Canadian Securities Regulators Introduce Amendments to Oil and Gas Disclosure

Calgary – 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 more information:

Mark Dickey
Alberta Securities Commission

Sylvain Théberge
Autorité des marchés financiers

Robert Merrick
Ontario Securities Commission

Ken Gracey
British Columbia Securities Commission

Ainsley Cunningham
Manitoba Securities Commission

Wendy Connors-Beckett
New Brunswick Securities Commission

Natalie MacLellan
Nova Scotia Securities Commission

Barbara Shourounis
Saskatchewan Financial Services Commission

Janice Callbeck
PEI Securities Office
Office of the Attorney General

Doug Connolly
Financial Services Regulation Div.
Newfoundland and Labrador

Graham Lang
Yukon Securities Registry

Louis Arki
Nunavut Securities Office

Donn MacDougall
Northwest Territories
Securities Office