Oil and Gas Reserves: The SEC Reporting Rules


Management and Information Reservoir Descriptions and Dynamics

Description

This course provides substantial detail and interpretation of the US Securities and Exchange Commission’s modernized rules for reporting oil and gas reserves.

Topics Include:

  • Discussions on classifying resources
  • The SPE/WPC/AAPG/SPEE Petroleum Resources Management System (PRMS), which is the basis for many of the new SEC reserves definitions
  • The effects of the new rules on nontraditional resource disclosures
  • Recommendations for adapting to the new rules
  • Lectures and discussions are included, with more than half of the time devoted to solutions from class problems and exercises.
  • The course workbook includes relevant publications of the SEC, SPE, and the Financial Accounting Standards Board.
  • This course information has been updated to include the latest changes in SEC rules and regulations.

Learning Level

Intermediate

Course Length

2 Days

Why Attend?

This course will help engineers, geoscientists, and business managers correctly interpret and apply the SEC’s modernized oil and gas reserves reporting rules. It will provide useful comparisons of the SEC rules with the SPE/WPC/AAPG/SPEE/SEG Petroleum Resources Management Systems definitions.

Who Should Attend

Anyone in the petroleum industry who deals with the reporting of oil and gas reserves will benefit from this course.

Special Requirements

Attendees must bring laptops to class.

CEUs

1.6 CEUs (Continuing Education Units) are awarded for this 2-day course.

Cancellation Policy

All cancellations must be received no later than 14 days prior to the course start date. Cancellations made after the 14 day window will not be refunded.  Refunds will not be given due to no show situations.

Training sessions attached to SPE conferences and workshops follow the cancellation policies stated on the event information page.  Please check that page for specific cancellation information.

SPE reserves the right to cancel or re-schedule courses at will.  Notification of changes will be made as quickly as possible; please keep this in mind when arranging travel, as SPE is not responsible for any fees charged for cancelling or changing travel arrangements.

We reserve the right to substitute course instructors as necessary.

Full Regional cancellation policies can be found at the “Cancellation Policy” link on the SPE Training Course Catalog page: http://www.spe.org/training/catalog.php.

Instructor

W. John Lee is Professor of petroleum engineering at Texas A&M University. He previously held the Hugh Roy and Lillie Cranz Cullen Distinguished University Chair at the University of Houston’s petroleum engineering program. Prior to this, Lee held the L.F. Peterson Chair and was Regent’s Professor of petroleum engineering at Texas A&M University. He was the former executive vice president of S.A. Holditch & Associates, where he specialized in reservoir engineering for unconventional gas reservoirs. He served as an Academic Engineering Fellow with the US Securities and Exchange Commission (SEC) in Washington during 2007–2008, and was a principal architect of the new SEC rules for reporting oil and gas reserves.

Prior to beginning his career in academia, Lee managed Exxon’s Major Fields Study Group. He has written many technical papers and co-authored four SPE textbooks: Well Testing, Gas Reservoir Engineering, Pressure Transient Testing, and Applied Well Test Interpretation. He is also co-author of SPEE Monograph 4, Estimating Ultimate Recovery of Developed Wells in Low Permeability Reservoirs. Lee is an Honorary Member of SPE and a member of the US National Academy of Engineering. He received his BChE, MS, and PhD degrees in chemical engineering from the Georgia Institute of Technology.

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