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As we reflect on 2011 and try to predict what 2012 will hold for capital markets in Canada, we are faced with the undeniable fact that the only identifiable "certainty" for the near to medium term is continued uncertainty and a degree of volatility.

Changes to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities came into force December 28, 2007. For oil and gas issuers that are reporting issuers, these changes will affect this year's annual securities law filings and will affect disclosure you make to the public (including on your websites) of certain information, in particular, estimates of resources that cannot be classified as reserves.