Oil and Gas Reserves: The SEC Reporting Rules


Disciplines: Management | Reservoir

Course 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:

  • 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

This course can be either a one day or a two-day course.

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 Attends

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

.8 CEUs (Continuing Education Units) are awarded when this is a 1-day course and 1.6 CEUs are awarded for this when it is a 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.

Instructor

W. John Lee holds the DVG Endowed Chair in petroleum engineering at Texas A&M University. Prior to this position, he held the Hugh Roy and Lillie Cranz Cullen Distinguished University Chair at the University of Houston’s petroleum engineering program from 2011 to 2015. Still earlier, Lee was a professor of petroleum engineering at Texas A&M from 1977 to 2011. 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 four SPE textbooks: Well Testing, Gas Reservoir Engineering, Pressure Transient Testing, and Applied Well Test Analysis. 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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