Canadian Regulators enact Amendments to Oil and Gas Disclosure Rules

    CALGARY, Dec. 28 /CNW/ - The Canadian Securities Administrators (CSA)
today announced that amendments to National Instrument 51-101 (NI 51-101)
Standards of Disclosure for Oil and Gas Activities, its related forms and its
companion policy have been enacted.
    The amendments provide revised standards for the disclosure of resources.
The amendments also modify, and in some instances, streamline annual filing
requirements and other requirements of NI 51-101.
    "Since it was implemented in September 2003, NI 51-101 has been
recognized as providing Canada with one of the finest oil and gas disclosure
regimes in the world," said Jean St-Gelais, Chair of the CSA and President &
Chief Executive Officer of the Autorité des marchés financiers (Québec).
"Through our review and feedback from the market, we identified areas where
the rule could be improved. These amendments address these areas and make NI
51-101 more meaningful and understandable to investors."
    The amended NI 51-101, its forms and its companion policy have been
posted to several CSA members' websites.

    The CSA, the council of the securities regulators of Canada's provinces
and territories, co-ordinates and harmonizes regulation for the Canadian
capital markets.

For further information:

For further information: Mark Dickey, Alberta Securities Commission,
(403) 297-4481; Ainsley Cunningham, Manitoba Securities Commission, (204)
945-4733; Frédéric Alberro, Autorité des marchés financiers, (514) 940-2176;
Jane Gillies, New Brunswick Securities Commission, (506) 643-7745; Andrew
Poon, British Columbia Securities Commission, (604) 899-6880; Nicholas A.
Pittas, Nova Scotia Securities Commission, (902) 424-6859; Laurie Gillett,
Ontario Securities Commission, (416) 595-8913; Barbara Shourounis,
Saskatchewan Financial Services Commission, (306) 787-5842; Mark Gallant,
Department of Attorney General, Prince Edward Island, (902) 368-4552; Doug
Connolly, Financial Services Regulation, Division Newfoundland and Labrador,
(709) 729-2594; Fred Pretorius, Yukon Securities Registry, (867) 667-5225;
Jennifer MacIsaac, Nunavut Securities Registry, (867) 975-6591; Donald
MacDougall, Securities Registry, Northwest Territories, (867) 920-8984

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