Dew,
because i'm prohibited from investing in any oil/gas company securities i haven't looked at SEC filings for any O&G companies for quite a while. I only looked at the Petrobras 20F to see where the hell westeffer might be getting his numbers.
Since the document is 368 pgs long i obviously didn't read the entire thing. I scanned for "reserves", "field", and "salt" - partially to confirm to myself that they didn't report field reserves that way westeffer implied.
the bit about the "assignment agreement" was interesting. i'd just search that term and read the sections fore and aft where it crops up. Seems a bit dicey, i.e. an agreement with very few fixed parts (e.g. the word 'revision' occurs in abundance) and i'm not clear what happens in 2050 or when PBR produces 5 billion barrels from the pre-salt reservoirss (whichever comes first).
The bit about the "new state run non-operating company" that "will participate in operational committees... and will manage and control costs..." was good for humor value.
regards,
Charlie
