News Releases

Canadian securities regulators introduce amendments to oil and gas disclosure

Dec 04, 2014

The Canadian Securities Administrators (CSA) have introduced amendments  to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101) and related forms, which are designed to improve and clarify the disclosure of reporting issuers in the oil and gas industry.  Revised versions of Companion Policy 51-101 Standards of Disclosure for Oil and Gas Activities (Companion Policy), CSA Staff Notice 51-324 Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities (CSA Staff Notice 51-324) and CSA Staff Notice 51-327 Revised Guidance on Oil and Gas Disclosure (CSA Staff Notice 51-327) have also been published.

The amendments are a result of both the CSA’s ongoing evaluation of reporting issuer disclosure and the incorporation of industry feedback.  The amendments  promote improved disclosure of resources other than reserves, provide increased flexibility for oil and gas issuers that operate and report in different jurisdictions or recover product types not previously recognized by NI 51-101, and align NI 51-101 with the amended Canadian Oil and Gas Evaluation Handbook (COGE Handbook).

“Canada has developed 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 amendments are part of the CSA’s ongoing efforts to ensure our disclosure policies continue to evolve alongside a dynamic oil and gas industry.”

On July 17, 2014, the Calgary Chapter of the Society of Petroleum Evaluation Engineers announced the publication of guidelines for estimation and classification of resources other than reserves in section 2 of volume 2 of the COGE Handbook.   While NI 51-101 requires reporting issuers to immediately follow the latest requirements of the COGE Handbook, it will not require compliance with the amendments until they come into effect on July 1, 2015.  This delayed effective date is to allow industry sufficient time to become familiar with the amendments and the recent changes to the COGE Handbook.

The amended NI 51-101 and related forms, Companion Policy, CSA Staff Notice 51-324 and CSA Staff Notice 51-237 are available on the websites of CSA members.

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

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For more information:

Alison Walker
British Columbia Securities Commission

Tanya Wiltshire
Nova Scotia Securities Commission

Don Boyles
Office of the Superintendent of Securities
Newfoundland and Labrador

Jeff Mason
Nunavut Securities Office

Shannon McMillan
Financial and Consumer Affairs Authority of Saskatchewan

Carolyn Shaw-Rimmington
Ontario Securities Commission

Sylvain Théberge
Autorité des marchés financiers

Andrew Nicholson
Financial and Consumer Services Commission, New Brunswick

Janice Callbeck
The Office of the Superintendent of Securities, P.E.I.

Rhonda Horte
Office of the Yukon Superintendent of Securities