National Instrument 51-101 Standards for Disclosure for Oil and Gas Activities sets out requirements and standards for disclosure by reporting issuers engaged in oil and gas activities.

The Canadian Securities Administrators (CSA) have implemented amendments to NI 51-101, its related forms and its companion policy, effective as of December 28, 2007. Go to ASC Instruments and Policies for more information.

Incorporated by reference in National Instrument 51-101, the COGEH is now the standard for "Best Practices" in reserves evaluation practices and procedures. The COGEH is a joint effort of the Calgary Chapter of the Society of Petroleum Evaluation Engineers ("SPEE") and the Petroleum Society of the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM").

Volume 1, Second Edition (published in December 2007) includes a discussion of evaluator qualifications, business procedures, definitions of resources and reserves with general guidelines, evaluation procedures, time values of money and profitability indicators, uncertainty, contents of evaluation reports, auditing oil and gas reserves information, and financial analysis and benchmarking practices. Volume 1 is available from the Petroleum Society at www.petsoc.org.

Volume 2, Second Edition (published in November 2005) includes guidelines and examples of recommended procedures for estimating oil and gas resources and reserves for a variety of situations. The intent of Volume 2 is to provide guidance to experienced evaluators on a wide array of reserves estimation scenarios requiring specific considerations or evaluation methodologies. The guidance will also form a basis for estimating and classifying resources and reserves in more complex situations.

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