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Events Calendar

May 21, 2019

PASC Luncheon: Reservoir Engineering May 21, 2019
Earn one hour of verifiable CPD Credits
Event Starts: May 21, 2019
Time: 11:30am - 1:00pm
Location: Calgary Petroleum Club (319 5th Avenue SW)

RESERVOIR ENGINEERING AND WHY IT MATTERS

5 reasons you will be interested in learning about the Reserves Evaluation Process

  1. Value of the company - quantification of an upstream company’s primary asset base in terms of both dollar value and quantity of product in place.
  2. Major component of share price - forward looking value potential of the company (ie. NPV of company’s assets).
  3. Financial reporting requirement (National instruments 51-101).
  4. Reserve based lending is how the Canadian industry accesses financing (related to point #1).  As such this is important discipline for accountants to understand.  
  5. Learn the jargon spoken around the office; difference between proven, probable, possible, proved-developed-producing, 1P, 2P etc.. 

 

Speaker: Michael Woofter, Professional Engineer, President, Woofter Petroleum Consultants Ltd.

Michael Woofter is a Professional Engineer with over 35 years of experience in the oil and gas industry. Currently, Michael is the President of Woofter Petroleum Consultants Ltd.  Previously, he held the position of Manager of Reserves and ROTR at Paramount Resources Ltd. (commencing 2009) and is an Internal Qualified Reserve Evaluator (IQRE). Prior to Paramount, Michael operated Woofter Petroleum Consultants Ltd. providing Professional Engineering services to a wide variety of clientele within the Petroleum Engineering sub-disciplines of Evaluations, Reservoir, Drilling, Completions, Production Operations and Facilities EngineeringHe is and expert user of both PEEP/VOLTS and VALUE NAVIGATOR for asset evaluation and reserve management, along with other technical software applications (including FAST/HARMONY Suite).

Michael graduated in 1983 with a Bachelor of Science degree in Petroleum Engineering from Texas A&M University, is a registered Professional Engineer in good standing with APEGA , is a QualifiedReserveEvaluator (SPEE) and a long standing member of SPE.

 

Members: $45.00 +GST
Nonmembers: $55.00 +GST
Lunch will be provided with a non-alcoholic beverage, and dessert.

Closed Meetings



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