CERA: SEC reserves reporting system outdated

The US Securities and Exchange Commission's system for reporting oil and natural gas reserves needs to be modernized to accurately describe existing asset values, Cambridge Energy Research Associates said in a recent report.CERA released a lengthy report entitled “In Search of Reasonable Certainty: Oil and Gas Reserves Disclosures” during a Feb. 23 teleconference based in Washington, DC. Last year, the issue drew the attention of regulators and investors after Royal Dutch/Shell Group and other companies downgraded reserves (OGJ, Feb. 21, 2005, p. 5).The CERA study involved 30 corporate participants, including exploration and production companies, law firms, accounting firms, a...

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