The US Department of Energy (DOE) has asked Gustavson Associates, Inc. to serve as an Independent Petroleum Consultant under contract DE-AC01-96FE64202. This authorizes a study and recommendations regarding future development of Naval Petroleum Oil Shales Reserves Nos. 1 and 3 (NOSR 1 and 3) in Garfield County, Colorado (Figure 0.1). The report that follows is the Phase II Final Report for that study. Additional details are provided in the Addendum (the Phase 1 Property Description and Fact Finding Report). The key property elements that positively affect the estimated value of NOSR 1 and 3 include the following: working interest income from producing oil and gas leases, income from grazing or leasing of grazing rights, potential income from oil and gas leasing on exploratory (or nonprospective) acreage, potential value of trading surface real estate as ranch land for livestock grazing (56,577 acres). Key elements that negatively impact the estimated value include: environmental assessment costs, gas prices, operating budgets, and lease sale expenses.