Recognizing that Petroleum Evaluation Engineering is a specialized field, the Society is dedicated to the promotion of professional growth of the membership and to the advancement of the profession of Petroleum Evaluation Engineering by demonstrating by example the highest standard of ethics, by promoting continuing education of our membership and by education of the public in the area of oil and gas reserve definitions, reserve evaluations, and fair market value.
About the Society
The professional activities of SPEE members are guided by by-laws that require the highest ethical standards and that provide for a committee to review grievances filed against members. Principles of acceptable evaluation engineering practice address the relationships of members with the public, with employers, with clients, with other members, and with SPEE.
The standardization of oil and gas reserve definitions has been a principle goal of SPEE throughout its history. In 1987, SPEE, in cooperation with other industry groups, formulated and published definitions believed suitable for use throughout the oil and gas industry. These definitions were subsequently promulgated jointly by SPEE and by the Society of Petroleum Engineers (SPE). Comprehensive guidelines addressing the application of these definitions were then published by SPEE in December 1988 as Monograph I.
Each year since 1982, SPEE has surveyed its members and also other experts to obtain data regarding certain evaluation parameters in current use throughout the oil and gas industry. A statistical analysis of the results of this survey is published and a copy is made available to non-members for a modest fee. This annual survey is considered to be a valuable contribution to the profession of petroleum evaluation engineering because it provides a comparison basis for the parameters being used by any individual evaluator. Typical parameters included in the survey are: 10 year forecast of domestic oil and gas prices; 10 year forecast of operating cost and drilling cost escalation rates; primary present worth factor utilized in evaluations; minimum expected rate of return for investments; and risk adjustment factors applied to specific reserve classifications and categories. The annual survey also includes a comparison of all previous surveys.
SPEE assists in the continuing education of its member through periodic technical meetings held by each local Chapter, through the Annual Meeting, and also by promulgating reports generated by the efforts of special committees such as the most recent report regarding severance taxes, “Summary of Oil & Gas Production Taxes.” SPEE meetings provide an excellent forum for the exchange of technical and business information that can be specifically applied in the evaluation of oil and gas properties.
Local chapters meet in Asia Pacific, Calgary, California, Central Texas, Dallas, Denver, Europe, Houston, Latin America, Midland, Northern Rockies, and Oklahoma City.
History of the Society
There has long been a need for a Society which would bring together for their mutual benefit the specialists in petroleum evaluation engineering. Realizing this need Harold Vance, William Hurst and H.F. Poyner, Jr. secured a charter from the State of Texas for such a Society which is known as “The Society of Petroleum Evaluation Engineers”. The number of the charter setting up such a corporation is No. 187252 and was issued by the Secretary of the State of Texas on September 24, 1962.
Organizing Directors of the SPEE
Harold Vance – Organizing Director
Harold Vance was born on September 7, 1899 in Geneva, Indiana. He attended the University of Southern California from 1918 until 1921, obtaining his Bachelor of Science Degree in Petroleum Engineering & Geology in 1923 from the University of California (Berkley) and earned his Law Degree from the Houston Law School. Mr. Vance was employed by United Oil Company, United States Bureau of Mines, Marland Oil Company and Continental Oil Company prior to heading up the Petroleum Engineering Department of A&M University between 1934 and 1952. He established the Harold Vance Company in 1952.
Mr. Vance, one of the originating Directors, served as President in 1963 and on the Board of Directors in 1964. At the 1980 Annual Convention the Board of Directors voted to award Mr. Vance with a Lifetime Membership Award. Mr. Vance passed away on December 5, 1981.
William Hurst – Organizing Director
William Hurst was born on June 1, 1905 in Boston Massachusetts. He received his Bachelor of Science degree in Engineering from Massachusetts Institute of Technology in 1928 and his Masters from M.I.T. in 1929. He gained his working knowledge from 1929 to 1957 from such companies as Humble Oil & Refining, C.L.I. and Shell Oil Company. From 1948 until his retirement Mr. Hurst was self-employed as a petroleum engineering consultant in Houston, Texas. He served as Chairman on the Ferguson Award Committee for the AIME during 1961-1962.
One of the originating Directors in 1963, holding the office of Vice President, Mr. Hurst also served on the Board of Directors in 1964. Mr. Hurst was voted a Lifetime Membership Award by the Board of Directors during their meeting at the 1980 Annual Convention. Mr. Hurst passed away on December 5, 1996.
Herbert F. Poyner, Jr. – Organizing Director
Herbert F. Poyner, Jr. was born in Boston, Massachusetts on February 9, 1926. He graduated from The University of Texas with a Bachelor of Science Degree in Petroleum Engineering in 1947 and a Master of Science Degree in Petroleum Engineering in 1949. He worked for Shell Oil Company until late 1952 when he joined Bank of the Southwest as a Petroleum Engineer in its Energy Division. In 1974 he was one of the organizers of the petroleum consulting firm of Hansen, Miller, Poyner & Banta. In 1975 he joined Allied Bank of Texas as Senior Vice President and Manager of the Energy/Natural Resources Department. In 1981 he joined Energy Capital Corporation as President. Mr. Poyner, was one of the organizing directors of the Society in 1963, serving as Secretary/Treasurer. He also served the Society as Vice President in 1975 and as President in 1976.
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