Industry Resources

• • Monthly Index Prices: Monthly index prices, along with 12-month rolling averages, for various indices. Monthly index prices are typically used in conjunction with monthly lease operating statements to determine the average differential to the indices.
  • First-Day-Of-The-Month Prices: Current oil and gas prices as defined by the SEC in its regulations, i.e., 12-month averages of first-day-of-the-month prices from various indices. For example:

As-of Date	Oil - WTI Posted	Oil - WTI Spot	Gas - Henry Hub
12-31-2021	63.04	66.55	3.598
03-31-2022	71.72	75.28	4.086
06-30-2022	82.26	85.82	5.133
09-30-2022	88.19	92.16	6.126
12-31-2022	90.15	94.14	6.357
03-31-2023	87.45	91.38	5.955

* On January 7, 2021, the WTI Posting price data was revised to reflect the correct posting ($0.50 per barrel added) for May through December 2020.

Calculating Differentials — A Brief Tutorial

SEC Regulations

The SEC’s disclosure requirements for oil and gas reporting companies went into effect on January 1, 2010. Listed below are some of the resources that NSAI has used in developing its procedures, methods, and reporting standards for reserves reports to be used in filings with the SEC.

• SEC Definitions: List of definitions compiled from the amendments to Section 210.4-10 of Regulation S-X, as set forth in the Federal Register.
• SEC Regulations: Copy of the SEC’s Final Rule for the Modernization of Oil and Gas Reporting, published in the Federal Register on January 14, 2009.
• Compliance and Disclosure Interpretations: Copy of the SEC’s interpretations of the Oil and Gas Rules in Regulation S-X and Regulation S-K, last updated May 16, 2013.

Other useful documents referenced in the SEC regulations and used by the oil and gas industry are:

• SPE’s 2018 Petroleum Resources Management System (PRMS)
• SPE’s Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information