SEC Spotlights Undrilled Reserves And Resource Estimates
Law360, New York (October 12, 2016, 3:09 PM EDT) -- Gerard Pecht
The precipitous drop in oil prices over the last two years has exerted immense pressure on oil companies' revenues and profits. The industry-wide decline has not gone unnoticed by the U.S. Securities and Exchange Commission and investors, who are considering whether certain optimistic disclosures made by oil companies during tough economic times were false or misleading.
Two categories of disclosures, in particular, are currently undergoing intense scrutiny: first, write-downs of proved undeveloped reserves (PUDs); and second, estimates of non-SEC reserves made outside of SEC filings ("resource estimates").
SEC Scrutiny of PUDs
In recent months, the...
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