Nonstandard reserves estimates lead to resource underestimation

James G. Ross Gaffney, Cline & Associates Ltd. Alton, U.K. The U.S. practice, under Securities & Exchange Commission (SEC) rules, of publishing only proved reserves estimates, and the practice of under-emphasizing probable and possible estimates-for example by referring to them collectively as unproved-have led to a discrepancy between the reporting habits of the U.S. industry and much of the rest of the world. Outside the U.S., increases in estimates of proved reserves for a specific asset are seen as merely a reflection of growing certainty with regard to the field and have no bearing on true reserves growth. An increase in the proved reserves estimate for a field reflects me...

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