[citation needed] Miller and Lents, Ltd. prepares reserves estimates by applying both SEC and SPE-PRMS standards.
These estimates include the assessment of developed and undeveloped reserves and classification according to Proved, Probable, Possible, Contingent, and Prospective Resources definitions.
They also evaluate relevant economic parameters and creates financial reports for the United States Securities and Exchange Commission (SEC), the London Stock Exchange (LSE), and the Alternative Investment Market (AIM); cash flow projections; forecasts of future prices; and estimates of Fair Market Value.
They introduced the Miller-Lents Permeability Distribution which aids in describing the permeability of heterogeneous reservoirs and provides a “better match with actual field performance when applied to cycling operations in gas condensate reservoirs.”[11] Steiber was a Petroleum Engineer with Miller and Lents, Ltd. from 1974 to 2004.
He made significant contributions to the field of Petroleum Engineering and the practice of Oil and Gas Well log analysis.