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HGS Short Course
December 15, 2004
Petroleum Reserves -- Avoiding Writedowns
An Overview of Reserve Definitions and Reporting Requirements
As a result of the announced reserve writedowns in 2003 and 2004, there will be increased attention to the process of estimating and reporting reserves. This heightened scrutiny will come from financial analysts, investors, rating agencies, banks, the U.S. SEC and corporate boards. Could unawareness of SEC and SPE/WPC reserve definitions and the impact of the Sarbanes-Oxley Act of 2002 result in a reserve writedown for you or your company? Did you know that the CEO and CFO are subject to civil and criminal penalties for non-compliance or false reporting? What are some of the issues that the SEC routinely questions in letters of inquiry regarding reserves? The HGS is presenting a one-day short course that is intended to provide insight into the reserve reporting guidelines issued by the SEC as well as to address the similarities and differences to the SPE/WPC guidelines that many banks require. Come and learn about the SEC “Red Flags” from an independent consultant with first hand knowledge.
Part 2 of this course will be held January 20, 2005.
Part 3 will be May 20, 2005
December 15th, 2004 7:30 AM