Responsibility of geologist in sale of oil and gas securities under new Securities Act

This paper presents a brief summary of the Securities Act, setting out its provisions relative to the sale of oil and gas interests, its exemptions, requirements for registration, forms to be used in registering royalties, working interests, et cetera. No sales to the public are exempt from registration unless certain conditions are fulfilled. The work of the geologist through appraisals, geologic reports, estimates of ultimate production, and published reports of all oil and gas fields, more especially the new fields, and his new responsibility to the public are discussed.