The value of oil, natural gas, and by-product reserves varies significantly across the Western Canadian Sedimentary Basin. The differences in composition of crude oil, natural gas, and associated by-products result in differences in the values of the reserves. The variation in the capital and operating costs necessary to develop and maintain production also impacts the values. Contrasting provincial and freehold royalties, compounded by federal and provincial income taxes, further add to the differences. hll of these factors must be considered when evaluating reserves-beware of short cuts. This paper summarizes selected evaluations of the values of oil and gas reserves obtained from Sproule Associates Limited's database of its most recent year-end evaluation work. These data are grouped according to province, geological setting, type of reserve, cost of recovery, and operational procedure. The information tends itself to establishing several profitability and benchmarking indices, all of which are presented. These indices should be very valuable to all stakeholders involved in the oil and gas industry.