Economic Evaluation of Oil & Gas Properties

• Learn the purposes and applications of economic evaluation in investing and operating oil/gas properties.
• Understand how various elements of an economic evaluation interact, including production, sales, operations, operating costs, and the impact of taxes, third-party interests, and regulatory controls such as abandonment and environmental obligations.
• Construct appropriate income streams to measure the economic benefits of petroleum properties.
• Appreciate the ultimate goal of owning and operating oil/gas properties: achieving income and establishing economic value.

• Petroleum economists and financial analysts
• Reservoir and production engineers involved in asset valuation
• Oil & gas investors and royalty owners
• Regulatory and tax professionals in the energy sector
• Students

Richard J. Miller began his career as a petroleum engineer in 1967 with Texaco, Inc. in California and Trinidad, West Indies. He was later employed by James A. Lewis Engineering in Dallas, Texas and by United California Bank in Los Angeles, California. He founded Richard J. Miller & Associates, Inc. in 1977. The firm provides oil and gas property evaluation services to a wide range of industry clients. Richard has conducted and/or participated in several hundred engineering and economic evaluation projects covering oil and gas properties in all parts of the United States including individual property appraisals, determination of the feasibility of property development plans or enhanced recovery processes. Evaluations prepared by Richard have been used by petroleum producers for exploration and field development; by investors to establish project feasibility; by operators and financiers to support institutional financing; for reporting to government agencies; for estimation of estate and property taxes; and for presentation in federal and state courts and before assessment appeal boards. Recent practice includes the appraisal of oil and gas production in the Marcellus Shale region of Pennsylvania; the Haynesville and Fayetteville shales of Arkansas and Louisiana; and the Eagle Ford and Barnett shales in Texas. Richard holds a Bachelor of Science in Petroleum Engineering (1967) from the New Mexico Institute of Mining and Technology. He also holds a Master of Science in Petroleum Engineering (1970) and Master of Business Administration (1976) degrees from the University of Southern California. He is an Accredited Senior Appraiser with a specialty in oil and gas property appraisal.