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Canadian Securities Regulators Introduce Amendments to Oil and Gas Disclosure Requirements

Oct 17, 2013

​The Canadian Securities Administrators (CSA) today are requesting comment for proposed 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.

“Canada has developed and must maintain one of the most effective and efficient oil and gas disclosure regimes in the world,” said Bill Rice, Chair of the CSA and Chair and Chief Executive Officer of the Alberta Securities Commission. “These proposed amendments are an important shift in the disclosure requirements applicable to public oil and gas companies that will promote better disclosure of resources other than reserves and other numerical measures of oil and gas activities.”
 
The proposed amendments will also provide for increased flexibility for oil and gas reporting issuers that report in a variety of different jurisdictions worldwide, recover different oil and gas product types and operate under different regulatory regimes. The proposed amendments are intended to bring NI 51-101 into harmony with upcoming changes to the Canadian Oil and Gas Evaluation Handbook.
 
The public comment period for the proposed amendments will end on January 17, 2014. 
 
The proposed amendments to NI 51-101 Standards of Disclosure for Oil and Gas Activities and related forms are available on CSA member websites.
 
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
 
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For more information:

Sylvain Théberge
Autorité des marchés financiers
sylvain.theberge@lautorite.qc.ca

Alison Walker
British Columbia Securities Commission
604-899-6713

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Jeff Mason
Nunavut Securities Office
867-975-6591

Denny Huyghebaert
Financial and Consumer Affairs Authority of Saskatchewan
306-787-5548

Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361

Andrew Nicholson
Financial and Consumer Services Commission, New Brunswick
506-658-3021

Janice Callbeck
The Office of the Superintendent of Securities, P.E.I.
902-368-6288

Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466

Ann Hall
Northwest Territories Securities Office
867-920-3318