The Securities and Exchange Commission issued Release No. 33-8935, Modernization of the Oil and Gas Reporting Requirements, on June 26, 2008, a proposed rule change which, if approved, would provide investors with what the agency said would be a more accurate picture of energy companies' oil and gas reserves.

?The ability to accurately assess proved reserves is an important part of understanding any energy company?s financial position,? said SEC Chairman Christopher Cox in a statement. ?But the current oil and gas disclosure rules often interfere with an investor?s analysis because they are tied to outdated technologies.?

Public comments on the proposed rule are due to the SEC within 60 days of the release?s publication in the Federal Register, which normally occurs a few days after it has been posted to the agency's website.

The proposal would revise the energy company reporting requirements 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.