Production Report: Understanding US SEC guidelines minimizes reserves reporting problems

Oil and gas executives need a clear understanding of the US Securities and Exchange Commission (SEC) reporting guidelines to help minimize problems that can cause costly filing delays, embarrassing restatements of reserves and income, and, in some cases, intense agency scrutiny and disciplinary action.Likewise, the investing public needs to understand the guidelines to know the limitations of the reserves figures in quarterly and annual reports and filings.The SEC is the gatekeeper of information disclosed to the investing public by reporting companies. The SEC staff's rulemaking on disclosing proved oil and gas reserves holds public issuers accountable for adhering to consistent, acr...

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