As noted previously, our original estimate disclosed on February 8 of the reserve for customer refunds proved to be inadequate after we performed additional analysis.
In its earnings release Chesapeake downplays the reserve impairments, preferring to talk up the 5 trillion cubic feet of new proved reserves that it added this year.
But the international supply of two key reserve assets gold and the U.S. dollar proved inadequate for supporting the expansion of world trade and financial development that was taking place.