This has been stated before... but what IS produced does not have to equal what CAN be produced.
I could be sitting on a huge reservoir with 100 million bbls of oil and choose to produce (or be limited by some other factor) 1 bbl per day. 1 bbl per day can not be used to determine the size of my reserves... or in other words production is not a legitimate measure of reserves quantity.
I have to call your conclusions over-simplified because of the apparent absence of any knowledge regarding the level of effort made to produce oil in that area during any given time span, methods/equipment/resources available, technology used, record keeping differences, number of producers, differences in definition of the "owl creek area", etc. (not all of Hemi's leases are in that trend)
If during 25 of those 39 years there were only 10 producers in the area, then 2.5 million bbls is pretty impressive. (but still can't legitimately be used to determine reserves.) "Probably" is fun to ponder, IMO, but is hard to use for figuring actual reserves.
Since we don't have anything conclusive or concrete on Hemi current reserves, I don't think it's fair to say their stated numbers are either overstated or understated...
Stop staring!!
