The Canadian Securities Administrators yesterday proposed amendments to NI 51-101 Standards of Disclosure for Oil and Gas Activities intended to enhance the consistency and quality of issuers' disclosure of oil and gas activities, while increasing flexibility for issuers.

Among other things, the proposals would permit disclosure prepared under an alternative resources evaluation standard, such as the SEC's reserves disclosure regime, in certain circumstances, provide clearer boundaries for the disclosure of contingent and prospective resources and introduce a principle-based approach to the disclosure of oil and gas metrics. The amendments would also clarify the concept of marketability in the reporting of oil and gas volumes.

The CSA, which also asked stakeholders to consider specific questions on the proposals, is accepting comments until January 17, 2014.