For Immediate Release
December 28, 2007

Canadian Regulators enact Amendments to Oil and Gas Disclosure Rules

Calgary -The Canadian Securities Administrators (CSA) today announced that amendments to National Instrument 51-101 (NI 51-101) Standards of Disclosure for Oil and Gas Activities, its related forms and its companion policy have been enacted.

The amendments provide revised standards for the disclosure of resources. The amendments also modify, and in some instances, streamline annual filing requirements and other requirements of NI 51-101.

“Since it was implemented in September 2003, NI 51-101 has been recognized as providing Canada with one of the finest oil and gas disclosure regimes in the world,” said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). “Through our review and feedback from the market, we identified areas where the rule could be improved. These amendments address these areas and make NI 51-101 more meaningful and understandable to investors.”

The amended NI 51-101, its forms and its companion policy have been posted to several CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories,
co-ordinates and harmonizes regulation for the Canadian capital markets.

For more information:

Mark Dickey
Alberta Securities Commission

Ainsley Cunningham
Manitoba Securities Commission
Frédéric Alberro
Autorité des marchés financiers
Jane Gillies
New Brunswick Securities Commission
Andrew Poon
British Columbia Securities Commission
Nicholas A. Pittas
Nova Scotia Securities Commission
Laurie Gillett
Ontario Securities Commission
Barbara Shourounis
Saskatchewan Financial Services Commission

Marc Gallant
Department of the Attorney General
Prince Edward Island

Doug Connolly
Financial Services Regulation Division
Newfoundland and Labrador

Fred Pretorius
Yukon Securities Registry

Jennifer MacIsaac
Nunavut Securities Registry
Donald MacDougall
Securities Registry
Northwest Territories