Canadian Securities Regulators Take Steps to Improve Oil and Gas Disclosure

CALGARY , Dec. 18 /CNW/ - The Canadian Securities Administrators (CSA) today published for comment proposed amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, its Forms and Companion Policy, as well as consequential amendments. The proposed amendments are designed to provide increased guidance around the disclosure of resources other than reserves, clarify and streamline existing requirements, and respond to developments in the oil and gas industry.

The primary features of the proposed amendments include:

    
    -  a prohibition against addition across resource classes (e.g. adding
       reserves with prospective resources);
    -  a requirement that low and best estimates be provided when a high
       estimate is disclosed;
    -  a requirement for the annual disclosure of significant factors and
       uncertainties pertaining to the development of and production from
       properties with no attributed reserves; and
    -  the removal of definitions, requirements and guidance solely related
       to financial reporting.
    

Copies of the proposed rule amendments and additional background information are available on the websites of CSA members. The CSA is seeking input from all stakeholders on the proposals. The comment period is open until March 19, 2010 .

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

For further information: Mark Dickey, Alberta Securities Commission, [phone]; Sylvain Théberge, Autorité des marchés financiers, [phone]; Theresa Ebden, Ontario Securities Commission, [phone]; Ken Gracey, British Columbia Securities Commission, [phone]; Ainsley Cunningham, Manitoba Securities Commission, [phone]; Wendy Connors-Beckett, New Brunswick Securities Commission, [phone]; Natalie MacLellan, Nova Scotia Securities Commission, [phone]; Barbara Shourounis, Saskatchewan Financial Services Commission, [phone]; Janice Callbeck, PEI Securities Office, Office of the Attorney General, [phone]; Doug Connolly, Financial Services Regulation Div., Newfoundland and Labrador, [phone]; Fred Pretorius, Yukon Securities Registry, [phone]; Louis Arki, Nunavut Securities Office, [phone]; Donn MacDougall, Northwest Territories Securities Office, [phone]