Appraisal of Oil and Gas Production Companies

Article Abstract:

Oil and gas industry appraisals require knowledge of the industry, which can be gained from the 'Oil and Gas Journal' or 'Standard and Poors' or publication from the Department of Energy and the American Petroleum Industry. Other sources are listed. One very useful source is 'Oil Industry Comparative Appraisals' which furnishes updated appraisals on 135 companies. Seven firms were involved in mergers or sales in 1981 and 1982. Comparable sales data regarding these firms can be useful. Timely information on oil and gas accounting standards is essential, especially as to the Windfall Profits Tax and Cost and Percentage Depletion. Knowledgeable help in this area can be had from the finance and research departments of major oil companies, big bank's trust departments, brokerages and the Department of Energy. Normally, a report from an independent petroleum engineer will be based on historical production trends, or volumetric methods. Such reporting is analyzed, hard assets and adjusted book value approaches are reviewed, as are market and discounted cash flow analyses. The choice of method will depend on the interest being valued.

Taxation, Petroleum industry, Natural gas, Power resources

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The Appraisal of Pacific Tribal Art

Article Abstract:

Pacific tribal art now commands high sums in auctions, though it may have been sold cheaply thirty years ago. Polynesian wood sculpture from the eighteenth and nineteenth centuries is particularly valuable. Even considering monetary inflation, this art has increased enormously in value. Difficulties of appraisal include exotic origins, art without dates or signatures and foreign purposes for the objects. The appraiser must be prepared to do anthropological research which may entail museum documentation. The standards of the American Society of Appraisers apply to this area as well as personal property generally. Pacific tribal art has two kinds of value: subjective, including ethno-scientific, cultural and aesthetic value, and fair market considerations; there is also replacement value. Oceania refers to Pacific islands east of Australia in the tropics and subtropics. The development of cultures in that area and their belief in the supernatural is divided into three parts: Melanesia, Micronesia and Polynesia. Oceanic Art has four periods: Archaic, Classic, European Contact and Tourist.

Investments

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Timber and Timberland Appraisal

Article Abstract:

The quality of timber appraisal is related to the quality of the sampling techniques used. Precommercial timber is often treated with investment analysis, and sales analysis and cost summation to a lesser extent. Merchantable timber is appraised using sales analysis and a conversion return type of investment analysis. Investors in timberland might well employ an investment analysis methodology. Texas timberland is now judged for productivity rather than highest and best use market standards for tax appraisals. Timber cruise is a sampling method employed in the estimation of stocking densities and volumes. Larger sampling degrees are necessary for small tracts with high timber diversity. Field measurements are based on tree diameter, height, species and product. Strip cruising is commonly practiced as a measurement, as is plot cruising. Neither is very efficient. Point sampling will yield preferable sample distribution for size classes. A case study on Texas timber taxation is analyzed. Tables of related data are featured.

Natural resources, Samples (Merchandising), Samples (Products), Forest products

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