How To Mitigate Risk When Reporting Reserve Estimates
Law360, New York (August 14, 2013, 6:10 PM EDT) -- Reserve estimates are an important piece of public disclosure for energy companies and of keen interest to investors. Due to the focus on reserve estimates, they have received a high degree of scrutiny from the U.S. Securities and Exchange Commission and other regulators. In addition, recent case law from private securities litigation shows that cautionary statements in public filings cannot always shield companies from liability when actual results fall below reserve estimates and other projections related to resource extraction. In light of the risks presented by both regulatory scrutiny and inconsistent case law in this area, we highlight several considerations below to address the inherent risks in reporting reserve estimates....
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