Canadian Securities Regulators Introduce Amendments to Oil and Gas Disclosure

CALGARY, Oct. 15 /CNW/ - The Canadian Securities Administrators (CSA) have introduced amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and related forms, which are designed to improve and clarify the disclosure of oil and gas reporting issuers.

The proposed amendments to NI 51-101 fall into three broad categories: amendments for clarification, amendments to codify existing staff guidance and practice, and added requirements to enhance reliability of certain disclosure of reserves and resources other than reserves.

"Canada has developed one of the most effective and efficient oil and gas disclosure regimes in the world," said Jean St-Gelais, Chair of the CSA and President and Chief Executive Officer of the Autorité des marchés financiers (Québec). "These proposed amendments are part of the natural evolution to ensure this regime meets the changing disclosure needs of the oil and gas industry."

One aspect of the amendments is to create rules for the guidance that had previously been provided for the disclosure of reserves and resources other than reserves.  The public comment period for the proposed amendments ran from December 2009 to March 2010.  The amendments will come into force across Canada on December 30, 2010.

The amended NI 51-101 Standards of Disclosure for Oil and Gas Activities and related forms are available on the websites of CSA members.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For further information:

Mark Dickey  Alberta Securities Commission  403-297-4481	Sylvain Théberge Autorité des marchés financiers 514-940-2176
Robert Merrick  Ontario Securities Commission  416-593-8307	Ken Gracey British Columbia Securities Commission 604-899-6577
Ainsley Cunningham  Manitoba Securities Commission  204-945-4733	Wendy Connors-Beckett New Brunswick Securities Commission 506-643-7745
Natalie MacLellan  Nova Scotia Securities Commission     902-424-8586	Barbara Shourounis Saskatchewan Financial Services Commission 306-787-5842
Janice Callbeck  PEI Securities Office   Office of the Attorney General   902-368-6288	Doug Connolly Financial Services Regulation Div. Newfoundland and Labrador 709-729-2594
Graham Lang  Yukon Securities Registry   867-667-5466	Louis Arki Nunavut Securities Office 867-975-6587
Donn MacDougall Northwest Territories Securities Office 867-920-8984