NorthHelm Advisory | Report 01
Reserve Growth and Equity Returns
More reserves. What reaches the shareholder?
Does growing reserves per share help identify better stock returns? NorthHelm Advisory examined growth in proved developed producing reserves per year-end basic share across 103 company-years from 32 Canadian oil and gas companies. A reliable forecasting relationship is not established in this historical study. That does not mean reserves have no economic value.
The 24-page Reader Package includes the seven-page report, the technical companion and the matched-sample funding readout. It presents the evidence, definitions, uncertainty and material limitations behind the conclusion.
NorthHelm Advisory | Doug Bailey, CPA
Version 1.0, September 14, 2026; analytical cutoff September 8, 2026.
Discuss the question behind the growth
Assessing a reserve-growth claim for a board or investment decision? Send me the public release and the question you're weighing. Let's discuss what evidence would help.
contact@northhelm.caPrepared for research and discussion, not investment advice. The author advised Southern Energy Corp., an issuer included in this study, from November 2025 to February 2026; that engagement has ended. NorthHelm Advisory and the author have no current relevant issuer relationships, compensation arrangements or financial interests in the 32 companies studied. Surge Energy reserve figures cited here are drawn from public filings.