1��introduction2��general literature3��general data��3.1��global oil and gas m&a database��3.2��oil and gas markets��3.3��the international country risk guide��3.4��data structure of 1,664 oil and gas deals��3.5��preliminary results4��methodology��4.1��group comparison��4.2��theoretical model of reserve takeover discount5��oil and gas markets��5.1��further insights on oil and gas markets��5.2��backwardation effect on reserve takeover discount��5.3��correlation effect on reserve takeover discount6��oil dominated deals vs. gas dominated deals�� 6.1��the idiosyncratic behavior of reserve takeover discount in oil dom- inated deals vs. gas dominated deals�� 6.2��effect of gas reserve percentage on oil and gas deal pricing7��high-risk deals vs. low-risk deals��7.1��comparative results in high-risk deals vs. low-risk deals��7.2��using a specific risk-to-reserve metric to measure deal risk8��cash dominated deals vs. noncash dominated deals��8.1��comparative results in cash dominated deals vs. noncash domi-nated deals��8.2��the 'control' issue and choice of payment method in oil and gas reserve acquisitions9��equity purchase deals vs. asset purchase deals��9.1��comparative results in equity purchase deals vs. asset purchase deals��9.2��the choice of transaction structure in oil and gas reserve acqui- sitions��9.3��segmentation of oil and gas deals in cash-noncash / equity-asset groups10��overall regression results and conclusion��10.1 regression results��10.2 conclusionlist of tableslist of figuresbibliography