The U.S. Securities and Exchange Commission announced that it has proposed revised oil and gas company reporting requirements that are designed to help provide investors with a more accurate and useful picture of the reserves that a company holds.

The SEC’s proposed rule changes include: permitting the use of new technologies to determine proved reserves; enabling companies to disclose their probable and possible reserves; allowing previously excluded resources, such as oil sands, to be classified as oil and gas reserves (rather than mining reserves); and, requiring companies to report the independence and qualifications of a preparer or auditor; among other things.

“The ability to accurately assess proved reserves is an important part of understanding any energy company’s financial position,” said SEC chairman Christopher Cox. “But the current oil and gas disclosure rules often interfere with an investor’s analysis because they are tied to outdated technologies.”

The proposals are out for a 60 day comment period.