The U.S. Securities and Exchange Commission recently
issued its final rule to modernize and update its oil and gas
reserves disclosure requirements. The Final Rule introduces
significant changes to the information that companies are required
to or may disclose and the manner in which such information is
presented.
The final rule (Final Rule) is intended to provide investors
with a more accurate and comprehensive picture of the oil and gas
reserves that a company holds by aligning the disclosure
requirements with current practices and changes in technology.
Compliance with the revised disclosure requirements will take
effect 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 December 31, 2009 and thereafter, subject to
possible extension by the United States Securities and Exchange
Commission (SEC). To maximize comparability of disclosure, the SEC
will not allow early adoption of the
