Ralph E. Davis Associates, Inc. and its employees are involved in numerous activities throughout the year, from participation in conferences and seminars, presentations to client companies and preparing articles for publication on a variety of industry issues.

The following details some of those current activities that may be of interest:

ALLEN BARRON interviewed for articles in Financier Worldwide magazine.

Allen C. Barron, President of Ralph E. Davis Associates, Inc. was interviewed as one of several industry experts for a Special Report in the September 2005 issue of Financier Worldwide magazine. The article, entitled “Market Forces in the Energy & Utilities Sector” canvassed experts in the areas of energy asset evaluations, global financial structuring, mergers and acquisitions and finance.

The Special Report addresses the conflicts resulting from the increase in global energy prices, the after affects of the burst in the utilities sector bubble and ever changing financial and environmental regulations. Barron's comments targeted risk management and the drive for companies to increase their measure of control in the projects they manage, driven in part by the increase in the worldwide merger and acquisition activity.

Barron also addressed the change in regulatory compliance issues and how companies are having to cope with the changes.

Special Report (pdf)

• Allen C. Barron was also a contributor to the November 2006 issue of Financier Worldwide magazine. A Special Report entitled “The oil, gas & energy sector” addressed particular concerns in the areas of Refueling the energy sector; M&A trends: swirling winds; Global utilities investment trends and The quest for bargaining power in the gas chain.
• Barron’s comments were directed at the “New market entrants” throughout the international energy sector, especially those national oil companies that have targeted global opportunities lest they miss out on world class opportunities.
• Additional comments were also directed at the availability of capital from the investor market searching for the opportune situation to fund as well as the changes in regulatory compliance being imposed upon public energy companies.

Special Report (pdf)

Allen Barron is scheduled to participate in the Society of Petroleum Evaluation Engineers Annual Meeting in June 2008 as a participant in the panel presentation and discussion on “Application of Reserve Definitions to Resource Plays”. His presentation will be on the tight gas sand plays of the Western United States.

Mr. Barron also participated in the May 2009 Platts 4th Annual Shale Developer Conference with a presentation entitled “Current Economic Considerations In The Shale Plays”. The presentation discussed the various shale plays that have been active throughout the U.S. and the impact of current oil and gas prices on the various economic measures driving industry involvement.

Jack Douglas presented a talk on Calculating GIP & Determining Reserves for Tight Gas Sands in the Piceance Basin at the 2009 Society of Petrophysicists and Well Log Analysts (SPWLA) Spring Topical Conference – “Petrophysical Evaluation of Unconventional Reservoirs”.

The presentation presented results from a recent Gas In Place study that determined GIP and Estimated Ultimate Recoveries in a tight gas sand play (Williams Fork) in the Western United States. The study involved the use of conventional well logs, both open and cased hole, mud logs, core data, and spinner surveys in determining net pay in a field of approximately 175 wells. Results from the petrophysical study were then utilized in a geologic model for calculating GIP from volumetrics for a 3,000 foot section. EURs were determined from decline curve analysis after creating a representative type curve.

Recovery factors were then calculated on producing properties and extrapolated to the undrilled locations. The results of the study allowed the operator to schedule reserves for over 400 Proven and an additional 1,000 Probable locations.

EARLY 2008 ACQUISITION ANALYSES

During the first part of 2008 the company was involved in performing engineering and geological review and analysis of several acquisition packages being pursued by client companies. Included among the various packages were producing fields and undrilled potential onshore Alaska in the Cook Inlet area, an assortment of properties ranging from active waterfloods and steamfloods of heavy oil reservoirs in California to production in the Rocky Mountains and Texas to the Eastern U.S. Included in this $1 Billion plus group of assets were both convention production and several unconventional shale projects encompassing thousands of producing wells and undrilled locations.

An Additional evaluation on behalf of a client company was a $500 Million plus asset package of tight gas sand properties in Texas. I all the acquisition evaluations Davis provided a complete review and analysis of the existing production as well as the undrilled potential. Risk assessment of the potential in terms of capital requirements, production profiles and probability of success were all considered in developing a bid value

RESOURCE POTENTIAL ASSESSMENT

The Davis geologic staff continues to assess the resource potential of several unconventional tight gas sand plays in the Western United States. Davis’s client has requested a complete 3P analysis plus an assessment of each particular resource area beyond the usual possible reserve potential, in order to conceptualize the hydrocarbon resources in place, the potential for recovery, the magnitude of capital required to develop the resource, and the timing of development with resulting economic indicators of each area of interest. Jack Douglas, Vice President and Geoscientist, is directing the study encompassing hundreds of thousands of leasehold acres from the Piceance, Paradox, Unita and Columbia River Basins of the Western U.S.

Davis has also earmarked on a study of the recovery potential associated with downspacing the drilling density within an existing coalbed methane producing field. Individual well data from hundreds of existing wells are being reviewed to determine the drainage patterns of these wells and whether vertical and/or horizontal wells can be drilled to more effectively produce the hydrocarbons remaining within the coal intervals.

The Davis firm has recently analyzed client company holding in the major shale plays of the U.S., including the Barnett, Woodford, Haynesville Bossier, Fayetteville, Devonian, Marcellus, Utica, Antrium and Balken shales. Analyses of producing properties and undeveloped acreage holdings have been reported in both annual report filings as well as development studies of specific acreage holdings.

INTERNATIONAL RESERVE STUDIES

Year end 2008 evaluations and filings with regulatory agencies including the U.S. Securities and Exchange Commission and several foreign stock exchanges for several client companies required the Davis firm to evaluate producing properties for foreign companies operating in China, Kazakhstan, Pakistan and India. Additional year end analyses were performed for public and private companies operating in numerous concession blocks in Argentina, Columbia, Ecuador, Peru and Guatemala.

Updated May 29, 2008

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