Companion Policy 51-101 Standards of Disclosure for Oil and Gas Activities
Part 5 Requirements Applicable to All Disclosure
Section 5.10

Prospectus Disclosure

In addition to the general disclosure requirements in NI 51-101 which apply to prospectuses, the following commentary provides additional guidance on topics of frequent enquiry.

…(5) Relief to Provide More Recent Form 51-101F1 Information in a Prospectus – If a reporting issuer is filing a preliminary prospectus and wishes to disclose reserves data and other oil and gas information as at a more recent date than its applicable year-end date, the CSA may consider relieving the reporting issuer of the requirement to disclose the reserves data and other information as at year-end.

A reporting issuer may determine that its obligation to provide “full, true and plain disclosure” obliges it to include in its prospectus reserves data and other oil and gas information as at a date more recent than specified in the prospectus requirements. The prospectus requirements state that the information must be as at the reporting issuer’s most recent financial year-end in respect of which the prospectus includes financial statements.

CSA staff may consider granting relief on a case-by-case basis to permit a reporting issuer in these circumstances to include in its prospectus the oil and gas information prepared with an effective date more recent than the financial yearend date, without also including the corresponding information effective as at the year-end date. A consideration for granting this relief may include disclosure of Form 51-101F1 information with an effective date that coincides with the date of interim financial statements. The reporting issuer should request such relief in the covering letter accompanying its preliminary prospectus. The grant of the relief would be evidenced by the prospectus receipt….