Changes to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities have now come into force. For oil and gas issuers that are reporting issuers, these changes will affect your annual securities law filings and the disclosure you make to the public (including on your websites) of certain information.
Annual filings no longer require disclosure of reserves estimated using the constant case or reconciliations of future net revenue. The reconciliation of reserves estimates must be done using gross, not net, reserves. Disclosure of future net revenue on a unit value basis (e.g. $/Mcf or $/bbl using net reserves) is now required.
The requirements that apply to voluntary disclosure of anticipated results from resources have changed. These requirements apply whenever you disclose estimates of resources that are not reserves - for example, in press releases, at investor information seminars or on websites. Before disclosing estimates of resources, reference should be made to the new requirements in NI 51-101 and the classification system for resources set out in the Canadian Oil and Gas Evaluation Handbook.
Also new to NI 51-101 are requirements that apply to voluntary disclosure of "analogous information", which is information you give about an area outside the area in which you have an interest or intend to acquire an interest for the purpose of drawing a comparison or conclusion to an area in which you have an interest. In particular, you must disclose the relevance of the information to your oil and gas activities, the source and date of the information and whether the source was independent. If you are unable to confirm that the analogous information was prepared by a qualified reserves evaluator, or auditor, or in accordance with the Canadian Oil and Gas Evaluation Handbook, a cautionary statement to that effect must be made.