Improving the Relevance and Reliability of Oil and Gas Reserves Disclosures
Professional Development
March 2007
Specifically, the SEC requires that "Reservoirs are considered proved if economic producibility is supported by either actual production or [a] conclusive formation test." The SEC's definition for "proved developed" reserves is even more stringent: "Proved developed oil and gas reserves are reserves that can be expected to be recovered through existing wells with existing equipment and operating methods.