One of the key tendencies in modern financial communication is to report elements of intellectual capital (IC). Romanian companies, especially those listed on a financial market, are called to observe European and international financial reporting standards, but intellectual capital reporting is not yet a priority. Our research question is what are the axes of IC disclosure in the annual reports of a recently privatized company, and what would be the challenges, risks and benefits involved of such disclosure. In answering these questions we based our study on the content analysis of the post-privatization annual reports of a Romanian listed company from the oil industry. The content analysis, presenting both quantitative and qualitative approaches, focuses on intellectual capital disclosures in the annual reports. The findings of our exploratory study transcend local importance and point out new research perspectives.