Two FY-86 reference shales have been acquired, processed and stored under inert gas. The Eastern shale, designated E86, was obtained from the Clegg Creek Member of the New Albany Shale at a quarry near Louisville, Kentucky in the first quarter of FY86. The western shale was obtained from the Exxon Colony Mine, located near Parachute, Colorado, during the second quarter of FY 86. Partial distributions of both shales have been made to DOE contractors. Complete descriptions of the reference shale locales, shale processing procedures and analytical characterization are provided in the following sections of this report. 26 tabs.