The deadline for commenting on SEC’s rule proposal is September 8, 2008.
The U.S. Securities and Exchange Commission (SEC) issued a rule proposal on June 26, 2008 to revise the Commission's disclosure rules for oil and gas reserves.
In the accompanying press release, SEC Chairman Christopher Cox stated, “[t]he ability to accurately assess proved reserves is an important part of understanding any energy company's financial position. But the current oil and gas disclosure rules often interfere with an investor's analysis because they are tied to outdated technologies.”
The changes outlined in the 172 page rule proposal seek to remedy that.
SEC invites public comment on the proposed rule, and the document contains technical questions where the SEC would like specific answers. AAPG encourages its members to offer their knowledge and expertise in this process, to support technically and scientifically accurate reserves reporting.
President Scott Tinker has submitted AAPG’s response to the proposed changes to U.S. Securities and Exchange Commission oil and gas reserves disclosure rules.
For more information please refer to the SEC website [http://www.sec.gov/rules/proposed.shtml] (scroll down to June 26, 2008 entry). You can also download a copy of the rule proposal [http://www.sec.gov/rules/proposed/2008/33-8935fr.pdf] .
The simplest way to comment is online [http://www.sec.gov/cgi-bin/ruling-comments?ruling=s71508&rule_path=/comments/s7-15-08&file_num=S7-15-08&action=Show_Form&title=Modernization%20of%20the%20Oil%20and%20Gas%20Reporting%20Requirements] , where you can either type your comments or upload a file.
If you would like to submit your comments by post, please refer to page 2 of the Federal Register posting of the rule proposal [http://www.sec.gov/rules/proposed/2008/33-8935fr.pdf] .