A study is presented on the analysis of induced gamma ray spectroscopy logs. This report reviews the current interpretation methods and presents a cross-plotting technique to compute hydrocarbon saturation. The cross-plotting technique has three unknowns: porosity, volumetric fraction of shale and oil saturation. The only constraint upon this technique is that porosity must be fairly constant in the reservoir. The Dresser Atlas Continuous Carbon/Oxygen Log is being run periodically in the observation wells of a steam-foam pilot in Kern County, California to monitor the recovery process. A comparison is made between the cross-plot method and other methods. 60 figures, 7 tables. (DLC)