b'or had independently verified such information or data. RSC independently prepared reserves estimatesto conform to the guidelines of the SEC, including the criteria of reasonable certainty, as it pertainsto expectations about the recoverability of reserves in future years, under existing economic andoperating conditions, consistent with the definition in Rule 4-10(a)(2) of Regulation S-X. RSC issued areport on our proved reserves at December 31, 2018, based upon its evaluation. RSCs primaryeconomic assumptions in estimates included an ability to sell hydrocarbons at their respective adjustedbenchmark prices and certain levels of future capital expenditures. The assumptions, data, methods andprecedents were appropriate for the purpose served by these reports, and RSC used all methods andprocedures as it considered necessary under the circumstances to prepare the report.Technology used to establish proved reservesUnder the SEC rules, proved reserves are those quantities of oil and natural gas, which, by analysisof geoscience and engineering data, can be estimated with reasonable certainty to be economicallyproducible from a given date forward, from known reservoirs, and under existing economic conditions,operating methods, and government regulations. The term reasonable certainty implies a high degreeof confidence that the quantities of oil and/or natural gas actually recovered will equal or exceed theestimate. Reasonable certainty can be established using techniques that have proved effective by actualcomparison of production from projects in the same reservoir interval, an analogous reservoir or byother evidence using reliable technology that establishes reasonable certainty. Reliable technology is agrouping of one or more technologies (including computational methods) that have been field testedand have been demonstrated to provide reasonably certain results with consistency and repeatability inthe formation being evaluated or in an analogous formation.In order to establish reasonable certainty with respect to our estimated proved reserves, RSCemployed technologies that have been demonstrated to yield results with consistency and repeatability.The technologies and economic data used in the estimation of our proved reserves include, but are notlimited to, production and injection data, electrical logs, radioactivity logs, acoustic logs, whole coreanalysis, sidewall core analysis, downhole pressure and temperature measurements, reservoir fluidsamples, geochemical information, geologic maps, seismic data, well test and interference pressure andrate data. Reserves attributable to undeveloped locations were estimated using performance fromanalogous wells with similar geologic depositional environments, rock quality, appraisal plans anddevelopment plans to assess the estimated ultimate recoverable reserves as a function of the original oilin place. These qualitative measures are benchmarked and validated against sound petroleum reservoirengineering principles and equations to estimate the ultimate recoverable reserves volume. Thesetechniques include, but are not limited to, nodal analysis, material balance, and numerical flowsimulation.Internal controls over reserves estimation processIn our Reservoir Engineering team, we maintain an internal staff of petroleum engineering andgeoscience professionals with significant international experience that contribute to our internal reserveand resource estimates. This team works closely with our independent petroleum engineers to ensurethe integrity, accuracy and timeliness of data furnished in their reserve and resource estimation process.Our Reservoir Engineering team is responsible for overseeing the preparation of our reserves estimatesand has over 100 combined years of industry experience among them with positions of increasingresponsibility in engineering and evaluations. Each member of our team holds a minimum of aBachelor of Science degree in petroleum engineering or geology.The RSC technical person primarily responsible for preparing the estimates set forth in the RSCreserves report incorporated herein is Mr. Tosin Famurewa. Mr. Famurewa has been practicingconsulting petroleum engineering at RSC since 2006. Mr. Famurewa is a Licensed ProfessionalEngineer in the State of Texas (No. 100569) and has over 18 years of practical experience in petroleum28'