Last week, the US Securities and Exchange Commission adopted new rules that make significant revisions to its oil and gas reporting requirements that will affect oil and gas companies and investors. Among other changes, the new rules will permit companies to disclose "probable" and "possible" reserves, in addition to "proved" reserves. The new rules apply to US domestic and foreign companies alike (other than Canadian MJDS companies) and will be effective for registration statements filed on or after January 1, 2010, and for annual reports on Forms 10-K and 20-F for fiscal years ending on or after December 31, 2009. Read on for full details on the new rules.
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