The US Securities and Exchange Commission (the "SEC") last week adopted significant revisions to its oil and gas reporting requirements. The final rules contain a number of significant changes from the proposed rules published in June 2008.2 The revisions are intended to provide investors with a more meaningful and comprehensive picture of the oil and gas reserves that a company holds. The revisions are also intended to address concerns that existing disclosure requirements, which were originally adopted in 1978 and 1982, do not reflect current industry practices and technological changes in the oil and gas industry.
The new rules 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. Early compliance is not permitted. The revised standards will apply to US domestic issuers and foreign private issuers alike with only limited exceptions for foreign private issuers. However, the new rules will not apply to Canadian companies that are subject to the Multi-Jurisdictional Disclosure System (MJDS).
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