Our Story
Reed W. Ferrill & Associates opened its doors in 1988 and over the years has specialized in reservoir engineering to meet the needs of energy lenders, as well as exploration and production companies needing to assess reserve quantities and future revenues from the sale of oil and gas, or the fair market value of reserves.
With an almost obsessive attention to detail, we prepare thorough analyses of oil & gas properties, taking into account diverse factors such as property location, reservoir properties, analogous wells, gas shrinkage, price differentials between NYMEX and Henry Hub and actual received prices, additional profit or loss from the sale of NGLs, operating expenses and production taxes, and reserves forecasting. Working with the ARIES program, our reports present numeric forecasts breaking down yearly gross & net production, prices, taxes, capital and working expenses, gross and net revenue and PV10, paired with easy-to-read graphs charting production decline over the life of each property. In addition, we present graphs and forecasts detailing the future value of proved developed producing, proved developed non-producing, proved undeveloped, probable, possible, and total reserves. We can also break a diverse portfolio down by state, ownership, or other desired categories.
Our clients value our expertise; our reports are renowned for accuracy and a realistic assessment of the properties we forecast. Our financial clients in particular appreciate that our forecasts provide a clear picture of the potential of oil and gas properties, without being overly optimistic.
Engineer
Licensed Professional engineer & principal
Reed W. Ferrill
Recognized for his expertise in estimation, classification, and appraisal of oil and gas reserves, senior engineer Reed W. Ferrill holds Professional and Masters Degrees in Petroleum Engineering from the Colorado School of Mines, and boasts over 50 years of industry experience, including positions in reservoir, production, and drilling & completion engineering, and management. He has over 34 years experience as a consulting reservoir engineer working on fields in all major onshore producing provinces in the U.S. and Canada; Louisiana, Texas, and California offshore areas; and certain South American and Persian Gulf fields. Mr. Ferrill has been engaged as advisor to a major bank to assess reserve collateral values for loan commitments to oil and gas companies totaling over one-third of a billion dollars, and acted as primary divestiture engineer for a public independent oil company to sell itself to a utility for over $80M, preparing the engineering sales package and assisting in the marketing of Mallon Oil Company to Black Hills Corporation in 2003.
He got his start in 1968 after graduating from the Colorado School of Mines, working in the oil fields of Wyoming as a petroleum production engineer for Amoco, but soon returned to Colorado in 1972 as a Senior Petroleum Reservoir Engineer for Midwest Oil. Then in 1974 he became the Chief Engineer & Production Manager for Jerry Chambers - Oil Producer, where he stayed until 1977 when he became chief consulting engineer and part owner of Petroleum Supervision and Management, Inc. By 1979 he was the President, leading a company of 24 consulting engineers, well-site geologists, and drilling/completion foremen, while also performing well-site drilling supervision, designing drilling and completion plans, preparing AFEs and permit application, negotiating contracts for drilling and completion equipment and services, and preparing reserve and revenue studies.
In 1981, that company became PSM Engineering, Inc. and Mr. Ferrill became President and owner. At PSM Engineering, he supervised the work of 13 consulting engineers, geologists, and drilling/completion foremen, as well as performing reservoir and drilling engineering projects for numerous small and intermediate-sized client oil companies. As with his earlier company, he prepared and supervised preparation of reserve forecasts and reservoir engineering studies, prepared well plans, AFEs and permit applications, and negotiated contracts for drilling and completion equipment and services.
In September 1988, Reed W. Ferrill & Associates was formally incorporated, with Mr. Ferrill as Owner, President, and Consulting Petroleum Engineer. In 1989 he returned to Colorado School of Mines as a part-time Graduate student, earning his Master of Engineering degree in1995. Work performed at Reed W. Ferrill & Associates includes preparation of reserve and revenue forecasts and appraisals for financial reporting and banking, analysis of open hole well logs and pressure tests, and preparation of material balance studies, water-flood and enhanced recovery studies and finite-difference model reservoir simulations. He regularly advises and assists clients on acquisitions and property sales.
Education
COLORADO SCHOOL OF MINES
•M.E., Petroleum Engineering, 1995
•B.S., Petroleum Engineering, 1968
Activities & Affiliations
• Society of Petroleum Engineers; Member since 1971
• Society of Petroleum Evaluating Engineers; Member since 1984,
former Denver Section Chairman
Certification
•Colorado Registered Professional Engineer
Petroleum technician & office manager
Bonnie Roman
Though Ms. Roman has become a petroleum technician fairly recently - she began working with Mr. Ferrill in August 2012, and learned the trade on the job, apprentice style - her background in fine arts, marketing, and higher education have given her a knack for recognizing patterns, and therefore aberrations in data, as well as a thorough attention to detail, and the ability to analyze many disparate elements and see the relationships among them. These qualities are invaluable in her role as technician, where she performs calculations, prepares data for analysis, and edits the final reports. She is also in charge of billing & accounts receivable, bookkeeping, marketing, and general office management.
Education
UNIVERSITY OF NORTHERN CO
Theater Arts & Education, 1987-89
UNIVERSITY OF COLORADO, DENVER
B.F.A., (summa cum laude) Visual Art 1993
UNIVERSITY OF MINNESOTA, MINNEAPOLIS
M.F.A., Sculpture, 1997
Activities & Affiliations
• Teaches Sculpture and Art In Culture at Regis University, Denver