Define the Following Terms

question 21

Short Answer

Define the following terms
-margin of error

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Definitions:

Proved Reserves

Quantities of natural resources, such as oil or natural gas, that geological and engineering information indicates with reasonable certainty can be recovered under existing economic and operating conditions.

Future Improvements

Enhancements or upgrades anticipated or planned for the future to increase efficiency, performance, or satisfaction.

Higher Future Prices

The anticipation or expectation that the prices of goods and services will rise in the future.

Proved Reserves

Quantities of natural resources like oil or gas that geological and engineering information indicates with reasonable certainty to be recoverable under existing economic and operational conditions.