Notice

National Instrument 51-101 National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities Comes Into Force

The Securities Commission (Adoption of National Instruments) Amendment Regulations, 2003 (No. 5) will come into force on September 30, 2003.  The regulations adopt National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101").  

NI 51-101 establishes a regime of continuous disclosure for reporting issuers engaged in exploring for, developing or producing oil or gas.  It supplements disclosure requirements that apply to reporting issuers generally, and replaces National Policy Statement 2-B Guide for Engineers and Geologists Submitting Oil and Gas Reports.

General Ruling/Order 51-801 Implementing National Instrument 51-101 also comes into force on September 30, 2003.  It exempts reporting issuers from the requirement in subsection 78(2) of The Securities Regulations if they have filed a statement of reserves data referred to in Item 1 of section 2.1 of NI 51-101.  Subsection 78(2) requires natural resource issuers to file a report on their properties when they file a preliminary prospectus or a prospectus.

September 26, 2003

Contact:

Barbara Shourounis
Director
Securities Division
Saskatchewan Financial Services Commission
(306) 787-5842
bshourounis@sfsc.gov.sk.ca