Types of Reports

There are four main report options available:

Reasonableness Review:  Contains a review of decline curves generated by client in-house personnel.  The resultant opinion will be as to whether the reserves information, in the aggregate, are reasonable and were estimated and presented in conformity with generally accepted petroleum evaluation principles.

Audit:  Contains an audit of a client’s in-house report, according to the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information as accepted by the Society of Petroleum Engineers (SPE).  Our staff will review a random selection of various data on approximately 80% of the subject properties.  These reviews will include, but are not limited to, production volumes, oil and gas pricing, ownership percentages, lease operating expenses, capital investment, and discussions with various operators.  The Audit Report will also include a review of the decline curves and reserves information.

Summary Report:  Contains a complete and detailed evaluation in which we independently assign reserves while working directly with client in-house personnel.  The client submits all economic parameters to be reviewed by our staff for reasonableness and, unless obvious errors are detected, is usually accepted as correct.  The Summary Report contains the following:

  • Total Proved Reserves and Economics
  • Total Proved by State and Operator
  • Total by Reserves Categories and by State
  • One-line summary by individual lease
  • Property Value List, ranked highest to lowest based on Present Value discounted at 10.00 percent per annum
  • Top valued decline curves
  • Summary decline curves by reserves categories, reservoir, field, county, state, etc. as requested

NOTE:    The summary report is published and bound for formal presentation and includes a letter and discussion of the bases of the evaluation and a copy of all material on a CD.

Top 70%:  Contains a complete and detailed evaluation of the top 70% value including data reports, which describe the evaluation and economic parameters, the individual well reserves, and the economic cash flow pages.  The Top 70% value evaluation is then combined with the client’s internal Lower 30% value evaluation for a total corporate summary.

NOTE:    The Top 70% Final Report will include all items listed under Summary Report, plus the individual leases for the Top 70% value.