Ron Harrell, CEO at Ryder Scott, will discuss recent events in the petroleum reserves sector. Harrell will highlight major events in 2004 affecting reserves reporting, including new interpretations on technical and commercial matters from the U.S. Securities and Exchange Commission.  The agency defers to reserves definitions issued more than a quarter century ago.  Since then, the industry has made major strides in developing tools that yield more reliable subsurface data.  

Industry hopes to gain insights into SEC interpretations on reserves reporting and financial disclosures through soon-to-be released SEC comment letters and related written replies of various E&P companies.  Harrell will discuss other initiatives to revamp reserves definitions and interpretations from various organizations, including U.S. Energy Information Agency, International Energy Agency, Alberta Securities Commission and United Nations.  He also plans to present the status of Congressional inquiries on financial accounting and reserves, including a proposed requirement for third-party engineering reports on reserves.

He will detail a proposal to establish voluntary board certification of reserves evaluators and auditors amid calls for stricter accountability in reserves reporting and more government regulation.