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ddj · 10-14-2007, 05:03 PM

I thought each of you would be interested in hearing that the press releases by oil and gas companies are not necessarily “threats”, as coined by the media, but rather a regulatory requirement under National Instrument 52-101 “Continuous Disclosure Obligations” as published and enforced by the Canadian Securities Administrators

http://www.osc.gov.on.ca/Regulation/...02_con-dis.pdf

In addition, COMPANION POLICY 52-101CPTO NATIONAL INSTRUMENT 52-101 FUTURE-ORIENTED FINANCIAL INFORMATION governs the disclosure requirements of publicly-traded companies, specifically growth prospects and capital spending http://www.osc.gov.on.ca/Regulation/...52-101_pcp.jsp

I recognize that many, including myself, originally thought these press releases were political posturing…and some companiesmay in fact be using them for dual purposes. However, the media’s use of “threats” ismisleading… by the very same rules, companies are obligated to update their forecasts and future actions, based on a variety of outcomes… it’s the law…it’s about fulfilling a governance requirement and the obligation to disclosure… a important point that is easily overlooked.

The media has INCORRECTLY identified these press releases as threats, when in fact companies/officers/directors must issue the press release to the public as to the effect of pending legislation or proposalsmay have on their previously released guidance. If they don’t, they run the risk of being sued and being held personally liable for not properly disclosing the impact a change may have on their business.

10-14-2007, 05:03 PM	#1
ddj Draft Pick Join Date: Oct 2007	'Big Oil' can't threat I thought each of you would be interested in hearing that the press releases by oil and gas companies are not necessarily “threats”, as coined by the media, but rather a regulatory requirement under National Instrument 52-101 “Continuous Disclosure Obligations” as published and enforced by the Canadian Securities Administrators http://www.osc.gov.on.ca/Regulation/...02_con-dis.pdf In addition, COMPANION POLICY 52-101CPTO NATIONAL INSTRUMENT 52-101 FUTURE-ORIENTED FINANCIAL INFORMATION governs the disclosure requirements of publicly-traded companies, specifically growth prospects and capital spending http://www.osc.gov.on.ca/Regulation/...52-101_pcp.jsp I recognize that many, including myself, originally thought these press releases were political posturing…and some companiesmay in fact be using them for dual purposes. However, the media’s use of “threats” ismisleading… by the very same rules, companies are obligated to update their forecasts and future actions, based on a variety of outcomes… it’s the law…it’s about fulfilling a governance requirement and the obligation to disclosure… a important point that is easily overlooked. The media has INCORRECTLY identified these press releases as threats, when in fact companies/officers/directors must issue the press release to the public as to the effect of pending legislation or proposalsmay have on their previously released guidance. If they don’t, they run the risk of being sued and being held personally liable for not properly disclosing the impact a change may have on their business. Last edited by ddj; 10-14-2007 at 05:13 PM.