Ron Harrell is chairman at Ryder Scott Company LP, which he joined in 1968. Mr. Harrell has managed reservoir engineering and geological studies worldwide, including property evaluations for acquisitions and divestitures, financing, and reservoir management. He graduated magna cum laude with a BS degree in petroleum engineering from LouisianaTechUniversity.
At various national and international annual conferences, Mr. Harrell has delivered presentations on oil and gas appraisals, reserves definitions and classifications and differences in reserves estimates. He has led the way in exploring emerging issues on reserve reporting requirements with the U.S. Securities and Exchange Commission. Mr. Harrell is the past chairman of the Society of Petroleum Engineers Oil and Gas Reserves Committee. He chaired the four Society of Petroleum Evaluation Engineers forums that addressed SEC interpretive positions on petroleum reserves definitions. Mr. Harrell is a member of SPE, SPEE, API Houston Chapter and TIPRO, as well as a registered professional engineer in Louisiana, Mississippi and Texas.
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Description of presentation:
This presentation clarifies what the term “oil and gas reserves” means in several contexts. Various parties and stakeholders – for example regulators, financiers and producers – have differing needs for reserves information. However, whatever the need, all reserves estimates must be based on a sound understanding of the prevailing definitions and adequate high-quality data. Trained, ethical and independent reserves evaluators must interpret and present these estimates. The term “independent” should apply to internal reserves staff as well as third-party reserves evaluators.
The presentation will also direct attention toward an analysis of the impact of the US “Sarbanes-Oxley Act of 2002” on reserves estimation, verification and reporting as well as the impact of similar legislation in Canada and the U.K. The presentation will describe actions taken by several unidentified producers to ensure quality, integrity and transparency in their reserves estimating and reporting process.