By OGJ editors
HOUSTON, Mar. 27 -- OAO Tatneft reduced its previously reported estimate of oil and condensate reserves because of an accounting error. The company, operating in the Volga Republic of Tatarstan, requested an extension with the US Securities and Exchange Commission for filing its 2004 financial results from April to July.
Tatneft's crude and condensate proved reserves as of Jan. 1, 2005, totaled 5.8 billion bbl, compared with 5.9 billion bbl reported earlier.
"The revision was required because of errors in the oil prices applicable to the company's oil sales in 2004 and in the company's share in the production of two relatively small oil fields," Tatneft said in a news release. Miller & Lents Ltd., independent petroleum engineering consultant, revised the reserves estimates.
The Volga Republic owns a majority stake in Tatneft.
