The Alberta Securities Commission and other members of the Canadian Securities Administrators are seeking public comment on proposed new oil and gas disclosure standards.

A national instrument proposing oil & gas disclosure standards has been developed by the ASC in response to recommendations issued in January 2001 by the ASC Oil and Gas Taskforce.

The proposed rules would require reporting issuers to file, each year, a statement setting out estimated oil and gas reserves and related information accompanied by an independent qualified evaluator’s report, together with other information concerning oil and gas activities.

The rules also incorporate reserves terminology developed by the Canadian Institute of Mining, Metallurgy & Petroleum and evaluation standards being developed by Canadian members of The Society of Petroleum Evaluation Engineers.

Public comment is requested by April 30.