The Securities Commission has granted Ovintiv Inc., a company incorporated in Delaware with its head office in Denver, Colorado, an exemption from the requirements of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101). Ovintiv Inc., which carries out the business formerly conducted by Encana Corporation, is a U.S. issuer eligible to use the Multijurisdictional Disclosure System (MJDS) and is also an SEC foreign issuer under National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers (NI 71-102).
The company is a reporting issuer in all Canadian provinces and territories and is not in default of any Canadian securities legislation. Its common shares are listed on both the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX), and it has issued various notes under U.S. registration statements.
The exemption is conditional upon Ovintiv Inc. remaining a U.S. issuer and an SEC foreign issuer, continuing to prepare its oil and gas disclosure in compliance with U.S. rules, issuing a news release in Canada stating that it will provide oil and gas disclosure in accordance with U.S. rules rather than NI 51-101, and filing the oil and gas disclosure with Canadian securities regulatory authorities promptly after filing in the U.S.
This decision is based on the company’s representations and is in accordance with the securities legislation of Alberta and Ontario, as well as the applicable provisions of NI 51-101, National Instrument 14-101 Definitions, Multilateral Instrument 11-102 Passport System, NI 71-101, and NI 71-102. The Alberta Securities Commission is the principal regulator for this application, and the decision also represents the decision of the securities regulatory authority in Ontario.