Our Prospect Evaluation process includes, within a single organizational unit, the integration of geologic risk assessment, probabilistic distribution of prospect hydrocarbon volumes, engineering development planning, and prospect economics. The process is based on the concepts of the play and hydrocarbon system. Other steps of the process (geologic risk assessment, volumetric estimation, engineering support, economic evaluation, and postdrill feedback) are considered extensions of fundamental knowledge and understanding of the underlying geological, engineering, and fiscal constraints imposed by these concepts. A foundation is set, describing the geologic framework and the prospect in terms of the play concept-source, reservoir, trap (including seal), and dynamics (timing/migration)