71608 Federal Register / Vol. 72, No. 242 / Tuesday, December 18, 2007 / Proposed Rules 

at the beginning of your comments. You 

may also submit comments on the 

Internet at http://www.regulations.gov. 

You may review the public docket 

containing the proposal, any comments 

received, and any final disposition in 

person in the Dockets Office between 9 

a.m. and 5 p.m., Monday through 

Friday, except Federal holidays. The 

Docket Office (telephone 1–800–647–

5527) is on the ground floor of the 

building at the above address. 

FOR FURTHER INFORMATION CONTACT: Rich 

Hall, Central Service Center, System 

Support Group, Federal Aviation 

Administration, Southwest Region, Fort 

Worth, Texas 76193–0530; telephone 

(817) 222–5561. 

SUPPLEMENTARY INFORMATION: 

Comments Invited 

Interested parties are invited to 

participate in this proposed rulemaking 

by submitting such written data, views, 

or arguments, as they may desire. 

Comments that provide the factual basis 

supporting the views and suggestions 

presented are particularly helpful in 

developing reasoned regulatory 

decisions on the proposal. Comments 

are specifically invited on the overall 

regulatory, aeronautical, economic, 

environmental, and energy-related 

aspects of the proposal. 

Communications should identify both 

docket numbers and be submitted in 

triplicate to the address listed above. 

Commenters wishing the FAA to 

acknowledge receipt of their comments 

on this notice must submit with those 

comments a self-addressed, stamped 

postcard on which the following 

statement is made: ‘‘Comments to 

Docket No: FAA–2007–29374/Airspace 

Docket No. 7–ASW–11.’’ The postcard 

will be date/time stamped and returned 

to the commenter. 

Availability of NPRMs 

An electronic copy of this document 

may be downloaded through the 

Internet at http://www.regulations.gov. 

Recently published rulemaking 

documents can also be accessed through 

the FAA’s Web page at http:// 

www.faa.gov or the Superintendent of 

Documents’ Web page at http:// 

www.access.gpo.gov/nara. 

Additionally, any person may obtain 

a copy of this notice by submitting a 

request to the Federal Aviation 

Administration (FAA), Office of Air 

Traffic Airspace Management, ATA–

400, 800 Independence Avenue, SW., 

Washington, DC 20591, or by calling 

(202) 267–8783. Communications must 

identify both docket numbers for this 

notice. Persons interested in being 

placed on a mailing list for future 

NPRMs should contact the FAA’s Office 

of Rulemaking, (202) 267–9677, to 

request a copy of Advisory Circular No. 

11–2A, Notice of Proposed Rulemaking 

Distribution System, which describes 

the application procedure. 

The Proposal 

This action proposes to amend Title 

14, Code of Federal Regulations (14 

CFR) part 71 by establishing a Class D 

airspace area extending upward from 

the surface to and including 3,300 feet 

MSL within a 5.0-mile radius of 

Sherman/Denison, Grayson County 

Airport, TX. The establishment of an air 

traffic control tower has made this 

action necessary. The intended effect of 

this proposal is to provide controlled 

airspace for flight operations at Grayson 

County Airport, TX. The area would be 

depicted on appropriate aeronautical 

charts. 

Class D airspace areas are published 

in Paragraph 5000 of FAA Order 

7400.9R, dated August 15, 2007, and 

effective September 15, 2007, which is 

incorporated by reference in 14 CFR 

71.1. The Class D airspace designation 

listed in this document would be 

published subsequently in the Order. 

The FAA has determined that this 

proposed regulation only involves an 

established body of technical 

regulations for which frequent and 

routine amendments are necessary to 

keep them operationally current. It 

therefore, (1) is not a ‘‘significant 

regulatory action’’ under Executive 

Order 12866; (2) is not a ‘‘significant 

rule’’ under DOT Regulatory Policies 

and Procedures (44 FR 11034; February 

26, 1979); and (3) does not warrant 

preparation of a Regulatory Evaluation 

as the anticipated impact is so minimal. 

