The Alberta Securities Commission recently released its 2010 Oil and Gas Review, a report that contains the ASC's observations on the oil and gas disclosures of Alberta reporting issuers. While the report identifies a number of deficiencies (such as with respect to the disclosure of resources other than reserves data, the disclosure of costs incurred regarding acquisitions, exploration and development, and improper use of cautionary statements), the ASC ultimately found itself "generally satisfied" with the state of disclosure by issuers. The report also provides guidance on a number of disclosure issues, considers recent amendments to NI 51-101 Standards of Disclosure for Oil and Gas Activities and reviews international policy developments respecting oil and gas disclosure rules.