Reserves in Unconventional Reservoirs: Effect of New SEC Rules

Abstract The United States Securities and Exchange Commission, on December 29 2008, adopted new rules for disclosing oil and gas reserves. The definitions contained within these rules are broadly consistent with the SPE Petroleum Resources Management System (PRMS); the definitions in the previous rules differed from PRMS in a number of specific instances. A notable difference in the new rules is inclusion of more unconventional resources as potential oil and gas reserves rather than as mining reserves. These new rules offer enhanced opportunities for investors to understand the potential values of oil and gas companies and for companies to access the capital markets in the United States more efficiently. Disclaimer The opinions expressed in this paper are mine alone, and represent neither the opinions of the United States Securities and Exchange Commission nor of its staff members.

Reserves in Unconventional Reservoirs: Effect of New SEC Rules Conference Paper