Wednesday, December 31, 2008
SEC rule mandates oil, gas firms to report all reserves
A rule from the Securities and Exchange Commission that is supported by the energy industry directs oil and gas companies to report probable and possible reserves, in addition to proven reserves that are already reported in securities filings. The change also orders companies to calculate the value of reserves based on average price for the previous 12 months, rather than the price at the end of the year.
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