SPRE- Reserves Regulations Update: SEC and PRMS.

Abstract: Although the Securities & Exchange Commission has issued no new formal guidance on interpreting its reporting regulations since May 2013, informal public comments by staff members have suggested areas of special interest to the SEC. This presentation will summarize some recent SEC concerns, including the impact of lower product prices on reserves reporting. In contrast, a PRMS updating committee has been active for the last several months, and has submitted drafts of updated resources definitions to professional societies for review. In this presentation, we will discuss some possible changes to PRMS which appear to be of broad interest to the reserves and resources community.

Distinguished Speaker: John Lee is Rob L. Adams Professor of Petroleum Engineering at Texas A&M University. John holds BS, MS and PhD degrees in chemical engineering from the Georgia Institute of Technology. He worked for ExxonMobil early in his career and specialized in integrated reservoir studies. He later joined the Petroleum Engineering faculty at Texas A&M, and became Regents Professor of Petroleum Engineering. While at A&M, he also served as a consultant with S.A. Holditch & Associates, where he specialized in reservoir engineering aspects of unconventional gas resources. He joined the University of Houston faculty in September 2011 and held the Cullen Distinguished University Chair until September 2015. He served as an Academic Engineering Fellow with the U.S. Securities & Exchange Commission (SEC) in Washington during 2007- 2008, and was a principal architect of the modernized SEC rules for reporting oil and gas reserves. John is the author of four textbooks published by SPE and has received numerous awards from SPE, including the Lucas Medal (the society’s top technical award), the DeGolyer Distinguished Service Medal (the society’s top service award) and Honorary Membership (the highest recognition awarded society members). He is a member of the U.S. National Academy of Engineering and the Russian Academy of Natural Sciences.