Exxon Mobil Corporation Obtains Exemption from Canadian Oil and Gas Reporting Obligations
February 27 2017 - 4:35PM
Business Wire
Exxon Mobil Corporation said today that the securities
commissions for the provinces of Alberta and Ontario have issued a
decision document (the "Decision"), which has the effect of
granting ExxonMobil exemptive relief from the disclosure
requirements contained in National Instrument 51-101 – Standards of
Disclosure for Oil and Gas Activities ("NI 51-101").
As a result of the Decision, and provided that certain
conditions set out in the Decision are met on an on-going basis,
the Company will not be required to comply with the requirements of
NI 51-101 and, accordingly, will not be required to file Form
51-101F1 – Statement of Reserves Data and Other Oil and Gas
Information, Form 51-101F2 – Report on Reserves Data by Independent
Qualified Reserves Evaluator or Auditor and Form 51-101F3 – Report
of Management and Directors on Oil and Gas Disclosure. In lieu of
such filings, ExxonMobil is permitted, pursuant to the Decision, to
provide disclosure in respect of its oil and gas activities in the
form permitted by, and in accordance with, the legal requirements
of the United States Securities and Exchange Commission, the United
States Securities Act 1933, as amended, the United States
Securities Exchange Act of 1934, as amended, the United States
Sarbanes-Oxley Act of 2002 and the rules of the New York Stock
Exchange (collectively, the "U.S. Rules"). ExxonMobil is required
to file such disclosure with the securities regulatory authority or
regulator in Alberta, Ontario and British Columbia as soon as
practicable after such disclosure is filed pursuant to the U.S.
Rules.
Readers should be aware that the Company's future disclosure
relating to its oil and gas activities will comply with the U.S.
Rules rather than NI 51-101 and the Canadian Oil and Gas Evaluation
Handbook. The U.S. Rules differ in a number of respects from the
disclosure otherwise required under NI 51-101 and the Canadian Oil
and Gas Evaluation Handbook and readers are urged to consider these
differences when considering all future disclosures made by
ExxonMobil relating to its oil and gas activities.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is the largest refiner and marketer of
petroleum products, and its chemical company is one of the largest
in the world. For more information, visit www.exxonmobil.com or
follow us on Twitter www.twitter.com/exxonmobil.
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