Energy Institute and Its Members Who Are Members and Fellows - MRRS Decision

Headnote

Mutual Reliance Review System for Exemptive Relief Applications -- Acceptance as a professional organization under National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities - An entity wishes to be accepted as a "professional organization" under section 1.1(w)(iv)(B) of NI 51-101 - The entity admits members primarily on the basis of their educational qualifications; the entity requires its members to comply with professional standards of competence and ethics relevant to the estimation, evaluation, review or audit of reserves data; the entity has disciplinary powers, including the power to suspend or expel a member.

Applicable Ontario Statutory Provisions

National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

March 1, 2007

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,

MANITOBA, ONTARIO, QUÉBEC, NEW BRUNSWICK,

NOVA SCOTIA, NEWFOUNDLAND AND LABRADOR,

PRINCE EDWARD ISLAND, YUKON, NORTHWEST

TERRITORIES AND NUNAVUT (the Legislation)

AND

IN THE MATTER OF

NATIONAL INSTRUMENT 51-101

STANDARDS OF DISCLOSURE FOR

OIL AND GAS ACTIVITIES (NI 51-101)

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

ENERGY INSTITUTE AND ITS MEMBERS WHO ARE

MEMBERS AND FELLOWS

MRRS DECISION DOCUMENT

Background

1. The local securities regulatory authority or regulator (the Decision Maker) in each of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, Yukon, Northwest Territories, and Nunavut (the Jurisdictions) has received the recommendation (collectively, the Recommended Decision) of the Canadian Securities Administrators staff committee responsible for NI 51-101 that the Decision Maker accept the Energy Institute as a "professional organization" under NI 51-101, but only for those members of the Energy Institute who are Members and Fellows in good standing.

2. Under the Mutual Reliance Review System for Exemptive Applications:

2.1 the Alberta Securities Commission is the principal regulator for this application; and

2.2 this MRRS Decision Document evidences the decision of each Decision Maker.

Interpretation

3. Terms defined in National Instrument 14-101 Definitions or in Appendix 1 of Companion Policy 51-101CP have the same meaning in this decision unless they are otherwise defined in this decision.

Representations

4. This decision is based on the representation by the Energy Institute that, under its Bye-Laws, Code of Ethics and Disciplinary Procedures, in respect of members who qualify as Members and Fellows, the Energy Institute:

4.1 admits members primarily on the basis of their educational qualifications;

4.2 requires its members to comply with the professional standards of competence and ethics prescribed by the Energy Institute that are relevant to the estimation, evaluation, review or audit of reserves data; and

4.3 has disciplinary powers, including the power to suspend or expel a member.

Decision

5. Each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met.

6. The decision of the Decision Makers under the Legislation is that the Recommended Decision is made and the acceptance so granted will continue for so long as the representations set out in paragraph 4 remain true.