Alert: Alberta Securities Commission – Oil and Gas Review Reports

Alert: Alberta Securities Commission – Oil and Gas Review Reports

Every year, the Alberta Securities Commission’s (ASC) Petroleum group performs a comprehensive review of the disclosure provided by Alberta reporting issuers actively engaged in oil and gas activities. This comprehensive review is released to the broader market and is referred to as the Oil and Gas Review Report (Report). The Report:

  • sets out the ASC’s observations and analyses of disclosure from reporting issuers that report under National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101), which outlines both the general disclosure standards and specific annual disclosure requirements for reporting issuers engaged in oil and gas activities;
  • provides insight concerning Alberta’s capital market;
  • highlights best practices to assist reporting issuers with the preparation of compliant and effective oil and gas disclosure; and
  • discusses current oil and gas disclosure and regulatory topics of interest.

The most recent Report, which was released in November, 2020, as well as historical Reports for each of the years from 2004 onwards can be accessed here.

 

This communication contains a general overview of the topic and is current as of January 31, 2020. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2020. All rights reserved.

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.