Re: Exxon's new reserves

----- Original Message -----
From: "Glenn Morton" <glennmorton@entouch.net>
To: <asa@calvin.edu>
Sent: Sunday, February 20, 2005 6:35 AM
Subject: Exxon's new reserves

>
> "'This represents the 11th consecutive year of greater than 100 percent
> reserve replacement, demonstrating, . . .the corporation's commitment to
> long-term growth,' Lee Raymond, Exxon Mobil's chairman, said in a
> prepared statement.
> "In another sign of the times, 95 percent of those new reserves
> are natural gas-not oil." Linda J. Cook, "Exxon Mobil Returns to Top
> Spot," Houston Chronicle, Saturday, Feb 19, 2005, p. D7
>
> We are no longer finding enough petroleum.

I mentioned this to a gentleman in my office, and he noted
that a significant portion are purchased reserves. I don't
know where he got that information, but if true, those
reserves that were purchased don't represent a net
increase to world oil supply. Maybe a trivial point, but.

>
>

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