APEGGA's Practice Standards Committee has issued a new practice
standard for the preparation of oil and gas reserves evaluations.
The complete document is available on APEGGA's website here.
The public, regulators and others use publicly disclosed
evaluations of oil and gas reserves in the course of making
investment, regulatory and other decisions. APEGGA's practice
standard sets out the Association's expectations of members
who prepare such evaluations.
The standard deals with professionals' responsibilities,
while referencing the Canadian Oil and Gas Evaluation Handbook
prepared by the Society of Petroleum Evaluation Engineers
(Calgary Chapter) and the Canadian Institute of Mining, Metallurgy
and Petroleum (Petroleum Society) for the technical aspects
of preparing evaluation reports.
The practice standard was developed by the Practice Standards
Committee in keeping with one of the recommendations of APEGGA's
Practice Review Board following a board inquiry into reserve
evaluation and reporting practices. That inquiry was prompted,
in part, by recommendations released by the Alberta Securities
Commission Oil and Gas Task Force concerning evaluation and
disclosure of oil and gas reserves.