CSA propose amendments to oil and gas disclosure requirements
On December 18, the Canadian Securities Administrators (CSA) published for comment proposed amendments to NI 51-101 Standards of Disclosure for Oil and Gas Activities, its companion policy and related forms. Among other things, the amendments would: (i) clarify the signing requirements of Form 51-101F3; (ii) amend the optional supplemental disclosure of reserves data in annual disclosure to provide for disclosure that is comparable to U.S. disclosure; (iii) add a requirement to discuss in annual disclosure the significant factors and uncertainties associated with properties for which no reserves have been developed; (iv) replace the requirement to announce the annual filings with a press release with the requirement to file on SEDAR a Form 51-101F4; and (v) limit the scope of NI 51-101 to evaluation and disclosure practices related to reserves and resources other than reserves. Comments on the proposed amendments are being accepted until March 19, 2010.
