SEC To Consider New Oil Reserves Reporting Rules

Law360, New York (June 13, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission is set to consider an internal recommendation that it update its reporting requirements for oil and gas companies regarding their reserves.

The SEC's Division of Corporate Finance and its Office of the Chief Accountant said Thursday that they had prepared recommendations for the commission's consideration. Any rule would be subject to the commissioners' approval and a public comment period before it becomes final.

“In the decades since adoption of the current requirements, there have been tremendous changes in the way...
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