CSA Staff Notice: 51-317 - Standards of Disclosure for Oil and Gas Activities - Application of Canadian Oil and Gas Evaluation Handbook

CANADIAN SECURITIES ADMINISTRATORS

STAFF NOTICE 51-317

NATIONAL INSTRUMENT 51-101

STANDARDS OF DISCLOSURE

FOR OIL AND GAS ACTIVITIES

APPLICATION OF CANADIAN OIL AND

GAS EVALUATION HANDBOOK

National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities mandates adherence to the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") in respect of matters such as reserve and resource classification and terminology and reserves evaluation practices.

The Society of Petroleum Evaluation Engineers (Calgary Chapter) and The Petroleum Society of the Canadian Institute of Mining, Metallurgy and Petroleum, authors of the COGE Handbook, have published COGE Handbook, Volume 2 entitled "Detailed Guidelines for Estimation and Classification of Oil and Gas Resources and Reserves", dated November 1, 2005.

Volume 2 provides explanation and elaboration on a number of matters set out in Volume 1, including guidance on applying the principles enunciated in Volume 1.

Staff of the members of the Canadian Securities Administrators urge reporting issuers with oil and gas activities, and their management, directors, and advisers, to become familiar with the discussion and guidance provided in Volume 2 of the COGE Handbook and to ensure that they apply that information to their reserves evaluation and disclosure practices.

The COGE Handbook, including Volume 2, can be obtained from:

Please refer any questions you may have regarding this notice to the following people: