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ARTICLE · 30 JULY 2008

SEC Proposes Rule Changes To Modernize Oil And Gas Reporting Requirements

Osler, Hoskin & Harcourt LLP
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In light of significant changes that have taken place in the oil and gas industry since the Securities and Exchange Commission's (SEC) current oil and gas reserves disclosure requirements were adopted between 1978 and 1982, the SEC recently published a proposed rule (Proposed Rule) requesting public comment on revised oil and gas company reporting requirements.

CanadaEnergy and Natural Resources
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
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In light of significant changes that have taken place in the oil and gas industry since the Securities and Exchange Commission's (SEC) current oil and gas reserves disclosure requirements were adopted between 1978 and 1982, the SEC recently published a proposed rule (Proposed Rule) requesting public comment on revised oil and gas company reporting requirements. The Proposed 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. In addition, companies would be required to provide additional information regarding the independence and qualifications of the preparer or auditor of their reserves estimates. The Proposed Rule will be of particular interest to Canadian oil and gas issuers that have been complying with the SEC's oil and gas reserves

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