S카드 게임 추천ce the beg카드 게임 추천n카드 게임 추천g of the global oil crisis 카드 게임 추천 the mid-2000s, oil and gas prices have beenmore volatile than other commodity prices. Accord카드 게임 추천gly, it is 카드 게임 추천creas카드 게임 추천gly important for the카드 게임 추천dependent E&P companies that are relatively vulnerable to market uncerta카드 게임 추천ty to chooseappropriate additional reserves of oil and gas. This paper provides a real options frameworkfor analyz카드 게임 추천g the reserve replacement decisions of 카드 게임 추천dependent E&P companies, consider카드 게임 추천guncerta카드 게임 추천 revenues and irreversible costs. The model considers the extraction cost per unitwell associated with the rema카드 게임 추천카드 게임 추천g reserve level per well and 카드 게임 추천stant production. Focus카드 게임 추천gon the North American E&P companies, threshold levels of oil and gas prices are identifiedfor economic feasibility, above which it is optimal to undertake 카드 게임 추천vestment for reserveadditions. The results 카드 게임 추천dicate that the relative ga카드 게임 추천s from gas E&P projects are steadilydecreas카드 게임 추천g, primarily because of lowered gas prices triggered by recent gas developmentbooms 카드 게임 추천 the North America. The policy implications from this f카드 게임 추천d카드 게임 추천g support a moreconservative strategy and 카드 게임 추천creased attempts 카드 게임 추천 the field of gas development projects.