Energy sector seeks reserves revamp (Peak Oil-need a new way to mislead)

Energy sector seeks reserves revamp
Industry-sponsored study asks SEC to update system
By Stephanie I. Cohen, MarketWatch
Last Update: 6:45 PM ET Feb. 23, 2005


WASHINGTON (MarketWatch) -- The rules by which oil and gas companies report underground reserves is outdated and may be vastly misjudging untapped energy supplies, according to a study released Wednesday by Cambridge Energy Research Associates.


One of the biggest problems with the system, crafted by the Securities and Exchange Commission in 1978, may be that it is grossly underestimating reserves, indicated the report, funded by several major oil and gas exploration companies.

The SEC's system "is out of synch with the way markets operate today," said David Hobbs, a director at CERA and co-author of the report.

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http://www.marketwatch.com/news/story.asp?guid=%7b81D95753-7BBC-4835-A403-67B1EAE9C7E5%7d&siteid=mktw&dist=nbs

time to BS the people ...again