Abstract: Changing petroleum reserves into asset is very important to asset restructuring of petroleum enterprises.Beginning at discussing on the status of mineral right in property right bunch, this paper presents that mineralright should be considered as a way for the government to exercise social and economic administrative functions.i. e. a kind of license. It is through vesting selectively themineral right that the government administers petroleum exploration and development. This paper gives answers to the following questions: what kind of asset reserves is, thetarget of reserves exchange is mineral right or reservesitself; and whether reserves exchange is equal to selling thereserves to enterprises. It provides the theoretical basis forreserves asset management and establishment of reservesexchange market.