(January 24 – 17:00 ET) – The Alberta Securities Commission says it will consider recommendations for significant changes to requirements for disclosure, by public companies in the oil and gas sector, of reserves and related information.

The recommendations were presented by an oil and gas taskforce established by the ASC in June 1998. Chaired by Henry Lawrie, Chief Accountant of the ASC, the 27 members of the taskforce included representatives from a variety of industry sectors including junior and senior producers, reserves evaluators, investment dealers, accounting and legal advisers and from regulatory bodies.

“Our initial impression is that the taskforce recommendations would have a very positive effect on the quality of information available to investors in our capital markets”, said Stephen Sibold, ASC chairman. “The recommendations are the product of a tremendous amount of work by knowledgeable and experienced individuals. We will be giving these recommendations the very prompt and serious consideration they deserve.”

The ASC will begin detailed consideration of the recommendations immediately. Sibold committed the ASC to moving quickly, in cooperation with the other members of the Canadian Securities Administrators, to develop updated, uniform oil and gas disclosure and reporting requirements.

Ian Bruce, vice chairman of Peters & Co. Ltd and a member of the taskforce, commented, “I commend the ASC for its initiative in launching the Taskforce and its commitment to the consultative process. There is a clear need for more and better reserves information. I am very optimistic that this initiative will meet that need in a way that makes sense for everyone in the capital markets — investors, issuers and advisors.”

The taskforce recommendations are available on the ASC Web site at www.albertasecurities.com.
-IE Staff