May 21, 2009


Description

Disclosure requirements relating to oil and gas reserves were first introduced by the SEC pursuant to a directive in the Energy Policy and Conservation Act of 1975 to “take such steps as may be necessary to assure the development and observance of accounting practices by person engaged, in whole or in part, in the production of crude oil and natural gas in the United States”. In the three decades since adopting SEC Regulations S-X (1978) and S-K (1982), the SEC has issued certain Staff Accounting Bulletins dealing with matters relating to the application of these regulations, but the regulations relating to the reporting and disclosure requirements of proved oil and gas reserves have not been revised. On December 31, 2008, the Commission issued the “Modernization of Oil and Gas Reporting” as a final rule in SEC Release No. 33-8995 concluding a year long process of public comment on the proposed amendments to Regulations S-X and S-K. The changes, codified as amendments to the prior regulations, apply to companies that file a registration statement on or after January 1, 2010, and for annual reports on Forms 10-K and 20-F for fiscal years ending on or after December 31, 2009.

 

This presentation will address some of the major changes as well as the challenges to the application of the updated regulations for such topics as the prices used for disclosure and accounting purposes, the inclusion of certain nontraditional resources such as mined bitumen as part of a company’s oil and gas reserves, the application of “reasonable certainty” rather than “certainty” for the determination of proved undeveloped reserves, the use of new ‘reliable” technologies to establish reserves estimates and the optional disclosure of non-proven reserves.


Featured Speakers

Speaker John Hodgin
President Ryder Scott Company John Hodgin is President of Ryder Scott Company, Petroleum Consultants and also serves as a member of the Board of Directors. He joined the firm as a geologist in 1977. Prior to his election as President, he served as the corporate Executive Vice President. He has also served as …

President
Ryder Scott Company

John Hodgin is President of Ryder Scott Company, Petroleum Consultants and also serves as a member of the Board of Directors. He joined the firm as a geologist in 1977. Prior to his election as President, he served as the corporate Executive Vice President. He has also served as the Managing Senior Vice President of the Geoscience Group and was responsible for coordinating and supervising staff and consulting geologists, geophysicists and petrophysicists of the company in ongoing reservoir evaluation studies worldwide. Before joining Ryder Scott, Mr. Hodgin was employed by Gulf Oil Corporation where he was a development geologist in the New Orleans Division.



Mr. Hodgin earned a BS degree in Geology from Texas A&M University and is a Certified Petroleum Geologist, a licensed Professional Geologist and a licensed Professional Engineer in the State of Texas. He is also a member of the American Association of Petroleum Geologists, Society of Professional Well Log Analysts and the Society of Petroleum Engineers. He has co-authored several SPE, AAPG and OTC papers and is a frequent public speaker on reserve related topics. Since 2004, he has been a co-instructor for the SPE approved short course “Petroleum Reserves” which emphasizes the integration of best practices with both SPE/WPC/AAPG/SPEE and SEC reserves definitions and guidelines.

Full Description



Organizer

Kris Pitta


Date and Time

Thu, May 21, 2009

11:30 a.m. - 1 p.m.
(GMT-0600) US/Central

Event has ended

Location

Courtyard on St James

1885 St James Place
Houston, TX 77056
USA