New SEC Disclosure Rules
The SEC has announced new oil and gas company reporting requirements: "The new disclosure requirements approved by the Commission include provisions that permit the use of new technologies to determine proved reserves if those technologies have been demonstrated empirically to lead to reliable conclusions about reserves volumes." The new rules will also allow companies to disclose their probable and possible reserves to investors (rather than only proved reserves) and the reporting of oil and gas reserves using a 12-month average price rather than year-end prices.
