The proposed 2007 Petroleum Reserves and Resources Classification, Definitions and Guidelines are now ready for industry review. This document is sponsored jointly with the World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE). The proposed system would update and replace the current evaluation standards for the international petroleum industry as contained in the 1997 SPE/WPC Petroleum Reserves Definitions and the 2000 SPE/WPC/AAPG Petroleum Resources Classification and Definitions.

While national reporting and regulatory disclosure agencies would reference these standards, the revised guidelines will not replace those currently required by these agencies. To view the draft definitions, visit www.spe.org/reserves. Please send comments to: ogr@spe.org Individual opinions are welcome. However, SPE requests that interested organizations review the proposal and then submit a consolidated opinion, based on internal employee consensus.

Review Deadline: 1 February 2007 Source: Society of Petroleum Engineers