HGS Continuing Education Committee Responds to Recent Petroleum Reserves Write-downs

HGS Continuing Education Committee Responds
to Recent Petroleum Reserve Write-downs
by Mike Allison and Cheryl Desforges
Large corporate reserve write-downs have increased attention of financial analysts, investors, rating agencies, banks, the U.S. SEC and corporate boards to the process of estimating and reporting reserves. In response to concerns raised by the recent reserve write-downs, the HGS Continuing Education Committee, in conjunction with a number of sponsors, has enlisted the help of leading industry experts to put on a series of four one day short courses focused on ways to avoid petroleum reserve writedowns. The short courses include:
An Overview of Reserve Definitions and Reporting Requirements presented by John E. Hodgin and Thomas Wagenhofer of Ryder Scott Co. on December. 15, 2004.
Could ignorance of SEC and SPE/WPC definitions or the Sarbanes-Oxley Act result in a reserve write-down for you or your company? Who are subject to civil and criminal penalties for non-compliance or false reporting? What issues does the SEC routinely question in letters of inquiry regarding reserves? What are the SEC "Red Flags?"
An Overview of Recommended Geological Practices presented by presented by Daniel J. Tearpock of Subsurface Consultants & Associates, LLC on January 20, 2005
Learn what common geologic errors contribute to the inaccuracy of reserves estimates. Learn the geologic practices recommended to avoid these reserve pitfalls
An Overview of Recommended Engineering Practices presented by Ed Travis and Bill Kazmann of LaRoche Petroleum Consultants on May 20, 2005
Learn basic reservoir evaluation techniques from performance to volumetric analysis. Learn which common engineering errors contribute to the inaccuracy of reserves estimates. Learn the recommended engineering practices to avoid these reserve pitfalls. Learn the fundamentals of economic evaluations and their impact on reserve volumes.
An Overview of Recommended Petrophysical Practices will be presented by Bill Price of Petrophysical Solutions, Inc., John Kulha , Consultant, and Ted Griffin, Core Lab, on September 21, 2005
Obtaining accurate net pay counts from correct petrophysical analysis is one of the basic ingredients of accurate reserve estimations. Understand the dangers of the digital world in which we live. Discuss why the proper integration of data is still undervalued. Learn the rules of wireline pressure interpretation and use of core data to validate reserves. Learn the ten causes/sources of LRLC response and how to adjust your petrophysical evaluation to compensate. Learn a proven methodology to evaluate LRLC pays and when to apply it. Real world examples will be presented
 
Attendance at the first three short courses has been overwhelming. There is one more important short course remaining in the mini-series. Your participation is critical to the success of this mini-series. You can register for the CEC sponsored short courses on the HGS web site.
In order to deliver these short courses to a much broader audience, each one day short course is being recorded live and presented on a single CD-ROM. Each CD-ROM contains an easy to use menu listing each topic covered during the short course. The viewer simply clicks on the topic of interest and a high quality video is played on their local computer. The video contains a very high quality recording of the presentation and the speaker’s voice. The recordings are live and provide the viewer the opportunity and convenience of playing these short courses over and over again in the convenience of their office, a conference room or in their home.
The HGS will be selling these CD-ROMs as early as at the AAPG Annual Convention in Calgary. The cost will be $120.00 for all four short courses. When you purchase the short courses you will receive the first three short courses on CD-ROM and a spot for the fourth CD-ROM when it becomes available later in the Fall. Inside the case will be mailer that you simply fill out and drop in the mail. When available, the fourth CD-ROM will be mailed it to you and so it can be placed it in the case along with the other short course CD-ROMs.
You will also be able to purchase the short course sets through the HGS web site or during the HGS luncheons and evening meetings starting during the Fall 2005-2006 season. Please support this important effort by purchasing these short course CD-ROM sets. The proceeds from the sale of these CD-ROMs will benefit the HGS and allow us to continue producing short courses on CD-ROM in the future. As many of us retire over the next 10-15 years we need to preserve our knowledge and pass it on to the next generation of geoscientists and engineers.