exploratory well costs pending determination of proved reserves

Presentation1

1. 235-932Extractive Activities—Oil and Gas235 Notes to Financial Statements

   ASC 932-235 sets the note and supplemental disclosure requirements for entities with oil- and gas-producing activities. All such entities must disclose their cost accounting method (successful efforts vs. full cost), how capitalized costs are disposed of, and information about exploratory well costs still capitalized pending determination of proved reserves. Publicly traded companies with significant oil and gas activities must additionally provide, as supplementary information with annual statements, proved reserve quantities and changes, capitalized costs, costs incurred, results of operations, the standardized measure of discounted future net cash flows, and changes in that measure.