|
Imperial Releases Reserves data to SEDAR
|
Can't Post
|
|
Imperial Oil has filed updated reserves data with the Canadian securities administrators on their SEDAR web site. The data is documented in two reports -- the report of the internal qualified reserves evaluator, who is the company's Operations Technical Subsurface Engineering Manager, and the report of management and directors on reserves data and other information as required under the Canadian securities administrators' National Instrument 51-101 for disclosure of oil and gas activities and its Form 10-K for the year ended December 31, 2006.
The Form 10-K contains information about the company, including information on its oil and gas activities, and is filed each year with Canadian and United States securities commissions and administrators. The Form 10-K is prepared in accordance with the requirements of the U.S. SEC. The two reports and the company's Form 10-K can be found for viewing by electronic means by accessing the SEDAR web site. The company's disclosure of its oil and gas activities in the Form 10-K is in lieu of and differs from the disclosure for oil and gas activities in the Canadian securities administrators' National Instrument 51-101 due to an exemption granted to the company by the Canadian securities administrators. The differences are primarily with respect to no disclosure in the Form 10-K of probable reserves and reserves data using forecast prices and costs. Also, no independent qualified reserves evaluator or auditor was involved in the preparation of the reserves data contained in the Form 10-K due to the exemption granted by the Canadian securities administrators. The use of independent reserves evaluators is not required by the SEC.
Imperial believes that the reliability of its internally generated reserves data is of equal or better quality than would be afforded by it involving independent qualified reserves evaluators or indepenent qualified reserves auditors to evaluate and audit the reserves data. This is due to the experience of and intimate knowledge of the company's oil and gas assets bythe company's internal reserves evaluation personnel. The company believes that its internal reserves evaluation personnel meet the requirements of a qualified reserves evaluator or auditor, as set out in National Instrument 51-101, and that the company has appropriate procedures relating to the preparation of reserves data for reliable public disclosure of such information.
Ask a Finance Question 4 Free!
|
Finance
Banker
Mar 3, 2007, 1:09 PM
Post #1 of 1
(542 views)
|
