Albertaoil thanks for pointing out that Treaty CEO's estimate of oil volumes were included in a Press Release attached to the January 31st 2012 8-K report, where he quoted "Our internal analysis indicates that the Stann Creek Field covers an area of around 350 acres, and with 4-acre spacing we would expect to drill up to 90 wells in this oil field. Based on our initial findings, we estimate there are about 5,000,000-6,000,000 Barrels of recoverable oil in place in this first finding."
In response to your question, the 8-K form is used to notify the SEC of material events. But IMO the press release attached to Treaty's January 31st 2012 8-K report would not be seen as an official reporting of reserves to the SEC as he talks about "recoverable oil-in-place" which means nothing in the oilpatch. Oil-in-place is the volume of oil in the ground and recoverable reserves are how much of that oil in expected to be recovered over field life.
The official reporting of reserves at the end of each year is included in the 10-K report for each company. The reserves stated in the 10-K report must follow the SEC rules in order not to mislead investors.
