For Immediate Release
January 19, 2007

Canadian Regulators Seek Comment on Proposed Amendments to Disclosure of Oil and Gas Activities

Calgary - The Canadian Securities Administrators (CSA) today announced they are seeking comment from the public on proposed amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, related forms and companion policy.

The proposed amendments are intended to provide new guidelines for disclosure of resources that are not currently classified as reserves, remove certain annual filing requirements, and clarify or streamline certain provisions.

“Since it was implemented in September 2003, we have consulted with stakeholders and monitored how NI 51-101 is working,” said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). “Based on that feedback, we’ve proposed amendments that are designed to make oil and gas disclosure more meaningful and understandable to investors.”

The comment period is open until April 19, 2007. Documents related to proposed amendments to NI 51-101 and the companion policy are available on 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:

Tamera Van Brunt
Alberta Securities Commission
403-297-2664

Ainsley Cunningham
Manitoba Securities Commission
204-945-4733

Frédéric Alberro
Autorité des marchés financiers
514-940-2176
Jane Gillies
New Brunswick Securities Commission
506 643-7745
Andrew Poon
British Columbia Securities Commission
604-899-6880
Nicholas A. Pittas
Nova Scotia Securities Commission
902-424-6859
Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361
Barbara Shourounis
Saskatchewan Financial Services Commission
306-787-5842