Helbronner, Valerie
Torys LLP
(416) 865-7516
vhelbronner@torys.com
Ms. Helbronner's practice
focuses on project develop-
ment and finance and
Aboriginal law. She has
worked on a range of energy
and infrastructure projects,
including many in the renew-
able power sector and
several innovative "first-of-
type" projects.
Henrie, Pierre-Paul
Norton Rose Fulbright
Canada LLP
(613) 780-3777
pierre-paul.henrie@nortonrose-
fulbright.com
Mr. Henrie practises corpor-
ate and commercial law,
with particular emphasis on
matters relating to project
financings, private place-
ments, secured lending
transactions, M&A, technol-
ogy contracting, licensing
and technology-related
transactions.
Hill, Krista F.
Torys LLP
(416) 865-7953
khill@torys.com
Ms. Hill is widely recognized
as a leading lawyer in energy
and infrastructure M&A
and project development.
She has significant expertise
in all aspects of power
projects, including nuclear,
gas-fired, wind, hydro
and solar projects.
Henderson, Philip J.
Stikeman Elliott LLP
(416) 869-5691
phenderson@stikeman.com
Mr. Henderson is co-head of
the firm's Financial Products
& Services practice group.
His practice focuses on
complex corporate finance,
M&A, capital markets and
securities law matters includ-
ing structured transactions
and derivatives.
Herman, Michael
Gowling Lafleur
Henderson LLP
(416) 369-7281
michael.herman@gowlings.com
Mr. Herman is the Co-leader
of Gowlings's Corporate
Finance, M&A and Private
Equity Group.He acts
for a wide range of clients,
including entrepreneurial,
privately held companies
and mid-market investment
and financial institutions.
Houston, Ian J.
Borden Ladner Gervais LLP
(416) 367-6111
ijhouston@blg.com
Mr. Houston is National
Leader of BLG's Construc-
tion Group, and specializes
in advising clients in relation
to contentious and non-
contentious issues on major
capital projects in the mining,
energy, transportation and
social infrastructure sectors.
CONTINUOUS DISCLOSURE
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23
es: their estimated quantities of oil or gas in
the ground that, depending on a number of
factors might or might not one day be ex-
tracted. Such resources, for instance, can't
be classified as reserves if there isn't yet a
nearby pipeline that could transport the oil
or gas to market.
"You can imagine there are real good rea-
sons for regulations to be all encompassing
in a situation like that," says Hudson. Other-
wise, investors could be misled. "However,"
adds Hudson, "those companies still have to
get a resource evaluation done, so they have
to pay someone to do the evaluation." Not
an easy thing to do for cash-starved juniors,
who, due to the costs of complying with the
new amendments, may have to curtail such
reporting in the future. When it comes to
reeling in investors, that's like fishing with-
out a lure.
e new rules, which include new and
standardized definitions for various kinds
of resources, are now effective for issuers
with a December 31, 2015, year-end. e
CSA says the rules are also intended to give
oil and gas companies that operate in differ-
ent jurisdictions increased reporting flex-
ibility, and covers new kinds of oil and gas
products not previously covered.
e amendments, says the CSA, provide
clearer guidance for disclosure of contin-
gent and prospective reserves. e amend-
ments include requirements to increase de-
tail concerning the risked net present value
of future net revenue, and requirements
to clarify the concept of marketability in
reporting oil and gas volumes. As well, the
CSA, concerned about inconsistencies in
reporting well abandonment and reclama-
tions costs, have added requirements that
those costs be more accurately detailed in
future net revenue disclosures and identi-
