35 Special Considerations for Oil & Gas Companies TSX is a global leader when it comes to listing Oil & Gas companies. The Exchanges strong presence in the resource sector means we understand the particular challenges faced by Oil & Gas companies both in the leadup to listing and while operating as a public company. Our experienced business development team, and in particular our Global Energy Head, can answer questions about your specific situation as you prepare to go public. We encourage you to use the contact information found at the back of this guide. Some requirements are common to all Oil & Gas companies, whatever their specific situation. In particular, Oil & Gas companies applying to list on either Exchange must file particular technical and/or geological reports in support of their application. Once public, regularly filing such reports will be part of your company’s ongoing disclosure obligations. These reports are governed by National Instrument 51-101. An overview of NI 51-101 is provided below for your reference. For more detailed information, please contact our business development team, consult the instrument itself, and/or contact your local securities regulator. (Contact information for provincial securities regulators can be found at the end of this guide). National instrument 51-101 – standards of disclosure for oil & gas activities NI 51-101 provides oil and gas companies with guidance for disclosing information to the securities regulatory authority, shareholders and the public, and contains instruction for the board of directors. It sets out definitions to be used as well as guidelines for filing reports and statements and for disclosing information specific to oil and gas companies. Definitions Independent qualified auditor/evaluator A key document that must be filed regularly is a report prepared by an independent qualified reserves evaluator or auditor. To be independent, this person must have nothing in their relationship with the company that could, in the opinion of a reasonable person who knew all the facts, interfere with either the person’s or the company’s judgment when it comes to preparing information for the company to use. To be qualified, the person must have the appropriate professional qualifications and experience to make them able to evaluate or audit the data in question. They must also be a member in good standing of a professional organization. Reserve classification Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, from a given date forward, based on: • analysis of drilling, geological, geophysical and engineering data; • the use of established technology; • specified economic conditions, generally accepted as being reasonable, which shall be disclosed.
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