<br />
Feature: Oil Reserves<br />
<br />
<br />
In the first of a two-part series, Shares looks at how to value resource stocks' assets and reserves<br />
<br />
How to make a refined judgement<br />
on oil companies<br />
<br />
<br />
<br />
Tom Sieber<br />
Small and midcap oil and gas<br />
companies often do not gener-<br />
ate meaningful revenues as `Reserves updates are frequently<br />
their projects are yet to move significant catalysts for share price<br />
into production. This can make valuing<br />
them very difficult. As an alternative to performance'.<br />
earnings or cashflows, analysts typically<br />
have to look at the level of reserves and<br />
resources across a firm's portfolio<br />
of assets.<br />
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