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Approved by the SPE Board in March 2007, this system for defining reserves and resources was developed by an international group of reserves evaluation experts and endorsed by the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, and the Society of Exploration Geophysicists.
The Commission is adopting revisions to its oil and gas reporting disclosures which exist in their current form in Regulation S–K and Regulation S–X under the Securities Act of 1933 and the Securities Exchange Act of 1934, as well as Industry Guide 2. The revisions are intended to provide investors with a more meaningful and comprehensive understanding of oil and gas reserves, which should help investors evaluate the relative value of oil and gas companies.
The Companion Policy to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities sets out, in Part 2 of Appendix 1, the reserves definitions derived from Section 5 of Volume 1 of the Canadian Oil and Gas Evaluation Handbook (COGEH).
On 5 October 2011, the ASX Group (ASX) commenced a comprehensive consultation process with the release of "ASX Listing Rules Review Issues Paper: Reserves and Resources Disclosure Rules for Mining and Oil & Gas Companies" (ASX Issues Paper). The ASX Issues Paper is focused on the opportunities for updating and enhancing the reserves and resources reporting requirements applicable to ASX-listed mining and oil and gas exploration and production companies.
Disclosure Requirements for Mineral, Oil and Gas Companies.
This is primarily an accounting standards document. It does not discuss the full reserves and resource classification system (no possible reserves, no contingent or prospective resources) nor does it supply detailed guidance on the recommended evaluation practices. Under SORP, reserves may be disclosed, at company’s choice, as either "Proven developed and undeveloped oil and gas reserves" (option 1) or "Proven and Probable oil and gas reserves" (2P- option 2).