On December 29, 2008, the SEC adopted a final rule to revise oil and natural gas reserves reporting requirements. The rule revises the definition of proved reserves, including the pricing used to determine economic producibility, and aligns full-cost accounting rules with the revised definition. It expands the definition of oil and gas producing activities to include non-traditional and unconventional resources. It allows, but does not require, companies to disclose probable and possible reserves in SEC filings. The rule codifies and revises Industry Guide 2 in a new Item 1200 series of Regulation S-K and harmonizes foreign private issuer oil and gas disclosure requirements with those for domestic issuers. Companies are required to disclose proved oil and gas reserves and have the option of disclosing probable and possible reserves under the new requirements in Item 1202. The SEC proposed that companies provide tabular disclosure of the aging of proved undeveloped reserves for each of the previous five years in new Item 1203.
SEC MODERNIZES OIL AND GAS REPORTING Anonymous Petroleum Accounting and Financial Management Journal; Spring 2009
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