Imperial Energy Discusses Reserves with Russian Officials
Imperial Energy, together with other resources companies operating in Russia, on Friday met with representatives from the country's Ministry of Natural Resources and DeGolyer and MacNaughton.
During the meeting the ministry raised the differences between international standards of reporting reserves and the current Russian system. DeGolyer and MacNaughton reconfirmed their reserves calculations of Imperial Energy as recently published and included in DeGolyer and MacNaughton's Competent Persons Report as found within the company's prospectus published this month.
The ministry also stated that Russia intends to move to international standards of reserve reporting starting from 2009. Imperial Energy has been requested to, and agreed to, cooperate with the ministry in this matter.
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