... in light of recent work on the market value of long-life reserves. Their work is expanded to show that sellers rely on comparable sales data for estimating FMV. Both results are used to suggest that current practices over-emphasize the discounted cash practices over-emphasize the discounted cash flow...

... concludes that traditional rule of thumb models based on historical lease sales are unreliable in terms of prevailing economic conditions and both domestic and foreign regulation and tax structures. Project economics borrower FMV ROR reserves replacement Upstream Oil & Gas capital future...