SEC updates its oil and gas disclosure rules
21 Jan 2009
In our News Story of 5 January 2009, we reported that the US SEC has made major changes to its requirements for disclosures of oil and gas reserves. The old rules had been in place for more than 25 years. The revisions permit the use of new technologies to determine proved reserves if those technologies have been demonstrated empirically to lead to reliable conclusions about volumes (quantities) of reserves.
The new rules also will allow companies to disclose their probable and possible reserves to investors. The Commission's current rules limit disclosure to only proved reserves. Deloitte (United States) has published a special edition of the Heads Up newsletter titled SEC Modernizes Oil and Gas Company Reporting (PDF 130k) describing the SEC's new disclosure requirements.
Click for: 5 January 2009 News Story
