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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