The Alberta Securities Commission released its first report on companies’ compliance with the new oil and gas disclosure rules today, saying that it was generally satisfied with its findings.

The ASC reviewed the disclosure of 236 companies of various sizes headquartered in Alberta. The report summarizes the reviews of ASC staff concerning both filed disclosure and the more technical aspects of the underlying reserves evaluation reports.

“Of the 236 reviews we conducted, 25 issuers had to re-file due to material filing deficiencies,” explained Ken Parker, the ASC’s director, capital markets. “We did, however, identify a number of technical areas of concern with some of the reserves evaluation reports. Overall, we are satisfied with the compliance demonstrated by Alberta oil and gas issuers, given that this is the initial year for the new disclosure requirements.”

Public companies began reporting their oil and gas reserves under new securities rules beginning early in 2004. At the same time as they release their annual financial statements, public companies report estimates of their oil and gas reserves and related cash flow prepared by an independent reserves evaluator, comparisons to prior-year estimates and other information about their oil and gas activities. The oil and gas report must comply with industry-developed terminology and procedures and be reviewed and approved by company directors.

“The purpose of the rule and the goal of these compliance reviews is to improve the quality, completeness and timeliness of reserves information available to the financial markets,” said Parker.

Parker added that the ASC continues to review and monitor both the required filings and the underlying technical reserves evaluation reports and follow-up with issuers when deficiencies are identified.