Oil and Gas Exploration and Production Industries Disclosure (Tables) |
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Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure | Following is a summary of costs incurred in oil and gas property acquisition, exploration and development during the years ended December 31 (in thousands):
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Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities | The following table summarizes BHEP’s quantities of proved developed and undeveloped oil, natural gas and NGL reserves, estimated using SEC-defined product prices, as of December 31, 2016 and a reconciliation of the changes. The summary information presented for our estimated proved developed and undeveloped crude oil, natural gas, and NGL reserves and the 10% discounted present value of estimated future net revenues is based on reports prepared by Cawley Gillespie & Associates (CG&A), an independent consulting and engineering firm located in Fort Worth, Texas. CG&A is a Texas Registered Engineering Firm. Our primary contact at CG&A is Mr. Zane Meekins. Mr. Meekins has been practicing consulting petroleum engineering since 1989. Mr. Meekins is a Registered Professional Engineer in the State of Texas, a member of the Society of Petroleum Evaluation Engineers (SPEE), and has over 31 years of practical experience in petroleum engineering and over 29 years of experience in the estimation and evaluation of reserves. Reserves were determined consistent with SEC requirements using a 12-month average product price calculated using the first-day-of-the-month price for each of the 12 months in the reporting period held constant for the life of the properties. Reserves for crude oil, natural gas, and NGLs are reported separately and then combined for a total MMcfe (where oil and NGLs in Mbbl are converted to an MMcfe basis by multiplying Mbbl by six). Such reserve estimates were inherently imprecise and may be subject to revisions as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. Minor differences in amounts may result in the following tables relating to oil and gas reserves due to rounding.
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Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure | Following is information concerning capitalized costs for the years ended December 31 (in thousands):
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Results of Operations for Oil and Gas Producing Activities Disclosure | Following is a summary of results of operations for producing activities for the years ended December 31 (in thousands):
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Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization | The table below sets forth the cost of unproved properties excluded from the amortization base as of December 31, 2016 and notes the year in which the associated costs were incurred (in thousands):
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Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure | Following is a summary of the standardized measure of discounted future net cash flows and changes relating to proved oil and gas reserves for the years ended December 31 (in thousands):
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Changes In Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserve Disclosures | The following are the principal sources of change in the standardized measure of discounted future net cash flows during the years ended December 31 (in thousands):
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