Securities and Exchange Commission 2008 – Federal Register Recent Federal Regulation Documents

The Commission is proposing revisions to its oil and gas reporting 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, as well as Industry Guide 2. The revisions are intended to provide investors with a more meaningful and comprehensive understanding of oil and gas reserves, which should help investors evaluate the relative value of oil and gas companies. In the three decades that have passed since adoption of these requirements, there have been significant changes in the oil and gas industry. The proposed amendments are designed to modernize and update the oil and gas disclosure requirements to align them with current practices and changes in technology. The proposed amendments would also codify Industry Guide 2 in Regulation S-K, with several additions to, and deletions of, current Industry Guide items. They would further harmonize oil and gas disclosures by foreign private issuers with the proposed disclosures for domestic issuers.

Applicant, a closed-end investment company, seeks an order declaring that it has ceased to be an investment company. On April 29, 2008, applicant transferred its assets to OFI Tremont Core Strategies Hedge Fund, based on net asset value. Expenses of $18,500 incurred in connection with the reorganization were paid by OppenheimerFunds, Inc., applicant's investment adviser. Filing Dates: The application was filed on June 5, 2008, and amended on June 23, 2008. Applicant's Address: 6803 S. Tucson Way, Centennial, CO 80112.

We are adopting amendments to temporary rules that were published on December 21, 2006, in Release No. 33-8760 [71 FR 76580]. Those temporary rules require companies that are non-accelerated filers to include in their annual reports, pursuant to rules implementing section 404(b) of the Sarbanes-Oxley Act of 2002, an attestation report of their independent auditors on internal control over financial reporting for fiscal years ending on or after December 15, 2008. Under the amendments, a non-accelerated filer will be required to file the auditor's attestation report on internal control over financial reporting when it files an annual report for a fiscal year ending on or after December 15, 2009.