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General Meeting - PETROLEUM RESERVES ESTIMATES - WHERE WE HAVE BEEN, WHERE WE ARE, AND WHERE WE APPEAR TO BE HEADED

Global events from Baghdad to Beijing and from The Hague to Houston over the recent past have ignited worldwide interest on oil and gas reserves. This renewed, expanded attention has clearly illustrated that the term “reserves” is widely misunderstood and abused – sometimes by individuals and/or organizations that should know better.

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.

Location: Petroleum Club, 43rd Floor, ExxonMobil Building
800 Bell Street
Houston , Texas 77002

Date: Nov. 8, 2007, 11:30 a.m. - Nov. 8, 2007, 1 p.m.