May 14, 2009


Description

On December 29, 2008, The United States Securities and Exchange Commission (SEC) adopted new regulations for reporting oil and gas reserves, effective January 1, 2010. Earlier, on December 12, 2007, the SEC issued a concept release, requesting comments on a need to modernize its regulations for reporting oil and gas reserves. Eighty comments, nearly all supporting change, were received. Then, on June 27, 2008, the SEC proposed regulations to modernize its oil and gas regulations. The SEC received 68 comments from accounting firms, consultants and analysts, corporations, government entities, individuals, law firms, legislators (U.S. Senators), professional societies and industry associations, and public interest groups through September 8, 2008. These comments generally supported proposed changes in definitions, although some suggested modifications in proposed new disclosure requirements.

 

Public interest in modifying the regulations for reporting oil and gas reserves information has intensified in recent years, and many commenters have noted that the previous rules did not serve the interests of investors well because of changes in the industry in the 25-30 years since the rules were adopted.

 

The new rules will permit (1) use of a 12-month average price (instead of a single-day price at year end) to calculate reserves; (2) use of new, unspecified technologies to estimate reserves instead of specific field tests currently prescribed; (3) classification of bitumen (the “tar” in tar sands) and other non-renewable natural resources from which synthetic oil and gas can be extracted as oil and gas reserves, rather than as mining reserves; (4) “reasonable certainty” rather than “certainty” to be a criterion for establishing proved undeveloped reserves; and (5) the optional disclosure of probable and possible reserves.

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If you have special dietary needs (diabetic, religious, allergies, etc.) please include a note of your meal needs during the on-line registration process in the box labeled "Optional comments for the event planner".
 
Fruit Salad
Baked chicken w/ Dressing
Ice Cream Pecan Ball w/ Chocolate Sauce 
 
Valet parking is available at the ExxonMobil Building for $7.00 (on the Leeland Street side of the building).  You may also park in the public parking lots around the ExxonMobil Building for fees that are generally in the $5 - $6 range.
 
 

Featured Speakers

Speaker W. JOHN LEE
Regents Professor of Petroleum Engineering Texas A&M; University, Harold Vance Department of Petroleum Engineering John Lee holds the L.F. Peterson Endowed Chair and is a Regents Professor of Petroleum Engineering in the Harold Vance Department of Petroleum Engineering at Texas A&M University. He specializes in petroleum reserves and evaluation, unconventional …

Regents Professor of Petroleum Engineering
Texas A&M University, Harold Vance Department of Petroleum Engineering

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John Lee
holds the L.F. Peterson Endowed Chair and is a Regents Professor of Petroleum Engineering in the Harold Vance Department of Petroleum Engineering at Texas A&M University. He specializes in petroleum reserves and evaluation, unconventional gas resources, and petroleum reservoir engineering.

 


John received B.ChE, M.S., and PhD degrees in Chemical Engineering from the Georgia Institute of Technology. He spent 15 years with ExxonMobil, leading teams on reservoir studies, and joined the Texas A&M faculty in 1977. While at A&M, he also worked with S.A. Holditch & Associates, petroleum engineering consultants, from 1980 to 1999, specializing in reservoir engineering aspects of low permeability gas reservoirs.

 

He served as an Academic Engineering Fellow with the U.S. Securities and Exchange Commission from October 2007 to December 2008. As an SEC Fellow, he worked on modernization of oil and gas reporting regulations.

 


He has received numerous awards from the Society of Petroleum Engineers, including the Anthony Lucas Medal, the DeGolyer Medal, and Honorary Membership. He is a member of the U.S. National Academy of Engineering and the Russian Academy of Natural Science.



Full Description



Organizer

Barry Faulkner


Date and Time

Thu, May 14, 2009

11:30 a.m. - 1 p.m.
(GMT-0500) US/Central

Event has ended

Location

Petroleum Club of Houston, ExxonMobil Bldg, 43 Floor

800 Bell Street
Houston, Texas 77002
USA