Recommended Evaluation Practices (REPS)

At their 2000 Annual Meeting, the SPEE adopted a pilot program to develop a series of Recommended Evaluation Practices (SPEE REPs). The SPEE REPs were envisioned to be short position papers outlining petroleum evaluation practices on specific issues where written guidance from the various reserve guidelines (both industry and governmental) is either unavailable or does not fully cover all aspects of a specific situation. The REPs are intended to be peer-approved guidance based on industry experience, personal conversations with regulators, or unofficial statements. The REPs are approved by the SPEE Board of Directors but should not be confused with legal interpretations or regulatory approved guidelines.

SPEE REP #1.1 – Elements of a Reserve Report

SPEE REP #2 – Presentation of Hydrocarbon Production, Sales, and Lease Use Quantities in Reserve Reports

SPEE REP #3 – Inclusion of Revenue from Non-Hydrocarbon Sources in Reserve Reports

SPEE REP #4 – Inclusion of Hedging Positions in Reserve Reports

SPEE REP #5 – Discounting Cash Flows

SPEE REP #6 – Definition of Decline Curve Parameters

SPEE REP #7 – Escalation of Prices and Costs

SPEE REP #8 – Calculation of Reversionary Interests

SPEE REP #9 – Reporting Multiple Rates of Return

SPEE REP #10 – Calculating Internal Rate of Return