Oil and Gas Reserves Disclosure: SEC Requests Comments on Possible Revisions

February 5, 2008
DOWNLOAD PDF: Oil and Gas Reserves Disclosure: SEC Requests Comments on Possible Revisions

On 12 December 2007, the U.S. Securities and Exchange Commission (the "SEC") published Concept Release No. 33-8870 (the “Concept Release”) to obtain information about the extent and nature of market participants’ interest in revising the current oil and gas reserves disclosure requirements, which are principally found in Regulations S-K and S-X under the Securities Act of 1933 and the Securities Exchange Act of 1934. The current disclosure requirements, which were originally adopted between 1978 and 1982, are being reviewed by the SEC in light of concerns that they are not fully aligned with current industry practice, and have not kept pace with changes within the oil and gas industry.