SEC Adopts Rules Modernizing Reporting of Oil and Gas Reserves - Press Room

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Hogan Lovells Publications

"SEC Adopts Rules Modernizing Reporting of Oil and Gas Reserves." SEC Update, Hogan & Hartson LLP, 30 January 2009

Peter J. Romeo, Richard J. Parrino, Paul Hilton

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The SEC recently approved sweeping changes to its rules governing the reporting of oil and gas reserves. The SEC adopted the new rules to bring reporting requirements into line with technological advances in the estimation of reserves and to permit reporting companies to present a more complete and meaningful picture of their reserves. The rules modernize the disclosure requirements for oil and gas reserves, coordinate the full cost accounting rules with the revised disclosure requirements, update and codify the SEC’s industry guide for disclosure of oil and gas operations, and align the disclosure requirements of foreign private issuers with those that apply to domestic issuers. The accompanying SEC Update examines the principal elements of the new disclosure regime.