On December 29, 2011, the Canadian Securities Administrators published a revised version of CSA Staff Notice 51-327, which provides guidance on compliance with oil and gas disclosure requirements. The recent revisions to the notice include: (i) new guidance on the general responsibilities regarding the formulation of oil and gas disclosure information; (ii) new guidance regarding the disclosure of after-tax net present value of future net revenue, well-flow test results, and the use of Barrels of Oil Equivalents; and (iii) expanded guidance on the evaluation, classification and disclosure of unconventional hydrocarbons. The revisions were made in light of recent amendments to NI 51-101 Standards of Disclosure for Oil and Gas Activities and are intended to re-emphasize or expand guidance on some of the issues discussed in previous versions of the notice.
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