accordingly are
subject to substantially greater risk of actually being realized. While the
companies believe their calculations of unproved drillsites and estimates of
unproved reserves are reasonable, such calculations and estimates have not been
reviewed by third-party engineers or appraisers.
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