Linguistic theory of verb-valency frames is applied to the analysis of event and process ontology from the point of view of agents' reasoning. Since logical analysis presupposes full linguistic competency, it is suitable to make use of the results of linguistic analysis, in particular of verb-valency frames. Each process can be specified by a verb (what is to be done), possibly with parameters like the agent/actor of the process (who), the object to be operated on, resources, etc. In verb-valency frames each verb is characterized by the participants of an action denoted by the verb. Using verb-valency frames we can thus obtain a fine-grained specification of a process/procedure. The novel contribution of this paper is a proposal of a process ontology based on the results of linguistic analyses and classifications. Particular types of participants are then assigned to processes as their requisites or typical properties. The specification tool is Transparent Intensional Logic (TIL) with its procedural as opposed to denotational semantics.