CSA Adopt Enhanced Oil And Gas Disclosure Rules

The CSA today released amendments to NI 51-101 Standards of Disclosure for Oil and Gas Activities  intended to promote the disclosure of resources other than reserves, while also improving flexibility for issuers. 

As we discussed when the changes were first proposed in October 2013, the amendments will, among other things, permit, in certain circumstances, disclosure prepared under an alternative resources evaluation standard such as the SEC's reserves disclosure regime, provide clearer guidance for the disclosure of contingent and prospective resources, introduce a principle-based approach to the disclosure of oil and gas metrics and clarify the concept of marketability in the reporting of oil and gas volumes.