Ann: 2013 Year End Reserves Report , page-6

Thanks. I looked that up.

The new reserves and resources reporting requirements came into effect on 1 December 2013. They basically specify how you should set out the report and the reporting standards. Last years report was in a different format so not directly comparable.

That said, last year was for all leases and this year was for everything except leases which "are considered immaterial and contributing a nominal amount of production only at best." Therefore its a good enough approximation for most people to compare I think.

I suspect the issue is therefore the standards they use in compiling the reprt. SEC reserve standards (2014) vs Canadian National Instrument 51-101 (2013).



9.2. Annual reserves statement
An oil and gas entity that has any petroleum reserves and that does not file US SEC compliant Forms 10-K and 20-F with the SEC annually41 is required to include an annual reserves statement in its annual report.42
The information required in the annual reserves statement includes:
• the entity level total 1P petroleum reserves and 2P petroleum reserves (split between developed and undeveloped petroleum reserves and by product); and
• the total aggregated 1P petroleum reserves and 2P petroleum reserves by product and by geographical area (split between developed and undeveloped petroleum reserves by geographical area).43
The geographical areas by which an oil and gas entity chooses to report its aggregated petroleum reserves is a matter for it to determine, having regard to its individual circumstances and the materiality of the petroleum reserves in question. For example, some entities may choose to report by continent, by country, by state/territory or by other regions. Others may choose to report petroleum reserve estimates for a particular basin, if that is material, with a mix of other geographical areas.
The annual petroleum reserves statement must include a reconciliation of the entity’s reported petroleum reserves holdings for the current year against the corresponding petroleum reserves holdings for the previous year, along with an explanation of any material changes between the two.44 The reconciliation against the previous year’s petroleum reserves holdings, at a minimum, should identify changes that have resulted from revisions to previous estimates, extensions and discoveries, acquisitions and divestments, and production. Whether any further explanation is required will depend on the materiality of the information in question. For example, if there has been a significant reduction in the total portfolio of petroleum reserves from one year to the next because net acquisitions and divestments are materially negative, the entity should generally explain the reason for this (for example, this was the result of the sale of a particular asset or assets or the sell down of a significant interest in a particular oil and gas project or projects).45