SEC, industry discussion illuminates reserves reporting issues

A recent industry meeting that attempted to clarify US Securities and Exchange Commission (SEC) reserves definitions focused on reservoir formation data and wireline flow testers as a substitute for full production tests, application of seismic to determine downdip hydrocarbon limits, pressure testing to determine gas-water contacts, and oil prices to use in nontraditional fiscal and operating schemes.The unprecedented interest in petroleum reserves reporting issues coupled with expectations of increased surveillance and enforcement by the SEC drew a record audience to the Society of Petroleum Evaluation Engineers (SPEE) Third International Forum. About 170 engineers, geologists, and fina...

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