Annual Report — Form 10-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-K Enron Corp. 1995 Form 10-K 121± 514K
2: EX-3.02 Bylaws of Enron Corp. 22± 91K
3: EX-10.02 First Amendment to Enron Executive Supplemental 1 10K
Survivor Benefits Plan
4: EX-10.06 First Amendment to Enron Corp. 1988 Deferral Plan 1 9K
5: EX-10.07 Second Amendment to Enron Corp. 1988 Deferral Plan 2± 11K
6: EX-10.10 First Amendment to Enron Corp. 1992 Deferral Plan 2± 11K
7: EX-10.11 Second Amendment to Enron Corp. 1992 Deferral Plan 3± 16K
8: EX-10.31 Second Amendment to Employment Agreement of Rodney 3 21K
L. Gray
9: EX-10.35 Fourth Amendment to Consulting Services Agreement 3± 14K
of John A. Urquhart
10: EX-10.36 Fifth Amendment to Consulting Services Agreement 3± 14K
of John A. Urquhart
11: EX-10.37 Sixth Amendment to Consulting Services Agreement 1 10K
of John A. Urquhart
12: EX-10.46 First Amendment to Enron Corp. Performance Unit 1 10K
Plan
13: EX-10.48 First Amendment to Enron Corp. 1994 Deferral Plan 1 10K
14: EX-10.49 Second Amendment to Enron Corp. 1994 Deferral Plan 3± 15K
15: EX-11 Statement Re Computation of Per Share Earnings 1 10K
16: EX-12 Statement Re Computation or Ratios 1 9K
17: EX-21 Subsidiaries of Registrant 11± 44K
18: EX-23.01 Consent of Independent Public Accountants 1 10K
19: EX-23.02 Consent of Degolyer and Macnaughton 1 12K
20: EX-23.03 Letter Report of Degolyer and Macnaughton 3± 15K
21: EX-24 Powers of Attorney 13 37K
22: EX-27 Article 5 FDS for Year End 1995 1 9K
EX-23.03 — Letter Report of Degolyer and Macnaughton
Exhibit 23.03
DeGolyer and MacNaughton
One Energy Square
Dallas, Texas 75206
January 22, 1996
Enron Oil & Gas Company
1400 Smith Street
Houston, Texas 77002
Gentlemen:
Pursuant to your request, we have prepared estimates,
as of December 31, 1995, of the proved oil, condensate,
natural gas liquids, and natural gas reserves of certain
selected properties in the United States, Canada, and
Trinidad owned by Enron Oil & Gas Company, hereinafter
referred to as "Enron." The properties consist of working
interests located onshore in the states of New Mexico,
Texas, Utah, and Wyoming and in the offshore waters of
Texas, Louisiana, and Alabama, in the province of
Saskatchewan in Canada, and in the offshore waters of
Trinidad. The estimates are reported in detail in our
"Report as of December 31, 1995 on Proved Reserves of
Certain Properties in the United States owned by Enron Oil &
Gas Company of Selected Properties," our "Report as of
December 31, 1995 on Proved Reserves of Certain Properties
in Canada owned by Enron Oil & Gas Company of Selected
Properties," and our "Report as of December 31, 1995 on
Proved Reserves of the Kiskadee Field, SECC Block, Offshore
Trinidad for Enron Oil and Gas Company," hereinafter
collectively referred to as the "Reports." We also have
reviewed information provided to us by Enron that it
represents to be Enron's estimates of the reserves, as of
December 31, 1995, for the same properties as those included
in the Reports.
Proved reserves estimated by us and referred to herein
are judged to be economically producible in future years
from known reservoirs under existing economic and operating
conditions and assuming continuation of current regulatory
practices using conventional production methods and
equipment. Proved reserves are defined as those that have
been proved to a high degree of certainty by reason of
actual completion, successful testing, or in certain cases
by adequate core analyses and electrical-log interpretation
when the producing characteristics of the formation are
known from nearby fields. These reserves are defined areally
by reasonable geological interpretation of structure and
known continuity of oil- or gas-saturated material. This
definition is in agreement with the definition of proved
reserves prescribed by the Securities and Exchange
Commission.
Enron represents that its estimates of the proved
reserves, as of December 31, 1995, net to its leasehold
interests in the properties included in the Reports are as
follows:
Oil,
Condensate, Natural Gas Net
and (million Equivalent
Natural Gas cubic feet) Million
Liquids Cubic Feet
(thousand
barrels)
17,536 1,408,800 1,514,016
Note: Net equivalent million cubic feet is based on 1 barrel of
oil, condensate, or natural gas liquids being equivalent to 6,000
cubic feet of gas.
Enron has advised us, and we have assumed, that its
estimates of proved oil, condensate, natural gas liquids,
and natural gas reserves are in accordance with the rules
and regulations of the Securities and Exchange Commission.
Proved reserves estimated by us for the properties
included in the Reports, as of December 31, 1995, are as
follows:
Oil,
Condensate, Natural Net
and Gas Equivalent
Natural Gas (million Million
Liquids cubic Cubic Feet
(thousand feet)
barrels)
15,615 1,345,077 1,438,767
Note: Net equivalent million cubic feet is based
on 1 barrel of oil, condensate, or natural
gas liquids being equivalent to 6,000 cubic
feet of gas.
In making a comparison of the detailed reserves
estimates prepared by us and by Enron of the properties
involved, we have found differences, both positive and
negative, in reserves estimates for individual properties.
These differences appear to be compensating to a great
extent when considering the reserves of Enron in the
properties included in our reports, resulting in overall
differences not being substantial. It is our opinion that
the reserves estimates prepared by Enron on the properties
reviewed by us and referred to above, when compared on the
basis of net equivalent million cubic feet of gas, do not
differ materially from those prepared by us.
Submitted,
DeGOLYER and MacNAUGHTON
DeGOLYER and MacNAUGHTON
Dates Referenced Herein and Documents Incorporated by Reference
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