FD&A Costs
Finding & Development Costs |
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| 2008 | 3-Year Average | |||||||
| ( Including change in future capital) | Excluding Technical Revisions | Including Technical Revisions | Excluding Technical Revisions | Including Technical Revisions | ||||
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| F&D Costs ($/boe) | ||||||||
| Total Proved | $ | 20.14 | n.a. | $ | 28.58 | $ | 28.07 | |
| Total Proved + Probable | $ | 14.91 | n.a. | $ | 14.67 | $ | 28.85 | |
| FD&A Costs ($/boe) | ||||||||
| Proved | $ | 20.29 | n.a. | $ | 26.70 | $ | 26.33 | |
| Proved + Probable | $ | 17.27 | n.a. | $ | 12.86 | $ | 21.04 | |
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Finding and Development (F&D) and Finding, Development and Acquisition (FD&A) costs are used as a measure of capital efficiency and are determined by dividing the capital costs for the period, including the change in estimated future development capital, by associated reserve additions.
During 2008, we incurred total capital expenditures of $324 million, excluding acquisitions and proceeds from dispositions. These expenditures added 14,649 MBoe to proved reserves and 13,719 MBoe to proved plus probable reserves, which resulted from discoveries, extensions, and improved recoveries.
Future capital associated with placing proved reserves on production is estimated to be $289 million and future capital associated with placing proved and probable reserves on production is $1,045 million. This reflects a reduction from 2007 of future capital associated with proven and proven plus probable reserves of $30 million and $120 million respectively. Reductions of future capital reflect, in part, our 2008 focus on the promotion of reserves to the producing category.
F&D costs for 2008 do not reflect technical revisions as these revisions relate to preceding years. Three year average F&D costs include technical revisions.
FD&A costs, which include reserves and capital associated with acquisitions, is also presented. During 2008, Compton acquired 473 MBoe of proven plus probable reserves at a total cost of $11 million and disposed of 11,325 MBoe of proven plus probable reserves for proceeds of $203 million.
In all cases, capital expenditures are before proceeds on the disposition of reserves during the period. The capital expenditure figures are preliminary and may be subject to adjustment; any such adjustment is not expected to be material
The aggregate of exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserve additions for that year.
