51-101F2 - Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor [F - Rescinded]
- BCN 2007/40 - Adoption of Amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, related forms and companion policy [BCN - Lapsed]
This is the form referred to in item 2 of section 2.1 of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101").
- Terms to which a meaning is ascribed in NI 51-101 have the same meaning in this form. 1
- The report on reserves data referred to in item 2 of section 2.1 of NI 51-101, to be executed by one or more qualified reserves evaluators or auditors independent of the reporting issuer, must in all material respects be as follows:
Report on Reserves Data
To the board of directors of [name of reporting issuer] (the "Company"):
- We have [audited] [evaluated] [and reviewed] the Company’s reserves data as at [last day of the reporting issuer's most recently completed financial year]. The reserves data are estimates of proved reserves and probable reserves and related future net revenue as at [last day of the reporting issuer’s most recently completed financial year], estimated using forecast prices and costs.
- The reserves data are the responsibility of the Company’s management. Our responsibility is to express an opinion on the reserves data based on our [audit] [evaluation] [and review].
We carried out our [audit] [evaluation] [and review] in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") prepared jointly by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society).
- Those standards require that we plan and perform an [audit] [evaluation] [and review] to obtain reasonable assurance as to whether the reserves data are free of material misstatement. An [audit] [evaluation] [and review] also includes assessing whether the reserves data are in accordance with principles and definitions presented in the COGE Handbook.
- The following table sets forth the estimated future net revenue (before deduction of income taxes) attributed to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount rate of 10 percent, included in the reserves data of the Company [audited] [evaluated] [and reviewed] by us for the year ended xxx xx, 20xx, and identifies the respective portions thereof that we have [audited] [evaluated] [and reviewed] and reported on to the Company's [management/board of directors]:
Qualified Reserves Evaluator or Auditor
Description and Preparation Date of
(Country or Foreign Geographic Area)
Net Present Value of FutureNet Revenue
(before income taxes, 10% discount rate)
xxx xx, 20xx
xxx xx, 20xx
- In our opinion, the reserves data respectively [audited] [evaluated] by us have, in all material respects, been determined and are in accordance with the COGE Handbook. We express no opinion on the reserves data that we reviewed but did not audit or evaluate.
- We have no responsibility to update our reports referred to in paragraph 4 for events and circumstances occurring after their respective preparation dates.
- Because the reserves data are based on judgements regarding future events, actual results will vary and the variations may be material. However, any variations should be consistent with the fact that reserves are categorized according to the probability of their recovery.
Executed as to our report referred to above:
Evaluator A, City, Province or State / Country, Execution Date
Evaluator B, City, Province or State / Country, Execution Date
1 For the convenience of readers, CSA Staff Notice 51-324 Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities sets out the meanings of terms that are printed in italics in sections 1 and 2 of this Form or in NI 51-101, Form 51-101F1, Form 51-101F3 or Companion Policy 51-101CP. [This footnote is for the reader's convenience and does not form part of the form officially adopted in British Columbia.]
2 This amount should be the amount disclosed by the reporting issuer in its statement of reserves data filed under item 1 of section 2.1 of NI 51-101, as its future net revenue (before deducting future income tax expenses) attributable to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount rate of 10 percent (required by section 2 of Item 2.1 of Form 51-101F1).