Energy company inflated reserves, SEC says

[Pale Blue Dot]

Source: Investment News

El Paso Corp., a natural-gas pipeline and energy company, its subsidiaries and five former employees were charged today with fraud by the Securities and Exchange Commission.

The Houston company and the former employees agreed to settle, without admitting or denying guilt, charges that they inflated their oil and gas reserves, according to the complaint filed in federal district court in Houston.

The company lacked data required to support its estimated reserves, and it ignored negative drilling results and production trends showing that some fields were not producing as projected, the SEC said in a release.

“Although proved reserves are estimated, that does not mean anything goes,” Linda Chatman Thomsen, director of the SEC’s division enforcement, said in the release.

Read more: http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20080711/REG/759743936/-1/RSS02&rssfeed=RSS02

[cally]

1. I believe they were also involved in Calif. Energy Crisis

early in this maladministration.

[dixiegrrrrl]

2. El Pas has ties with Halliburton, am south bank,

National Energy Council, Cheney..all the usual suspects.
Source:
muckety.com

[Dr.Phool]

3. Deffered Prosecutions.

Only 6 months left to use their "Get Out Of Jail Free" cards.

[santamargarita]

4. I'm Shocked! Corrupt oil assholes in Texas?

~

[ret5hd]

5. Now, if only they would apply the same standards to Saudi Arabia, Kuwait,

Iraq, Venezuela, etc...

THEN we would see $1000 bbl oil and $40 gal gas!