Introduction
Who Defines Reserves?
Security and Exchange Commission (SEC)
Financial Accounting and Standards Board (FASB)
Society of Petroleum Engineers (SPE)
World Petroleum Congress (WPC)
American Association of Petroleum Geologists (AAPG)
Society of Petroleum Evaluation Engineers (SPEE)
International Energy Agency (IEA)
International Accounting and Standards Board (IASB)
United Nations (UN)
Energy Information Agency (EIA)
Alberta Securities Exchange
China
Major SEC Rule Changes of 2009
SPE Reserve Classification
SPE Petroleum Resources Management System
Resources
SPE
SEC
China
Reserves
SEC
SPE
PRC
General
Minerals Other than Oil and Gas
Unconventional Resources
Problems with Reserve Classification
Proved Reserves
Proved Developed
Proved Undeveloped
SEC
SPE/WPC
China
Undeveloped Reserves Narrative Disclosure
Volumes in Un-Penetrated Fault Blocks
Basic Proved Reserves
Elements of Proved Reserves
Quantities of Hydrocarbons
Reasonable Certainty
Economically Recoverable
Existing Economic and Operating Conditions
Miscellaneous Issues
Volumetric Method of Reserve Estimation
General
Reservoir Volume
Mapping
Reservoir Fluids
Porosity
Water Saturation
Pressure Base
Reservoir Temperature and Pressure
Formation Volume Factor
Cutoffs
Reservoir Limits
Reservoir Area
Recovery Factor
Data Requirements
Reserve Estimates
General
Data
Reserve Evaluator
Deterministic
Probabilistic
Performance Methods
Improved Recovery
Proboable Reserves
Examples of Probable Reserve
China
Possible Reserves
Examples of Possible Reserves
China
SEC Reporting Requirements
General
Geographic Area
Disclosure Rules
Materiality
SEC Reserve Reviews
Reserve Write-downs
Reserve Estimators and Auditors
General
SEC
SPE
International Reserve Definitions
Australia
Former Soviet Union (FSU)
Norway
United Kingdom
Canada
Mexico
Middle East
Trinidad and Tobago
Venezuela
Reserve Reports vs.Audits
Reserve Reports
Audit Reports
Reserve Risk Assessment
Reserve Risk
Economic Risk
SPEE
Sarbanes-Oxley
Effect on Private Companies
Restrictions on Corporate Activities
Corporate Transparency
Penalties
Auditor Independence
Appendix A
SPE Petroleum Reserves Definitions
Appendix B
Sample Letter Sent to Oil and Gas Producers
Appendix C
AAPG Petroleum Resources Classification System and Definitions
Appendix D
SEC Reserve Checklist
Appendix E
Data Requirements for Reserve Estimates
Appendix F
Scope
Terms and definitions
Exploration and development phases
Reserves Economic Criteria
Resources/Reserves Classification
Appendix G
Reserve Comparison Table