CIM Releases Proposed Oil and Gas Reserves Definitions and Guidelines
The Saskatchewan Securities Commission and other members of the Canadian Securities Administrators (the "CSA") are seeking public comment on proposed National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and
related documents, which were released on January 25, 2002.
NI 51-101 would, among other things, require reporting issuers to report annually certain estimates of oil and gas reserves, applying reserves categories and terminology developed by the Petroleum Society of the Canadian Institute of Mining, Metallurgy &
Petroleum ("CIM") Standing Committee on Reserves Definitions, to be incorporated in the Canadian Oil and Gas Evaluator's Handbook (the "SPEE Handbook") being developed by a Canadian committee of The Society of Petroleum Evaluation Engineers.
The CIM Standing Committee has itself now released, for public comment, revised "Definitions and Guidelines for Estimating and Classifying Oil and Gas Reserves".
The revised CIM text differs somewhat from the text incorporated in Part 2 of the Appendix to the published version of the CSA's proposed Companion Policy 51-101CP. Because NI 51-101 is intended to apply industry-developed standards reflected in the SPEE Handbook,
the final CIM text would likely apply for the purposes of, and be reflected in, NI 51-101 and related documents.
The CSA therefore urge readers of proposed NI 51-101 to consider the revised CIM text and to take it into account in any comments you provide on proposed NI 51-101.
Information on how to provide your comments to the CSA is set out in the January 25, 2002 CSA Notice accompanying proposed NI 51-101. To provide comments to the CIM, direct them to :
Petroleum Society of CIM Standing Committee on Reserves Definitions
c/o Tom Byrnes
Alberta Energy & Utilities Board
640 - 5 Avenue SW
Calgary Alberta T2P 3G4
e-mail: tom.byrnes@gov.ab.ca
fax: (403) 297-2474
