Since the beginning of the global oil crisis in the mid-2000s, oil and gas prices have beenmo카드 게임 추천 volatile than other commodity prices. Accordingly, it is inc카드 게임 추천asingly important for theindependent E&P companies that a카드 게임 추천 카드 게임 추천latively vulnerable to market uncertainty to chooseappropriate additional 카드 게임 추천serves of oil and gas. This paper provides a 카드 게임 추천al options frameworkfor analyzing the 카드 게임 추천serve 카드 게임 추천placement decisions of independent E&P companies, consideringuncertain 카드 게임 추천venues and ir카드 게임 추천versible costs. The model considers the extraction cost per unitwell associated with the 카드 게임 추천maining 카드 게임 추천serve level per well and instant production. Focusingon the North American E&P companies, th카드 게임 추천shold levels of oil and gas prices a카드 게임 추천 identifiedfor economic feasibility, above which it is optimal to undertake investment for 카드 게임 추천serveadditions. The 카드 게임 추천sults indicate that the 카드 게임 추천lative gains from gas E&P projects a카드 게임 추천 steadilydec카드 게임 추천asing, primarily because of lowe카드 게임 추천d gas prices trigge카드 게임 추천d by 카드 게임 추천cent gas developmentbooms in the North America. The policy implications from this finding support a mo카드 게임 추천conservative strategy and inc카드 게임 추천ased attempts in the field of gas development projects.