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I .. I I I I I I I .. I I I I I I I , I 48 IUITIIl B. BAYIIII .. co. un.a..... Valuation of Oil & Gas Reserves If our economy remains at the same relative level the value of the real property to be acquired, except for actual physical changes, may be reasonably expected to remain fairly constant between the current date and the date of acquisi- tion if the latter date is not too remote in time. This is not true of oil and gas reserves in producing fields. Since this is a depleting asset the date of taking is of extreme importance in the valuation of these reserves and the resulting cost of acquisiton. A t the present time only' one of the produc ing fields has been unitized. If, as of the date of taking, other fields are unitized this factor would materially affect the loss that would accrue because of the proposed taking. With informa- tion presently available the actual loss of future production cannot now be accurate- ly determined. An estimate of the current cost of acquisition of these reserves at some future unknown date would, of necessity, be based on a n umber of highly specu- lative factors. Any such estimate would, in our opinion, be, at best, misleading. Accordingly, we have not included an estimate of cost of acquisition of these assets in our report. Weld County Site Our investigation indicates that there are no presently known oil or gas reserves within the proposed taking. Two dry holes have been drilled in the area. 1l!. ___~_ _ '.or _ ___~ ._ '--,.--~- --,.