For Immediate Release                                            
December 18, 2009

Canadian Securities Regulators Take Steps to Improve
Oil and Gas Disclosure

Calgary – The Canadian Securities Administrators (CSA) today published for comment proposed amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, its Forms and Companion Policy, as well as consequential amendments.  The proposed amendments 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.

Copies of the proposed rule amendments and additional background information are available on the websites of CSA members. The CSA is seeking input from all stakeholders on the proposals. The comment period is open until March 19, 2010.

The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

For more information:

Mark Dickey Alberta Securities Commission 403-297-4481	Sylvain  Théberge Autorité des marchés financiers 514-940-2176
Theresa Ebden Ontario Securities Commission 416-593-2361	Ken Gracey British Columbia Securities Commission 604-899-6577
Ainsley Cunningham Manitoba Securities Commission 204-945-4733	Wendy Connors-Beckett New Brunswick Securities Commission 506-643-7745
Natalie MacLellan Nova Scotia Securities Commission 902-424-8586	Barbara Shourounis Saskatchewan Financial Services Commission 306-787-5842
Janice Callbeck            PEI Securities Office Office of the Attorney General 902-368-6288	Doug Connolly Financial Services Regulation Division Newfoundland and Labrador 709-729-2594
Fred Pretorius Yukon Securities Registry 867-667-5225	Louis Arki Nunavut Securities Office 867-975-6587
Donn MacDougall Northwest Territories Securities Office 867-920-8984