Looking beyond Reserves: Resources other than Reserves

by Dave Elliot, Former Chief Petroleum Adviser for the Alberta Securities Commission

OUTLINE
- Background: Resource classification, why we classify and who uses this information
- Canadian oil and gas disclosure and the increase in unconventional resource activity
- Evaluation and classification guidelines: PRMS, COGEH
- New guidelines on Resources other than reserves guidelines

Abstract
The enormous increase in unconventional oil and gas activity in recent years has emphasised that reserves provide only a limited picture, with an increasing proportion of corporate and national oil and gas assets being in resource classes such as contingent and prospective resources. There has been a great increase in the disclosure of these in Canadian oil and gas securities reporting in recent years (for which, unlike the US SEC, it is permitted optional disclosure).
It became clear a few years ago, that the current guidelines for the evaluation, classification and reporting of resources other than reserves, especially of contingent resources was inadequate.
A SPEE Calgary sub-committee has been working on developing new guidelines on resources other than reserves and is close to completing a final draft, with the objective of having the final version published by the end of June.
The fact that we are currently on Draft 15 is indicative that this is not a simple task!

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