Thank you, Ernie, for that kind introduction, and good morning ladies and gentlemen. Alex Massad has asked me to extend his sincere regrets at not being able to be here with you this morning. Fortunately, from my point of view, his absence is a welcome opportunity for me to address this audience of fellow petroleum engineers.

This is the age of the acronym — with good reason. Consider for example, the poor newspaper headline writer who has to fit Intercontinental Ballistic Missiles into two columns of space while including a verb and a few other modifying words to boot. Thus, we all know what ICBM means . . . or UFO — even if we've never seen one. You didn't have to see the movie; either, to know what — or who — ET stands for.

While it may not be a household acronym just yet, I know everyone in the SPE recognizes EOR, Enhanced Oil Recovery, the subject of this morning's discussion. I must honestly admit, however, I would feel more confident in writing a believable sequel to ET, than in predicting what might happen down the road for EOR. ET may have gone home, but EOR is here to stay.

With the knowledge that oil is a finite resource, the art of getting more production from each known reservoir will depend heavily on EOR and remain of paramount importance to the future of the oil industry and the United States economy. My crystal ball remains a little clouded as to the exact impact specific future applications will have due to uncertain political and technical factors. Perhaps our discussion today can blow political and technical factors. Perhaps our discussion today can blow away some of the fog and give us an outlook for recovering more of what we have already found.

For this morning's discussion, I'll limit comments to the U.S. industry. We'll take a look at what has been found, cumulative production, current reserves, and what we might logically expect in reserve additions through application of existing and future EOR technology. We will also cover some of the economic factors involved.

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