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A. Determine the reserve volumes and classifications
as of December 31, 1993, for the following 16 natural gas wells
subject to this arbitration, all of which are located in the
Roaring Creek/Valley District, Randolph and Barbour Counties,
West Virginia:
Anderson 1 Lamb 1 Talbott 1
Flanagan 1 Ricottilli 1 Talbott 2
Findley 1 Ricottilli 81-22 Talbott 3
Keeley 1 Simmons 1 Thacker-Luff
King 1A Tahaney-Clark Wilson 2
King 2A
B. Prepare projections of production and revenue for
each of the subject wells using industry standard procedures,
considering all technical and economic data available.
C. Prepare summary projections of future net revenue
and discounted future net revenue by classification for the
subject reserves.
D. Determine a fair-market-value for the subject wells
using industry accepted guidelines and methods.
3. MATERIALS USED BY THE ARBITRATOR. The parties agree to
place no limitations on the materials or sources used by the
Arbitrator, except that the Arbitrator’s Findings should be based
solely on data that would have been available as of December 31,
1993. While the Arbitrator is not permitted to make any findings
of law, it may be necessary for the Arbitrator to refer to
existing applicable law, regulations and other industry
information normally relied upon and used by petroleum engineers
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