Since this is a routine matter that will 

only affect air traffic procedures and air 

navigation, it is certified that this rule, 

when promulgated, will not have a 

significant economic impact on a 

substantial number of small entities 

under the criteria of the Regulatory 

Flexibility Act. 

This rulemaking is promulgated 

under the authority described in 

Subtitle VII, Part A, Subpart I, Section 

40103. Under that section, the FAA is 

charged with prescribing regulations to 

assign the use of the airspace necessary 

to ensure the safety of aircraft and the 

efficient use of airspace. This regulation 

is within the scope of that authority 

since it improves the safety of aircraft 

executing IFR procedures at Sherman/ 

Denison, Grayson County Airport, TX. 

List of Subjects in 14 CFR Part 71 

Airspace, Incorporation by reference, 

Navigation (Air). 

The Proposed Amendment 

In consideration of the foregoing, the 

Federal Aviation Administration 

proposes to amend 14 CFR part 71 as 

follows: 

PART 71—DESIGNATION OF CLASS A, 

CLASS B, CLASS C CLASS D, AND 

CLASS E AIRSPACE AREAS; 

AIRWAYS; ROUTES; AND REPORTING 

POINTS 

1. The authority citation for part 71 

continues to read as follows: 

Authority: 49 U.S.C. 106(g); 40103, 40113, 

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389. 

§ 71.1 [Amended] 

2. The incorporation by reference in 

14 CFR 71.1 of Federal Aviation 

Administration Order 7400.9R, Airspace 

Designations and Reporting Points, 

dated August 15, 2007, and effective 

September 15, 2007, is amended as 

follows: 

Paragraph 5000 Class D Airspace. 

* * * * * 

ASW TX D Sherman, TX [New] 

Sherman/Denison, Grayson County Airport, 

TX 

(Lat. 33°42′51′′ N., long. 96°40′25′′ W.) 

That airspace extending upward from the 

surface to and including 3,300 feet MSL 

within a 5.0-mile radius of Grayson County 

Airport. This Class D airspace area is 

effective during the specific dates and times 

established in advance by a Notice to 

Airmen. The effective date and time will 

thereafter be continuously published in the 

Airport/Facility Directory. 

* * * * * 

Issued in Fort Worth, TX, on December 5, 

2007. 

Rick Farrell, 

Acting Manager, System Support Group, ATO 

Central Service Center. 

[FR Doc. 07–6065 Filed 12–17–07; 8:45 am] 

BILLING CODE 4910–13–M 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 71 

[Docket No. FAA–2007–29373; Airspace 

Docket No. 7–ASW–10] 

Proposed Establishment of Class D 

Airspace; Georgetown, TX 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 


yshivers on PROD1PC62 with PROPOSALS
Federal Register / Vol. 72, No. 242 / Tuesday, December 18, 2007 / Proposed Rules 71609 

ACTION: Notice of proposed rulemaking. 

SUMMARY: This action proposes to 

establish Class D airspace at Georgetown 

Municipal Airport, TX. The 

establishment of an air traffic control 

tower has made this action necessary for 

the safe control of aircraft within this 

airspace. 

DATES: Comments must be received on 

or before February 1, 2008 

ADDRESSES: Send comments on this 

proposal to the U.S. Department of 

Transportation, Docket Operations, M–

30, West Building Ground Floor, Room 

W12–140, 1200 New Jersey Avenue, SE., 

Washington, DC 20590. You must 

identify the docket number FAA–2007–

29373/Airspace Docket No. 7–ASW–10, 

at the beginning of your comments. You 

may also submit comments on the 

Internet at http://www.regulations.gov. 

You may review the public docket 

containing the proposal, any comments 

received, and any final disposition in 

person in the Dockets Office between 9 

a.m. and 5 p.m., Monday through 

Friday, except Federal holidays. The 

Docket Office (telephone 1–800–647–

5527) is on the ground floor of the 

building at the above address. 

