|ECONOMIC INVESTMENT ANALYSIS||FAIR MARKET VALUE DETERMINATIONS|
|S.E.C. REPORTING COMPLIANCE||RESERVOIR SIMULATION|
|ENHANCED OIL RECOVERY||RESERVOIR CHARACTERIZATION|
|INTEGRATED RESERVOIR STUDIES||COALBED METHANE|
|DEEP WATER||LITIGATION SUPPORT & EXPERT WITNESS TESTIMONY|
|PROBABILISTIC RESERVE ESTIMATES||GAS STORAGE|
|REFINING & MARKETING||SHALE RESOURCES|
|CARBON SEQUESTRATION||MEDIATION AND ARBITRATION|
Gruy provides experienced and accurate economic analysis and insight to the worldwide financial community. We routinely analyze current and potential energy investments. In addition to determining the cash flow attributable to the reserve base being considered, we provide clarification of the impact of contract terms, various business models, and country taxes. Our abilities range from demonstrating the investment potential of a single-well prospect to providing understanding of complex multi-field project economics including mid-stream and downstream components. The impact of various fiscal systems including tax regimes and concession terms is commonly a part of a Gruy economic analysis.
Our firm is distinguished by offering fair market value analysis of domestic and international holdings. We are often asked to estimate value attributable to producing assets, nonproducing properties, and mineral interests. Gruy value determinations are often selected for use in tax disputes, estate valuations, litigation, and equity transfers. For international valuation work, we provide an independent assessment of fiscal and political risk based on our proprietary data set and risk model. Our broad understanding of fair market value and valuation methods offers solutions to the many challenges and opportunities our clients are likely to encounter. We are also prepared to furnish valuation of refining, marketing and pipeline assets located anywhere in the world.
We regularly provide the engineering and economic forecasts required by the U.S. Securities and Exchange Commission for value reporting. H.J. Gruy and Associates, Inc. has a long-standing reputation for producing respected reserve estimates and economic projections that conform to the guidelines published by the S.E.C. and the Financial Accounting Standards Board. Additionally, our firm is prepared to assist in the preparation of value reports or expert reports required in Canada, Europe, Australia, and Hong Kong.
Our staff is well versed in the development and application of numerical reservoir simulation models. The company currently uses both a limited size multi-purpose model and commercially available reservoir simulators. We have significant experience using both black oil and compositional models for conventional reservoirs and unconventional reservoirs such as coalbeds and fractured shales. The combined experiences of our engineers and geologists provide the company with the unique ability to complete complex simulation projects quickly. Additionally, our geoscience personnel understand the extra demands on geologic models designed to provide a foundation for numerical reservoir modeling.
Company personnel have significant experience evaluating secondary and tertiary recovery operations. We have worked on projects that include water flooding, surfactant flooding, polymer applications, miscible hydrocarbon flooding, inert gas injection, and steam injection. Our evaluations are often completed with a combination of techniques that may include compositional or thermal numerical simulation modeling. The company has published extensively on the subject of carbon dioxide flooding.
Our teams of engineers and geoscientists have the experience and knowledge to furnish clients with complete reservoir descriptions. Through the expert application of geophysics, geology, petrophysics, and reservoir engineering, we can analyze and explain historical performance and forecast performance of hydrocarbon reservoirs located anywhere in the world. Geophysical interpretation, exploration geology, production geology, well log analysis, core analysis, and reservoir fluid modeling are all included in the characterization process. Additionally, reservoir and production engineers review the final reservoir description to ensure consistency with production data and facility design influences on recorded basic data.
These are multi-disciplinary investigations involving geophysics, geology, petrophysics, plus reservoir and operations engineering. A single project may include a complete reservoir characterization followed by single-well or full-field numerical simulations using black oil, compositional, or EOR models. The study often includes risk assessment, facility design, and economic evaluation. An integrated field study not only provides in-depth, long-term field depletion plans; it also leads to improved reserve forecasting and reduced operating expenses. We have recently provided clients with this style of analysis in areas such as Alaska, South America, Offshore Denmark, and New Zealand.
The Gruy staff has a diverse and ever-expanding experience base in coalbed methane (CBM) and unconventional gas resources. We have performed reservoir studies and economic analysis of CBM resources in all of the major basins of interest including Green River, Powder River, Uinta, San Juan, Cherokee, and Black Warrior. Our engineers and geologists understand each basin has its own unique set of complexities and challenges that require local innovations and solutions. Additionally, our firm has provided reservoir engineering and resource characterization expertise to CBM projects located in Poland, Australia, and China. Our involvement in these projects has ranged from conventional reservoir analysis techniques to numerical reservoir simulation of the diffusion and flow processes. We also have a significant amount of experience in the evaluation of the Mancos, Barnett, Monterrey, Devonian, and Lewis Shales.
Gruy professionals are experienced and available to testify in deposition or courtroom situations. Senior staff members also arbitrate disputes in cases requiring the need for unbiased negotiation. The firm will represent its clients before state, federal, or international governmental agencies when required. We recognize the complexities and considerations particular to litigation and provide independent consulting tailored to meet those needs.
Gruy professionals have played a major role in the evaluation of deepwater discoveries in both the Gulf of Mexico and offshore Africa. Our work includes prospect analysis, reservoir studies including production forecasting, and probabilistic modeling of reserves and projected cash flows. We have been retained by field owners and operators to perform large-scale reservoir analysis, and we have been asked by transportation companies to verify the magnitude of resources for pipeline economic decisions. Examples of some of the discoveries we have investigated include Mars, Popeye, Atlantis, Troika, Holstein, Medusa, Magnolia, Neptune, Pluto, and Cognac.
Our engineers and geologist regularly perform work involving probabilistic assessments of reserve volumes or economic indicators associated with individual entities or multi-system projects. We recently constructed stochastic models of Prudhoe Bay field, seven deep water GOM discoveries, and gas deliverability from five South Texas counties. We are proud of our ability to report probabilistic work in a clear format that is understood by technical and non-technical clients.
We have performed numerous feasibility studies to determine whether an existing hydrocarbon reservoir or an aquifer can be profitably converted into a gas storage reservoir. The studies generally begin with an integrated reservoir description followed by the development of a field model. Questions regarding peak deliverability, lost gas, pattern withdrawals, and water migration are commonly answered.
Members of our group are ready to supply evaluations of downstream operational and financial activities. These include refining, distribution, marketing, and gasoline retailing. Our experience in this area of consultancy includes assignments in Romania, Norway, China, and throughout the United States. Evaluations may include functional analysis, asset quality, or fair market value.
The Gruy staff has significant experience evaluating and researching resources attributable to the following shales: Shublik, Kingak, Hue/GRZ, Eagle Ford, Haynesville/Bossier, Bakken, Marcellus, Antrim, Barnett, Horn River, Utica, New Albany, Fayetteville, Woodford, and Niobrara. We provide estimates of technically recoverable resources or reserves with performance forecasts and economic evaluations. We also offer geochemical modeling to quantify resources, identify hydrocarbon accumulations, and estimate likely production products. Stochastic methods are available for defining geochemical, physical, and efficiency variables.
Our firm has performed characterization studies designed to assess the potential for CO2 sequestration in low rank coals, aquifers, and partially depleted oil reservoirs. We have also performed resource studies at McElmo Dome, Sheep Mountain, and St. Johns Dome. Our geologists are familiar with the geologic settings associated with these reservoirs, and our engineers understand the processes involved with carbon dioxide production and injection.
Our staff has often been asked to assist an existing client, a panel of arbitrators, or a mediator with the technical aspects involved in a dispute resolution process.