GEOI » Topics » Partnership operations and reserves as of December 31, 2008 (not included above):

These excerpts taken from the GEOI 10-K filed Jun 11, 2009.

Partnership operations and reserves as of December 31, 2008 (not included above):

The reserve quantities and values shown above do not include our interest in two affiliated partnerships.

We hold direct working interests in the Giddings Field (discussed further below) and we also hold the general partner interest of a partnership, SBE Partners, LP (“SBE Partners”) which owns controlling interests in the producing wells and developmental acreage in that field. Our 2% partnership interest reverts to 35.66% when the limited partner realizes a contractually specified rate of return.

We hold direct working interests in producing oil and gas properties located throughout Oklahoma and we also hold the general partner interest of a partnership, OKLA Energy Partners, LP (“OKLA”) which owns a larger interest in those same producing oil and gas properties. Our 2% partnership interest reverts to 35.66% when the limited partner realizes a contractually specified rate of return.

The following table represents our estimated share (inclusive of our reversionary interests) of the affiliated partnerships’ reserves and estimated present value of future net income discounted at 10% (in thousands of dollars), using SEC guidelines.

 

     Affiliated Partnership Reserves
     Oil
(Mbbl)
   Gas
(Mmcf)
   Present Value
Discounted at
10% ($M) (1)

Proved developed

   58    12,227    $ 21,147

Proved undeveloped

   61    4,510      9,125
                

Total

   119    16,737    $ 30,272
                

 

Page 23


Table of Contents
Index to Financial Statements
Non-GAAP Reconcilation   

The following table reconciles our direct interest in oil and gas reserves (in thousands):

  

Present value of estimated future net revenues (PV10)

   $ 150,616  

Future income taxes, discounted at 10%

     (29,997 )
        

Standardize measure of discounted future net cash flows

   $ 120,619  
        

The following table reconciles our indirect interest, through our affiliated partnerships, in oil and gas reserves (in thousands):

  

Present Value of estimated future net revenues (PV10)

   $ 30,272  

Future income taxes, discounted at 10%

     (12,401 )
        

Standardize measure of discounted future net cash flows

   $ 17,871  
        

Uncertainties are inherent in estimating quantities of proved reserves, including many risk factors beyond our control. Reserve engineering is a subjective process of estimating subsurface accumulations of oil and natural gas that cannot be measured in an exact manner, and the accuracy of any reserve estimate is a function of the quality of available data and the interpretation thereof. As a result, estimates by different engineers often vary, sometimes significantly. In addition, physical factors such as the results of drilling, testing and production subsequent to the date of the estimates, as well as economic factors such as change in product prices, may require revision of such estimates. Accordingly, oil and natural gas quantities ultimately recovered will vary from reserve estimates.

 

Page 24


Table of Contents
Index to Financial Statements

Partnership operations and reserves as of December 31, 2008 (not included above):

STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%" ALIGN="justify">The reserve quantities and values shown above do not include our interest in two affiliated partnerships.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%" ALIGN="justify">We hold direct working interests in the Giddings Field (discussed further below) and we also hold the general partner interest of a
partnership, SBE Partners, LP (“SBE Partners”) which owns controlling interests in the producing wells and developmental acreage in that field. Our 2% partnership interest reverts to 35.66% when the limited partner realizes a contractually
specified rate of return.

We hold direct working interests in producing oil and gas properties located throughout Oklahoma
and we also hold the general partner interest of a partnership, OKLA Energy Partners, LP (“OKLA”) which owns a larger interest in those same producing oil and gas properties. Our 2% partnership interest reverts to 35.66% when the limited
partner realizes a contractually specified rate of return.

The following table represents our estimated share (inclusive
of our reversionary interests) of the affiliated partnerships’ reserves and estimated present value of future net income discounted at 10% (in thousands of dollars), using SEC guidelines.

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 






































































   Affiliated Partnership Reserves
   Oil
(Mbbl)
  Gas
(Mmcf)
  Present Value
Discounted at
10% ($M) (1)

Proved developed

  58  12,227  $21,147

Proved undeveloped

  61  4,510   9,125
          

Total

  119  16,737  $30,272
          

 


Page 23







Table of Contents


Index to Financial Statements







































































































Non-GAAP Reconcilation  

The following table reconciles our direct interest in oil and gas reserves (in thousands):

  

Present value of estimated future net revenues (PV10)

  $150,616 

Future income taxes, discounted at 10%

   (29,997)
     

Standardize measure of discounted future net cash flows

  $120,619 
     

The following table reconciles our indirect interest, through our affiliated partnerships, in oil and gas reserves (in thousands):

  

Present Value of estimated future net revenues (PV10)

  $30,272 

Future income taxes, discounted at 10%

   (12,401)
     

Standardize measure of discounted future net cash flows

  $17,871 
     

Uncertainties are inherent in estimating quantities of proved reserves, including
many risk factors beyond our control. Reserve engineering is a subjective process of estimating subsurface accumulations of oil and natural gas that cannot be measured in an exact manner, and the accuracy of any reserve estimate is a function of the
quality of available data and the interpretation thereof. As a result, estimates by different engineers often vary, sometimes significantly. In addition, physical factors such as the results of drilling, testing and production subsequent to the date
of the estimates, as well as economic factors such as change in product prices, may require revision of such estimates. Accordingly, oil and natural gas quantities ultimately recovered will vary from reserve estimates.