FOR FURTHER INFORMATION CONTACT: Rich 

Hall, Central Service Center, System 

Support Group, Federal Aviation 

Administration, Southwest Region, Fort 

Worth, TX 76193–0530; at telephone: 

(817) 222–5561 

SUPPLEMENTARY INFORMATION: 

Comments Invited 

Interested parties are invited to 

participate in this proposed rulemaking 

by submitting such written data, views, 

or arguments, as they may desire. 

Comments that provide the factual basis 

supporting the views and suggestions 

presented are particularly helpful in 

developing reasoned regulatory 

decisions on the proposal. Comments 

are specifically invited on the overall 

regulatory, aeronautical, economic, 

environmental, and energy-related 

aspects of the proposal. 

Communications should identify both 

docket numbers and be submitted in 

triplicate to the address listed above. 

Commenters wishing the FAA to 

acknowledge receipt of their comments 

on this notice must submit with those 

comments a self-addressed, stamped 

postcard on which the following 

statement is made: ‘‘Comments to 

Docket No: FAA–2007–29373/Airspace 

Docket No. 7–ASW–10.’’ The postcard 

will be date/time stamped and returned 

to the commenter. 

Availability of NPRMs 

An electronic copy of this document 

may be downloaded through the 

Internet at http://www.regulations.gov. 

Recently published rulemaking 

documents can also be accessed through 

the FAA’s Web page at http:// 

www.faa.gov or the Superintendent of 

Document’s Web page at http:// 

www.access.gpo.gov/nara. 

Additionally, any person may obtain 

a copy of this notice by submitting a 

request to the Federal Aviation 

Administration (FAA), Office of Air 

Traffic Airspace Management, ATA–

400, 800 Independence Avenue, SW., 

Washington, DC 20591, or by calling 

(202) 267–8783. Communications must 

identify both docket numbers for this 

notice. Persons interested in being 

placed on a mailing list for future 

NPRMs should contact the FAA’s Office 

of Rulemaking (202) 267–9677, to 

request a copy of Advisory Circular No. 

11–2A, Notice of Proposed Rulemaking 

Distribution System, which describes 

the application procedure. 

The Proposal 

This action proposes to amend Title 

14, Code of Federal Regulations (14 

CFR) part 71 by establishing a Class D 

airspace area extending upward from 

the surface to and including 3,300 feet 

MSL within a 5.0-mile radius of 

Georgetown Municipal Airport, 

Georgetown, TX. The establishment of 

an air traffic control tower has made this 

action necessary. The intended effect of 

this proposal is to provide controlled 

airspace for flight operations at 

Georgetown Municipal Airport, TX. The 

area would be depicted on appropriate 

aeronautical charts. 

Class D airspace are published in 

Paragraph 5000 of FAA Order 7400.9R, 

dated August 15, 2007, and effective 

September 15, 2007, which is 

incorporated by reference in 14 CFR 

71.1. The Class D airspace designation 

listed in this document would be 

published subsequently in the Order. 

The FAA has determined that this 

proposed regulation only involves an 

established body of technical 

regulations for which frequent and 

routine amendments are necessary to 

keep them operationally current. It, 

therefore, (1) is not a ‘‘significant 

regulatory action’’ under Executive 

Order 12866; (2) is not a ‘‘significant 

rule’’ under DOT Regulatory Policies 

and Procedures (44 FR 11034; February 

26, 1979); and (3) does not warrant 

preparation of a Regulatory Evaluation 

as the anticipated impact is so minimal. 

Since this is a routine matter that will 

only affect air traffic procedures and air 

navigation, it is certified that this rule, 

when promulgated, will not have a 

significant economic impact on a 

substantial number of small entities 

under the criteria of the Regulatory 

Flexibility Act. 

This rulemaking is promulgated 

under the authority described in 

Subtitle VII, Part A, Subpart I, Section 

40103. Under that section, the FAA is 

charged with prescribing regulations to 

assign the use of the airspace necessary 

to ensure the safety of aircraft and the 

efficient use of airspace. This regulation 

is within the scope of that authority 

since it improves the safety of aircraft 

executing IFR procedures at Georgetown 

Municipal Airport, TX. 

List of Subjects in 14 CFR Part 71 

Airspace, Incorporation by reference, 

Navigation (Air). 

