Terri-Jane Yuzda

Practice Standard Issued
For Oil & Gas Reserves Evaluation

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.

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