Comment -The time has come to certify reserves evaluators

03/15/2004
Now is the time for the oil and natural gas industry to take decisive steps to restore a loss of public confidence. Recently, our industry fell out of favor after several companies made announcements of major reserves writedowns.This continues an erosion of credibility that started with Enron Corp.—even though it was not an exploration and production company—as well as other corporate scandals unrelated to reserves. These gave rise to a high-accountability environment with the passage of corporate responsibility laws, including the Sarbanes-Oxley Act of 2002.Then came the reserves impairments during the first quarter. Nervous institutional investors, credit rating agencies, an...
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