The Proposed Amendment 

In consideration of the foregoing, the 

Federal Aviation Administration 

proposes to amend 14 CFR part 71 as 

follows: 

PART 71—DESIGNATION OF CLASS A, 

CLASS B, CLASS C, CLASS D, AND 

CLASS E AIRSPACE AREAS; 

AIRWAYS; ROUTES; AND REPORTING 

POINTS 

1. The authority citation for part 71 

continues to read as follows: 

Authority: 49 U.S.C. 106(g); 40103, 40113, 

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389. 

§ 71.1 [Amended] 

2. The incorporation by reference in 

14 CFR 71.1 of Federal Aviation 

Administration Order 7400.9R, Airspace 

Designations and Reporting Points, 

dated August 15, 2007, and effective 

September 15, 2007, is amended as 

follows: 

Paragraph 5000 Class D Airspace. 

* * * * * 

ASW TX D Georgetown, TX [New] 

Georgetown Municipal Airport, TX 

(Lat. 30°40′44′′ N., long. 97°40′46′′ W.) 

That airspace extending upward from the 

surface to and including 3,300 feet MSL 

within a 5.0-mile radius of Georgetown 

Municipal Airport. This Class D airspace area 

is effective during the specific dates and 

times established in advance by a Notice to 

Airmen. The effective date and time will 

thereafter be continuously published in the 

Airport/Facility Directory. 

* * * * * 


yshivers on PROD1PC62 with PROPOSALS
71610 Federal Register / Vol. 72, No. 242 / Tuesday, December 18, 2007 / Proposed Rules 

1The Commission is currently considering the 

use of International Financial Reporting Standards 

as published by the International Accounting 

Standards Board by U.S. public companies. The 

International Accounting Standards Board is also 

undertaking a project with respect to the 

convergence of accounting and disclosure reporting 

practices related to all extractive industries. This 

concept release is not seeking comment with 

respect to those matters. 

2See 42 U.S.C. 6201–6422. 

3See Accounting Series Release No. 253 (August 

31, 1978) [43 FR 40688]. See also Accounting Series 

Release No. 257 (December 19, 1978) [43 FR 60404] 

(further amending Rule 3–18 of Regulation S–X and 

revising the definition of proved reserves). 

4 17 CFR 210.4–10. See Release No. 33–6233 

(Sept. 25, 1980) [45 FR 63660] (adopting 

amendments to Regulation S–X, including Rule 4–

10). 

5 17 CFR 210.4–10(a). 

6 Item 102 of Regulation S–K [17 CFR 229.102]. 

In 1982, the Commission adopted Item 102 of 

Regulation S–K. Item 102 contains the disclosure 

requirements previously located in Item 2 of 

Regulation S–K. See Release No. 33–6383 (March 

16, 1982) [47 FR 11380]. The Commission also 

‘‘recast[] * * * the disclosure requirements for oil 

and gas operations, formerly contained in Item 2(b) 

of Regulation S–K, as an industry guide.’’ See 

Release No. 33–6384 (March 16, 1982) [47 FR 

11476]. 

7See, for example, Steve Levine, ‘‘Tracking the 

Numbers: Oil Firms Want SEC to Loosen Reserves 

Rules,’’ Wall Street Journal (February 7, 2006); 

Christopher Hope, ‘‘Oil Majors Back Attack on SEC 

Issued in Fort Worth, TX on December 5, 

2007. 

Rick Farrell, 

Acting Manager, System Support Group, ATO 

Central Service Center. 

[FR Doc. 07–6064 Filed 12–17–07; 8:45 am] 

BILLING CODE 4910–13–M 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Parts 210, 229, 231 and 241 

[Release Nos. 33–8870; 34–56945; File No. 

S7–29–07] 

RIN 3235–AK00 

Concept Release on Possible 

Revisions to the Disclosure 

Requirements Relating to Oil and Gas 

Reserves 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Concept release. 

