Reservoir Engineering has developed into an art. One phase of this art is forecasting the futi. perf ormance of oil and gas reservoirs for property valuations. A discussion of the necessity for oil property valuation is given. A brief 'discussion of the four most common methods is included and the engineering method is explained in more detail. As an example of oil property valuations, a producing oil lease in Shackelford County, Texas, USA is evaluated.' The recommendations and conclusions arrived at frun the results obtained are presented.