10. GAS RESERVES

We have invested $188 million through our gas reserves program in the Jonah Field located in Wyoming as of March 31, 2016. Gas reserves are stated at cost, net of regulatory amortization, with the associated deferred tax benefits recorded as liabilities on the balance sheet. Our investment in gas reserves provides long-term price protection for utility customers and currently incorporates two agreements: the original agreement with Encana Oil & Gas (USA) Inc. under which we invested $178 million and the amended agreement with Jonah Energy LLC under which an additional $10 million was invested.

The cost of gas, including a carrying cost for the rate base investment made under the original agreement, is included in our annual Oregon PGA filing, which allows us to recover these costs through customer rates. Our net investment under the original agreement earns a rate of return.

Under the amended agreement we have the option to invest in additional wells on a well-by-well basis with drilling costs and resulting gas volumes shared at our amended proportionate working interest for each well in which we invest. We elected to participate in some of the additional wells drilled in 2014, and may have the opportunity to participate in more wells in the future. Volumes produced from these wells are included in our Oregon PGA at a fixed rate of $0.4725 per therm, which approximates the 10-year hedge rate plus financing costs at the inception of the investment.

The following table outlines our net gas reserves investment:



	March 31,				December 31,
In thousands	2016		2015		2015
Gas reserves, current	$	16,420	$	19,112	$	17,094
Gas reserves, non-current	171,121		168,352		170,453
Less: Accumulated amortization	59,976		43,165		55,901
Total gas reserves⁽¹⁾	127,565		144,299		131,646
Less: Deferred taxes on gas reserves	28,547		28,383		27,203
Net investment in gas reserves⁽¹⁾	$	99,018	$	115,916	$	104,443


⁽¹⁾	Our investment in additional wells included in total gas reserves was $7.6 million ($3.4 million net of deferred taxes), $9.2 million ($8.3 million net of deferred taxes) and $8.0 million ($4.3 million net of deferred taxes) at March 31, 2016 and 2015 and December 31, 2015, respectively.

Our investment is included on our balance sheet under gas reserves with our maximum loss exposure limited to our current investment balance.