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The AAPG/Datapages Combined Publications Database

AAPG Bulletin


Volume: 63 (1979)

Issue: 9. (September)

First Page: 1597

Last Page: 1597

Title: How to Create and Submit a Winning Prospect: ABSTRACT

Author(s): William J. Burgess

Article Type: Meeting abstract


The oil and gas energy crisis will last until other sources of energy become available in abundance. For much of its hydrocarbon supply, the United States now relies on counties which may be subject to political instability. Therefore, it would appear that the need for good, drillable prospects within the United States will be present for the next 20 to 30 years, so that the creation and marketing of prospects will continue to be of primary importance to the oil and gas industry and to the country.

The drilling deal or prospect may be discussed in terms of its elements: reserves, risk, and terms. Practical ways of evaluating reserves include simple volumetric analysis and comparison methods. The study of risk inquires about the chances for commercial success of a drilling prospect, and involves the geology. Risk may be studied in terms of the presence or absence of control for the structural and stratigraphic elements of a prospect. The terms of a deal involve cost; the buyer wants to know what he will pay for how much working interest which will yield how much revenue interest.

A "winning" prospect is one that will sell fast and has a high chance of bringing in a producing field. Submittals should include exhibits which represent clearly the geological reasons for the prospect. Unless the exhibits of maps, cross sections, and other representational data are entirely self explanatory a written description of the prospect should also be included.

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Copyright 1997 American Association of Petroleum Geologists