No, it wasn't wrong, because "oil reserves" are defined as: "quantities of crude oil and natural gas from known fields that can be profitably produced/recovered from an approved development", which means they change over time, when we find new oil or develop new technologies. And that's also what happened.

Also maybe at one point accept that "Oil" with an EROEI dangerously getting to below the 1.0 mark is not the same "Oil" as was talked-about 30 years ago: if your shale sands have to get burnt with local coal or natgas to get a pipeline-able liquid, but the total energy spent on the process is about as much as will be dispersed by combustion engines down the line... then you're treading very murky waters indeed.