Oil Property Evaluation is an attempt to provide a practical, useful, and consistent text for people directly involved with evaluating oil properties on a day to day basis. Since we view it as a first text in oil property evaluation, it covers some basic concepts in an effort to alleviate much of the confusion arising from the (mis) use of accounting terminology in the evaluation of projects. From there, the subjects of time value of money and measures of investment worth are discussed. This ends the "generic'' portion of the book. The remainder is devoted exclusively to the evaluation of oil and gas properties and investments. The subjects covered include reserve analysis, production forecasting, oil and gas pricing, costs, determining working and net revenue interest, severance and advalorem taxes, calculating "windfall profit'" and federal income taxes, and a short discussion of the evaluation report.