STYLE="margin-top:0px;margin-bottom:0px"> 


Page 24







Table of Contents


Index to Financial Statements


These excerpts taken from the GEOI 10-K filed Mar 25, 2009.

Partnership operations and reserves as of December 31, 2008 (not included above):

The reserve quantities and values shown above do not include our interest in two affiliated partnerships.

We hold direct working interests in the Giddings Field (discussed further below) and we also hold the general partner interest of a partnership, SBE Partners, LP (“SBE Partners”) which owns controlling interests in the producing wells and developmental acreage in that field. Our 2% partnership interest reverts to 35.66% when the limited partner realizes a contractually specified rate of return.

We hold direct working interests in producing oil and gas properties located throughout Oklahoma and we also hold the general partner interest of a partnership, OKLA Energy Partners, LP (“OKLA”) which owns a larger interest in those same producing oil and gas properties. Our 2% partnership interest reverts to 35.66% when the limited partner realizes a contractually specified rate of return.

The following table represents our estimated share (inclusive of our reversionary interests) of the affiliated partnerships’ reserves and estimated present value of future net income discounted at 10% (in thousands of dollars), using SEC guidelines.

 

     Affiliated Partnership Reserves
     Oil
(Mbbl)
   Gas
(Mmcf)
   Present Value
Discounted at
10% ($M) (1)

Proved developed

   58    12,227    $ 21,147

Proved undeveloped

   61    4,510      9,125
                

Total

   119    16,737    $ 30,272
                

 

19


Table of Contents
Index to Financial Statements

Partnership operations and reserves as of December 31, 2008 (not included above):

The reserve quantities and values shown above do not include our interest in two affiliated partnerships.

We hold direct working interests in the Giddings Field (discussed further below) and we also hold the general partner interest of a partnership, SBE Partners, LP (“SBE Partners”) which owns controlling interests in the producing wells and developmental acreage in that field. Our 2% partnership interest reverts to 35.66% when the limited partner realizes a contractually specified rate of return.

We hold direct working interests in producing oil and gas properties located throughout Oklahoma and we also hold the general partner interest of a partnership, OKLA Energy Partners, LP (“OKLA”) which owns a larger interest in those same producing oil and gas properties. Our 2% partnership interest reverts to 35.66% when the limited partner realizes a contractually specified rate of return.

The following table represents our estimated share (inclusive of our reversionary interests) of the affiliated partnerships’ reserves and estimated present value of future net income discounted at 10% (in thousands of dollars), using SEC guidelines.

 

     Affiliated Partnership Reserves
     Oil
(Mbbl)
   Gas
(Mmcf)
   Present Value
Discounted at
10% ($M) (1)

Proved developed

   58    12,227    $ 21,147

Proved undeveloped

   61    4,510      9,125
                

Total

   119    16,737    $ 30,272
                

 

19


Table of Contents
Index to Financial Statements

Partnership operations and reserves as of December 31, 2008 (not included above):

The reserve quantities and values shown above do not include our interest in two affiliated partnerships.

We hold direct working interests in the Giddings Field (discussed further below) and we also hold the general partner interest of a partnership, SBE Partners, LP (“SBE Partners”) which owns controlling interests in the producing wells and developmental acreage in that field. Our 2% partnership interest reverts to 35.66% when the limited partner realizes a contractually specified rate of return.

We hold direct working interests in producing oil and gas properties located throughout Oklahoma and we also hold the general partner interest of a partnership, OKLA Energy Partners, LP (“OKLA”) which owns a larger interest in those same producing oil and gas properties. Our 2% partnership interest reverts to 35.66% when the limited partner realizes a contractually specified rate of return.

The following table represents our estimated share (inclusive of our reversionary interests) of the affiliated partnerships’ reserves and estimated present value of future net income discounted at 10% (in thousands of dollars), using SEC guidelines.

 

     Affiliated Partnership Reserves
     Oil
(Mbbl)
   Gas
(Mmcf)
   Present Value
Discounted at
10% ($M) (1)

Proved developed

   58    12,227    $ 21,147

Proved undeveloped

   61    4,510      9,125
                

Total

   119    16,737    $ 30,272
                

 

19


Table of Contents
Index to Financial Statements
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