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Sep 27, 2002
Compliance with new disclosure standards for oil and gas reserves reporting will not be mandatory for financial years ending before December 31, 2003, say Alberta Securities Commission staff.
In a Notice published today, ASC staff announced that they and their counterparts among the Canadian Securities Administrators are continuing their consideration of proposed National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities published in January 2002, in light of public comment on the proposal. They expect to finalize and publish the new disclosure standards in the coming months.
The interval before mandatory application will enable companies, their advisors and reserves evaluators to become familiar with the new disclosure standards, and with the Canadian Oil and Gas Evaluation Handbook (COGEH) that was issued in June 2002 by the Calgary Chapter of The Society of Petroleum Evaluation Engineers (SPEE). ASC staff expect that SPEE will develop additional guidance on the COGEH during this interval.
ASC staff also announced that, commencing immediately for purposes of current oil and gas disclosure requirements, companies will be able to substitute the new the oil and gas reserves definitions set out in the COGEH for the definitions currently in use.
The Alberta Securities Commission is the industry funded regulatory agency responsible for administering the Alberta Securities Act. Its mission is to foster a fair and efficient capital market in Alberta and, together with the other members of the Canadian Securities Administrators, develop and operate the Canadian Securities Regulatory System.
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