Changes

:<math> \mbox{Reserves remaining} = \frac{(\mbox{Annual production} - \mbox{Annual production rate at abandonment})}{\mbox{Annual decline rate}}</math>

:<math> \mbox{Reserves remaining} = \frac{(\mbox{Annual production} - \mbox{Annual production rate at abandonment})}{\mbox{Annual decline rate}}</math>

This equation is a “quick and dirty” method only, allowing rapid estimation of remaining reserves of a producing well, lease, or field, and it can be useful in early assessments and negotiations. A comprehensive coverage of production forecasting and estimating reserves from production data is presented by Thompson and Wright.<ref name=pt02r16>Thompson, R. S., Wright, J. D., 1985, Oil property evaluation, 2nd ed.: Golden, CO, Thompson-Wright Associates, 212 p.</ref>

This equation is a “quick and dirty” method only, allowing rapid estimation of remaining reserves of a producing well, lease, or field, and it can be useful in early assessments and negotiations. A comprehensive coverage of production forecasting and estimating reserves from production data is presented by Thompson and Wright.<ref name=pt02r16>Thompson, R. S., and J. D. Wright, 1985, Oil property evaluation, 2nd ed.: Golden, CO, Thompson-Wright Associates, 212 p.</ref>

==Bid strategy==

==Bid strategy==