Open Range will commence with training programmes to ensure it is ready to implement International Financial Reporting Standards (IFRS).

In its annual report, the company said that training will be managed on an ongoing basis and will cover a wide range of associated issues with the adoption of the new standards.

These include circumventing technological difficulties and assessing the impact of the new procedures on internal reporting controls.

"External advisors have been retained and will assist management with the project on an as needed basis," the company confirmed.

The company enjoyed numerous successes in 2008, with operational highlights including a proved plus probable reserve growth of nearly 100 per cent year-on-year.

However, in its message to shareholders, the company did concede that its final quarter results have been impacted by the slump in oil prices and constricted credit conditions.

Rival Canadian energy firm Rock has also announced this month that it will be launching a training programme to prepare it for the adoption of IFRS.

Oil and Gas Directory: Training and Development