The May 2014 issue of Seismic Profile features an invited article titled "Calibrated Uncertainty in Production Forecasting" and authored by BetaZi scientist and co-founder, Dr. Heidi Kuzma. Seismic Profile is a geophysics journal out of the UK, covering the fields of marine seismic acquisition, applied stratigraphic geophysics, and reservoir engineering.
In the article Dr. Kuzma explains:
"Increasingly, engineers are turning to stochastic models for forecasting. These are models which return millions of hypothetical production curves (samples) which could possibly explain the data. When they are projected forward, they yield a probability distribution instead of a single answer. By counting the samples, it is possible to establish meaningful bounds."
To read the article, go to Seismic Profile and click on "View Latest Issue (Spring 2014)." Our article, along with many nice figures, is on pages 6-10.