1) An oil well has been drilled and completed. The productive zone is between the depths of 7,815 and 7830 feet. The average porosity is 15%%, average water saturation is 35% and the oil formation volume factor is 1.215 RB/Stb. Other reservoirs with similar properties have drainage areas of 80 acres and the recovery factor is 12%%. Compute STOIIP and ultimate recovery, using the formals presented in lecture. 2) An oil well has produced consistently for the last five years. The monthly oil production is shown below. It costs $2000 per month to operate the well, the current oil price is $65/Stb and the severance tax is 8% of gross value. No gas is being produced. Compute: a) The EL based on 100% WI and 87.5% NRI, assuming constant oil price b) The linear and exponential decline based on a graphed plot of production vs time. You may use the regression tool in Excel/Matlab () The estimated monthly production rate for Dec 2011 d) The estimated total annual production for 2011, 2012 and 2013 e) The remaining life of the well f) Ultimate oil recovery Oil Production (Stb/month) Month 2006 2007 2008 2009 2010 January 2399 1882 1637 1334 1151 February 2059 1621 1265 1177 1028 March 1808 1536 1386 1208 1151 Apri 1627 1551 1310 1191 1075 May 1699 1526 1300 1370 1081 June 1575 1553 1241 1315 983 July 1618 1514 1289 1268 1037 August 1660 1428 1299 1312 959 September 1575 1320 1240 1224 989 October 1538 1534 1290 1229 897 November 1541 1309 1240 1202 1044 December 1702 1474 1348 1229 996