The Canadian Securities Administrators (CSA) Friday published for comment proposed amendments to the disclosure of oil and gas activities.

The proposed amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities are designed to provide increased guidance around the disclosure of resources other than reserves, clarify and streamline existing requirements, and respond to developments in the oil and gas industry.

The primary features of the proposed amendments include:

• a prohibition against addition across resource classes (e.g. adding reserves with prospective resources);

• a requirement that low and best estimates be provided when a high estimate is disclosed;

• a requirement for the annual disclosure of significant factors and uncertainties pertaining to the development of and production from properties with no attributed reserves; and

• the removal of definitions, requirements and guidance solely related to financial reporting.

The CSA is seeking input from all stakeholders on the proposals. The comment period is open until March 19, 2010.

IE