10. GAS RESERVES

We have invested $188 million through our gas reserves program in the Jonah Field located in Wyoming as of September 30, 2016. Gas reserves are stated at cost, net of regulatory amortization, with the associated deferred tax benefits recorded as liabilities on the consolidated balance sheets. Our investment in gas reserves provides long-term price protection for utility customers through 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 investment under the original agreement, less accumulated amortization and deferred taxes, earns a rate of return.

The volumes produced from the wells under the amended agreement with Jonah are included in our Oregon PGA at a fixed rate of $0.4725 per therm.

The following table outlines our net gas reserves investment:



	September 30,				December 31,
In thousands	2016		2015		2015
Gas reserves, current	$	16,257	$	17,822	$	17,094
Gas reserves, non-current	171,280		169,300		170,453
Less: Accumulated amortization	67,304		51,516		55,901
Total gas reserves⁽¹⁾	120,233		135,606		131,646
Less: Deferred taxes on gas reserves	25,799		23,042		27,203
Net investment in gas reserves	$	94,434	$	112,564	$	104,443


⁽¹⁾	Our investment in additional wells included in total gas reserves was $7.0 million, $9.7 million and $8.0 million at September 30, 2016 and 2015 and December 31, 2015, respectively.

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