11. GAS RESERVES

We have invested approximately $188 million through our gas reserves program in the Jonah Field located in Wyoming as of June 30, 2018. Gas reserves are stated at cost, net of regulatory amortization, with the associated deferred tax benefits recorded as liabilities in the consolidated balance sheets. Our investment in gas reserves provides long-term price protection for utility customers through the original agreement with Encana Oil & Gas (USA) Inc. under which we invested approximately $178 million and the amended agreement with Jonah Energy LLC under which an approximate additional $10 million was invested.

The cost of gas, including a carrying cost for the rate base investment, is included in our annual Oregon PGA filing, which allows us to recover these costs through customer rates. Our investment under the original agreement, less accumulated amortization and deferred taxes, earns a rate of return.

Gas produced from the additional wells is included in our Oregon PGA at a fixed rate of $0.4725 per therm, which approximates the 10-year hedge rate plus financing costs at the inception of the investment.

The following table outlines our net gas reserves investment:



	June 30,				December 31,
In thousands	2018		2017		2017
Gas reserves, current	$	16,579	$	16,072	$	15,704
Gas reserves, non-current	170,958		171,464		171,832
Less: Accumulated amortization	95,596		79,444		87,779
Total gas reserves⁽¹⁾	91,941		108,092		99,757
Less: Deferred taxes on gas reserves	20,381		31,074		22,712
Net investment in gas reserves	$	71,560	$	77,018	$	77,045


⁽¹⁾	Our net investment in additional wells included in total gas reserves was $5.5 million, $6.3 million and $5.8 million at June 30, 2018 and 2017 and December 31, 2017, respectively.

Our investment is included in our consolidated balance sheets under gas reserves with our maximum loss exposure limited to our investment balance.