The Energy Institute researched hydraulic fracturing and water contamination. The head of the study, Chip Groat, had not revealed he was on the board, and had received in 2011 $413,000 in cash and stock from Plains Exploration and Production Co.
The original report, titled "Fact-Based Regulation for Environmental Protection in the Shale Gas Development," was released earlier this year and claimed that there was no link between fracking and water contamination.
The review panel says in its report, released Friday, that Groat's failure to disclose this was a "principal shortcoming" in the research because it could have put into question the study's credibility. It says the research "fell short of contemporary standards for scientific work."
Groat retired last month. The institute's director resigned Monday.
The university says it accepts the review's recommendations, including strengthening its conflict of interest policies.