Down market filled with oil and gas acquisition
opportunities! We hear it every day, but how
long will it last? How much should you or yourcompany pay today for exploration or development opportunities? Or is this the best time tosell at Market Value?
All these questions are best answered by being able to estimate
the Market Value of properties in all stages of development.
Knowing how to determine the M­ arket Value of oil & gas
properties even in a simplistic manner is an invaluable
tool! Learn how this is done using reserve reports, the marketplace, and the buyer’s own investment criteria in this seminar
instructed by Ed Moritz and Dr. Mark Cronshaw.
This two-day course will provide petroleum industry professionals with a practical understanding of the appraisal
methods best applied by the market, the investors, theregulators and the courts. The session, while basic, will include both the formal appraisal concepts required by USPAP
as well as practical applications of economics such as neededin revenue matters and market transactions. A complete set ofcourse materials (more than 200 pages with check lists and casehistories) are included.

Your Instructors
Edwin C. Moritz • Mr. Moritz is a petroleum geologist andappraiser, and is the President of Gustavson Associates. He has
been involved in numerous projects involving oil, gas and mineral property appraisal and has testified as an expert witness incourt proceedings. His technical contributions include several
papers presented at conferences and published papers in professional journals. He is a certified mineral appraiser, and willlead the course.
Dr. Mark Cronshaw • Dr. Cronshaw is a mineral economist,
and is the Chief Economist at Gustavson Associates. Dr. Cronshaw has an impressive background in consulting, engineering,financial analysis, teaching, and research. Dr. Cronshaw has
been involved in both the valuation and evaluation of major
pipeline projects, natural gas plant projects, as well as numerous exploration/production related valuations. Dr. Cronshaw
was a lecturer at the Colorado School of Mines, and an asistantprofessor at the University of Colorado-Boulder.

Course Outline

Appraisal of Oil & Gas Properties
Special Features• New and up-to-date case histories of recent transactions with­appraisal forms and checklists will be featured. (Bring a calculator
for hands-on appraisals in class.)• An excellent source of interaction between the various participants
and the instructor.
• Many professionals have attended several times learning something
new each time as new case histories are added to the program!
• You will receive a detailed course notebook of more than 200 pages.
• You will receive a University of Tulsa Certificate of Completion.
• This course has been applied for Continuing Legal Education,
American Association of Professional Landmen Hours, and CPE
Hours in many states.
• The American Institute of Minerals Appraisers approves thiscourse for CE hours.

Dates, Times and Locations
The seminar will meet from 9:00 am to 4:30 pm each day.
May 8-9, 2012 • Denver, CO
Marriott Tech Center Hotel, 4900 S. Syracuse St., Denver, CO
303-779-1100
August 28-29, 2012 • Pittsburgh, PA
Marriott City Center, 112 Washington Place, Pittsburgh, PA
412-471-4000
October 2-3, 2012 • Houston, TX
Renaissance Hotel, 6 Greenway Plaza East, Houston, TX
713-629-1200

If you wish to make overnight accommodations at the seminar site,
contact the hotel directly for reservations. Specify you are with The
University of Tulsa seminar for special group rates. To ensure space
availability and special group rates, reservations should be made one
month prior to the seminar date.

You will benefit if your job title is:• Institutional Investment Advisor• Bank Petroleum Engineer• Financial Planner and Analyst• Oil Drilling/Income Fund Manager• Oil Industry Executive• Litigation Attorney• Investment Banker• Government Official

Walk away knowing how to:• Estimate Market Values of oil and gas properties­
using several different methods.
• Evaluate sensitivities of different methods of­estimating Market Values.
• Appraise undeveloped properties, prospects and raw
mineral lands.
• Translate internal rate of return requirements from oil& gas reserves and economic forecasts.
• Identify possible pitfalls in oil & gas property appraisals.
• Assess strengths and weaknesses in valuations ending
up in the courthouse.
• Seek out production purchasing opportunities.
• Predict if an oil operator will produce prudently in thelong term.
• Assess the level of operating risk related to a specificinvestment.
• Determine the management capability of an operator.
• Arrive at a fairness opinion in a merger transaction.

How do I enroll?
1. Mail the registration form to: The University ofTulsa, Continuing Engineering & Science Education,
800 S. Tucker Drive, Tulsa, OK 74104-3189
2. Call our office at (918) 631-3088
3. Fax the form to (918) 631-2154
4. Email us at: cese@utulsa.edu
5. Enroll online: www.cese.utulsa.edu (credit card
payments only)
Enrollment information: The seminar fee includes two daysof instruction, all course materials (detailed course notebook,handouts, case histories with detailed answer sheets), plus continental breakfast and afternoon refreshments each day.
Refunds: All paid seminar fees will be refunded in the unlikely
event the course is cancelled. Those who cancel five working
days or less prior to the seminar will receive a refund less anadministration fee of $75. Refunds will not be granted after classhas begun or for nonattendance. Substitutions are permitted at
any time.

Tulsa, OKPermit No. 1708

c May 8-9, 2012 • Denver, COPAID

Please enroll the following in the indicated Appraisalof Oil & Gas Properties seminar:

Non-Profit Org.
U.S. Postage

Registration Form (print legibly)c August 28-29, 2012 • Pittsburgh, PA
c October 2-3, 2012 • Houston, TX

Appraisal of Oil& Gas Properties

Name ______________________________________________________
Title ________________________________________________________
Company ___________________________________________________
Address _____________________________________________________
City___________________________________State_________________

May 8-9, 2012

Zip______________________ Country ___________________________

Denver, Colorado

Phone (_____________) _______________________________________Fax (___________) ____________________________________________

August 28-29, 2012

Email _______________________________________________________

Pittsburgh, Pennsylvania

Enroll online at www.cese.utulsa.edu(credit card payments only)

October 2-3, 2012
Houston, Texas

Payment Schedule: (Fees are per person in net US dollars)c $1195 per person - early enrollment or group discount*

Method of Payment:c Check enclosed. Make payable to The University of Tulsa, CESE
c Charge my credit card.
c VISA c MasterCard c Discover c Am. Exp.

Whatis TUFFP?
Card Number______________________________________________The Tulsa University Fluid Flow Projects (TUFFP) is a cooperative
Expiration Date ____________________________________________
industry-university
research group supported by more than 15 oiland gas production, service companies and government agenContact
ourat: The group was formed January 1, 1973,
cies from
10officecountries.
TheUniversityofTulsa
to conduct applied research on fluid flow problems encountered
Continuing Engineering & Science Educationby the member firms. Research is supported by $800,000 annual
800 South Tucker Drive
membership fees. Most of the current research projects involve
Tulsa, OK 74104-3189 USA
experimental
studies of multiphase flow in pipes. Short courses
Fax: 918-631-2154
onthedesignof two-phase flow in piping systems for oil and gas
Phone: 918-631-3088
production
and transportation are among the services offered byEmail:cese@utulsa.edu
TUFFP to member and nonmember firms.

Instructed by
Edwin C. Moritz &Mark Cronshawof Gustavson Associates
Boulder, COThe University of Tulsa does not discriminate on the basisof personal status or group characteristics including but notlimited to the classes protected under federal and state law.
Questions regarding this policy may be addressed to theOffice of Legal Compliance, (918) 631-2423.

*Early – enroll one month prior to date you plan to attend.
*Group – available to groups of two or more from the same company
attending the same seminar date/location.

The University of Tulsa
Continuing Engineering and Science Education
800 South Tucker Drive
Tulsa, OK 74104-3189

c $1395 per person - regular tuition fee