SUMMARY: The Commission is 

publishing this Concept Release to 

obtain information about the extent and 

nature of the public’s interest in revising 

oil and gas reserves disclosure 

requirements which exist in their 

current form in Regulation S–K and 

Regulation S–X under the Securities Act 

of 1933 and the Securities Exchange Act 

of 1934. The Commission adopted the 

current oil and gas reserves disclosure 

requirements between 1978 and 1982. In 

the decades that have passed since the 

adoption of these rules, there have been 

significant changes in the oil and gas 

industry. Some commentators have 

expressed concern that the 

Commission’s rules have not adapted to 

current practices and may not provide 

investors with the most useful picture of 

oil and gas reserves public companies 

hold. 

DATES: Comments should be received on 

or before February 19, 2008. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/concept.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number S7–XX–07 on the subject line; 

or 

Use the Federal e-Rulemaking Portal 

http://www.regulations.gov. Follow the 

instructions for submitting comments. 

Paper Comments 

• Send paper submissions in 

triplicate to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number S7–XX–07. This file number 

should be included on the subject line 

if e-mail is used. To help us process and 

review your comments more efficiently, 

please use only one method. The 

Commission will post all comments on 

the Commission’s Internet Web site 

(http://www.sec.gov/rules/ 

concept.shtml). Comments also are 

available for public inspection and 

copying in the Commission’s Public 

Reference Room, 100 F Street, NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. All comments received 

will be posted without change; we do 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. 

FOR FURTHER INFORMATION CONTACT: 

Questions on this Concept Release 

should be directed to Mellissa Campbell 

Duru, Attorney-Advisor or Dr. W. John 

Lee, Academic Petroleum Engineering 

Fellow at (202) 551–3740, Division of 

Corporation Finance; or Mark Mahar, 

Associate Chief Accountant, Office of 

the Chief Accountant at (202) 551–5300; 

U.S. Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549. 

SUPPLEMENTARY INFORMATION: 

Table of Contents 

I. Introduction 

II. Definition of Oil and Gas Reserves 

III. The Impact of Technology 

IV. Alternative Classification Systems 

V. Independent Preparation, Assessment or 

Evaluation of Reserves Disclosure 

VI. General Request for Comment 

I. Introduction 

Throughout the Commission’s history, 

our focus on the information needs of 

investors in public companies has 

caused us to continually re-evaluate the 

disclosure requirements of the federal 

securities laws. The extent and pace of 

changes in the oil and gas industry, and 

public concern that our oil and gas 

reserves disclosure requirements are not 

fully aligned with current industry 

practice, have led us to reconsider those 

requirements. Through this Concept 

Release, the Commission seeks public 

comment on our oil and gas reserves 

disclosure requirements.1 While we set 

forth a number of general and specific 

questions, we welcome comments on 

any other concerns commenters may 

have related to these issues. 

The current oil and gas reserves 

disclosure requirements have been in 

place for some time. The Energy Policy 

and Conservation Act of 1975 directed 

the Commission to ‘‘take such steps as 

may be necessary to assure the 

development and observance of 

accounting practices to be followed in 

the preparation of accounts by persons 

engaged, in whole or in part, in the 

production of crude oil or natural gas in 

the United States.’’ 2 In 1978, the 

Commission issued Accounting Series 

Release No. 253, which amended 

Regulation S–X by adding new Rule 3–

18,3 the precursor to Rule 4–10 of 

Regulation S–X.4 Rule 4–10 prescribes 

the financial and reporting standards for 

companies engaged in oil and gas 

producing activities. Rule 4–10 defines 

what constitutes oil and gas producing 

activities and proved reserves.5 Item 102 

of Regulation S–K, which the 

Commission adopted in 1982, requires 

that companies disclose their proved 

reserves and prohibits them from 

disclosing other categories of reserves.6

There have been significant 

technological advancements, changes in 

the oil and gas markets, and changes in 

the types of projects in which 

companies invest since the Commission 

adopted these rules and disclosure 

requirements. Many in the oil and gas 

industry, including some oil and gas 

companies, professional organizations 

and analysts, believe that our oil and gas 

reserves disclosure requirements have 

not kept pace with industry changes.7


yshivers on PROD1PC62 with PROPOSALS