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Page added on February 7, 2005
Nexen is latest oilsands player to slash reserves due to SEC rules
Nexen is latest oilsands player to slash reserves due to SEC rules
James Stevenson
Canadian Press
Monday, February 07, 2005
CALGARY (CP) – Nexen Inc. has become the latest oil and gas producer to write down its oilsands reserves due to new accounting rules at the U.S. Securities and Exchange Commission.
Calgary-based Nexen, which is a partner in the planned $3.5 billion Long Lake oilsands project in northern Alberta, said Monday that the American stock regulator’s rules forced it to write off all of its proved oilsands reserves for year-end 2004.
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