Independence

With this foundation of experience in reservoir and plant operations, the firm initially provided consulting services, primarily in the United States, but as additional professionals joined the organization, the scope of services expanded internationally. Investigations have been conducted in all major petroleum provinces of the United States and in numerous foreign countries as well.

Under appropriate circumstances, the firm is prepared to review the estimates of others and comment upon the reasonableness of those estimates. When requested to do such reviews, the firm may also comment on (a) the adequacy of the data employed, (b) the appropriateness of the techniques and procedures employed, and (c) the effectiveness of the programs set up for surveillance, data collection, optimization of operations, or documentation of estimates.

The firm commonly employs client-instructed forecasts of product prices, inflation rates, or other assumed future conditions when requested to do so in preparing cash flow projections. In addition, the firm performs various client-instructed sensitivity analyses. If client instructions regarding product prices, inflation rates, future conditions, or assumptions are employed in the firm’s analyses, those instructions will be clearly disclosed in its evaluation reports.

To preserve independence, the firm does not accept as payment for services any contingent fees or other compensation that may be considered to be conditional upon the outcome of studies performed by the firm. All revenue is derived from payment for services and from reimbursement for expenses incurred on behalf of clients. The firm avoids any activity that may create a conflict of interest with clients.