Marathon et al Exempt From Canadian Oil, Gas Reporting Obligations
Marathon Oil Corporation announced that the securities commissions of the provinces of Alberta and Ontario have issued a decision document (Decision) which has the effect of granting Marathon and 1339971 Alberta Ltd. (1339971), an indirect subsidiary of Marathon, 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, Marathon and 1339971 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, Marathon 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 Act of 1933, the United States Securities Exchange Act of 1934 and the rules and regulations of the United States Securities and Exchange Commission (SEC), the New York Stock Exchange and the Chicago Stock Exchange (collectively, U.S. Rules). Marathon is required to file such disclosure with the appropriate Canadian securities commissions as soon as practicable after such disclosure is filed with the SEC.
Investors should be aware that Marathon'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 investors are urged to consider these differences when considering all future disclosures made by Marathon relating to its oil and gas activities.
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