The research undertaken in this study is designed to examine the reliability of management estimates of expected future net revenues from the production of proved oil and gas reserves determined in accordance with the requirements of the prediction model specified in ASR No. 253. The issue of the required disclosure of earnings forecasts has been a topic of considerable controversy for many years. Within that controversy, the most frequently encountered opposition questions the reliability and ultimate utility of earnings forecasts. Similar opposition to both past and present forecast disclosure requirements exists in the oil and gas industry. In order to examine the reliability of management estimates of expected future net revenues, a two-part analysis was conducted. In the first part of the analysis, error metrics comparing management forecasts to actual results were computed and examined. Included in the examination were various relationships among and within the computed metrics. In the second part of the analysis an attempt was made to establish the association between the error metrics and specific related variables. It was anticipated that the degree of association determined would provide evidence of the relative accuracy of management in predicting the timing and volume of future production within the framework of the prediction model.