Canadian Securities Regulators Take Steps to Improve Oil and Gas Disclosure

Calgary – 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 more information:

Mark Dickey
Alberta Securities Commission

Sylvain Théberge
Autorité des marchés financiers

Theresa Ebden
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

Janice Callbeck
PEI Securities Office
Office of the Attorney General

Doug Connolly
Financial Services Regulation Div.
Newfoundland and Labrador

Fred Pretorius
Yukon Securities Registry

Louis Arki
Nunavut Securities Office

Donn MacDougall
Northwest Territories
Securities Office