Alternate Petroleum Definitions developed jointly by the Society of Petroleum Engineers (SPE), the World Petroleum Congress (WPC), the American Association of Petroleum Geologists (AAPG), and the Society of Petroleum Evaluation Engineers (SPEE), last updated in 2007, are commonly used in the petroleum industry worldwide for purposes other than SEC reserve disclosures. Unlike the SEC guidelines, the SPE/WPC/AAPG/SPEE Definitions include Proved, Probable, and Possible categories of Reserves as well as potentially recoverable hydrocarbon volumes beyond Reserves, which are known as Resources. |
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