Recommended Evaluation Practices (REPS)
RECOMMENDED EVALUATION PRACTICES (REPS)
At their 2000 Annual Meeting, the SPEE adopted a pilot program to develop a series of Recommended Evaluation Practices (SPEE REPs). The SPEE REPs were envisioned to be short position papers outlining petroleum evaluation practices on specific issues where written guidance from the various reserve guidelines (both industry and governmental) is either unavailable or does not fully cover all aspects of a specific situation. The REPs are intended to be peer-approved guidance based on industry experience, personal conversations with regulators, or unofficial statements. The REPs are approved by the SPEE Board of Directors but should not be confused with legal interpretations or regulatory approved guidelines.