SEC Adopts Modernized Oil And Gas Reporting Requirements

On December 29, 2008, the U.S. Securities and Exchange Commission adopted final rules amending and modernizing its oil and gas reporting requirements. The new rules represent the SEC's effort to reflect in its regulations the oil and gas industry's technological advances, globalization and continuing evolution since the current rules were last amended over 25 years ago. In adopting the new rules, the SEC sought to produce a more flexible and adaptive principles-based regime that will remain relevant in the face of similar changes in the future. Overall, we believe that the SEC accomplished these goals and that the new rules will be well received by the industry.

This update describes the key elements of the new rules, which will become effective 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 or after December 31, 2009. Voluntary early compliance is not permitted.