Cobalt International Energy, Inc.
Notes to Consolidated Financial Statements (Continued)
F-34
21. Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) (Continued)
Costs Incurred in Oil and Gas Activities
The following table reflects total costs incurred, both capitalized and expensed, for oil and gas property acquisition, exploration
and development activities:
Total
Year ended December 31, 2015
Property acquisition
Unproved ................................................................................ $ 35,993
Proved.....................................................................................
—
Exploration
Capitalized ..............................................................................
309,428
Expensed.................................................................................
45,318
Development ................................................................................
145,021
Total Costs Incurred..................................................................... $ 535,760
Year ended December 31, 2014
Property acquisition
Unproved ................................................................................ $ 27,784
Proved.....................................................................................
—
Exploration
Capitalized ..............................................................................
161,208
Expensed.................................................................................
41,431
Development ................................................................................
90,642
Total Costs Incurred..................................................................... $ 321,065
Year ended December 31, 2013
Property acquisition
Unproved ................................................................................ $ 37,584
Proved.....................................................................................
—
Exploration
Capitalized ..............................................................................
200,379
Expensed.................................................................................
49,847
Development ................................................................................
54,133
Total Costs Incurred..................................................................... $ 341,943
All of the Company’s proved reserves are located in the U.S. Gulf of Mexico. Reserve quantity information for the years ended
December 31, 2015, 2014 and 2013 are as follows:
Natural Gas
(in Bcf)
Natural Gas
Liquids
(in MMBbls)
Oil and
Condensate
(in MMBbls)
Equivalent
Volumes
(in MMBOE)
Proved undeveloped reserves:
Balance at December 31, 2013...............................
3.4
—
7.9
8.5
Discoveries.............................................................
0.3
0.0
0.5
0.5
Balance at December 31, 2014...............................
3.7
0.0
8.4
9.0
Revisions................................................................
(1.9)
0.3
(2.8)
(2.8)
Balance at December 31, 2015...............................
1.8
0.3
5.6
6.2
The reserves as of December 31, 2015 presented above were prepared by the independent engineering firm, Netherland,
Sewell & Associates, Inc. ("NSAI"). These reserves are located in the U.S. Gulf of Mexico. Proved oil and natural gas reserves are the
estimated quantities of oil and natural gas which geological and engineering data demonstrate, with reasonable certainty, to be
recoverable in future years from known reservoirs under economic and operating conditions (i.e., prices and costs) existing at the time
