CALGARY, May 29, 2013 /CNW/ - The Alberta Securities Commission (ASC) has issued ASC Staff Notice 51-702 Establishing Reserves Estimates in Oil and Gas Accumulations.
In the Notice, the ASC reminds industry that the Canadian Oil and Gas Evaluation Handbook (COGEH) only permits the assignment of reserves where there is both established technology and demonstrated commercial viability. The ASC also states that optimising a recovery process and characterising a reservoir using an experimental scheme does not meet the requirement for established technology.
The ASC reminds industry that persons or companies subject to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and persons or companies who represent that their reserves estimates are made in accordance with NI 51-101 and COGEH risk regulatory action if the reserves estimates do not, in fact, comply with NI 51-101 and COGEH.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE: Alberta Securities Commission
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