Authorities on Reserves
Proven reserves criteria are developed by two authoritative bodies: the Society of Petroleum Engineers (SPE) and the U.S. Securities and Exchange Commission (SEC). The SPE is an industry professional organization that develops and advocates research and technology in the oil and gas industry. The SPE's involvement in quantifying reserves is logical, but one might wonder why the SEC has anything to do with oil and gas reserves. This simply is because any oil and gas company that issues securities in the U.S. markets must comply with SEC regulations aimed at protecting the investing public. The intent is to protect investors both large and small. Therefore, the SEC develops and sets reserve criterion that is very much aligned ...
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