Question-and-Answer Session
Operator
Sure. (Operator Instructions). Your first question comes from the line Eric Hagen with Bank of America. Please proceed.
Eric Hagen - BAS-ML
Hey, good morning Jim.
James Volker
Hi, Eric.
Eric Hagen - BAS-ML
Hi there. The question on your CapEx, the $30 million in other, I think if I heard you right, you said that was a spillover from 2008. Is any of that discretionary or is that pretty much something we can add on to that base 320 and will be spent this year?
Michael Stevens
Base, it would be a definite add-on to the base 320, Eric.
Eric Hagen - BAS-ML
Okay. So you're basically your sort of lower case CapEx then is actually around 350 all-in?
Michael Stevens
Yes.
Eric Hagen - BAS-ML
Okay. And then when do you make the decision whether you spend the additional $124 million or whether you keep that on the balance sheet to just retain your flexibility and at what point do you think you will be ready to make that. Is it a 2Q issue after you could go back and see how the bank re-determination goes?
James Volker
Well, I'll try to be as direct as I can to answer that question. I really believe that we will probably be making parts of that decision within the next 30 days Eric as we watch oil prices primarily and secondarily the results on drilling that's been done out there on the new incremental projects. And part B of your question, I will say that I have high confidence in what the banks are going to do, having had good meetings with our top three banks, and I have high confidence that we are going to get a great outcome on our borrowing base. So I am not really worried about our borrowing base. If I had to guess I'd say it will go up.
Operator
Your next question comes from the line of Dwain Rupert with PRT Capital. Please proceed.
Unidentified Analyst
Yes Jim, on the upward performance revision from the CO2 projects, can you talk a little bit about how conservative or aggressive you think you're postured in terms of this particular level of revisions? And what will you be looking for in the future to maybe get even more confident, would be more aggressive on performance revisions?
James Volker
Well Erik I will try to... I am sorry, Dwain I will try to be as succinct as I can here. In general, as you know what happened to us when we bought this project was that we were pretty much limited in terms of the kind of response that the independent engineers could work with in projecting future proved reserves. And I was pretty much limited to roughly a kind of a 5.5% recovery that the private project that was done by the major oil company that used to own this field had achieved. But in reality, we thought certainly 9% was more likely based upon other floods in the area and essentially just the fact when you implement a big project you create a bigger sweet spot and consequently just as the recovery factor and sort of the sweet spot that got benefit of four-way push in the project may have been higher than 5.5%, same way (ph) like 9%.
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