The purpose of the Reserves Committee is to assist the Board in carrying out its responsibilities with respect to annual and interim reviews of the Corporation’s oil and natural gas reserves and resources.
The Committee shall be comprised of at least three directors and shall be appointed annually, following the annual general meeting of the Corporation. At least two members shall have oil and gas operations expertise. A majority of the members shall be independent/unrelated. The Committee shall select or re-appoint a Chair annually.
The Committee may incur expenses without prior board's approval up to a limit of $100,000 for any one occurrence to, among other things, hire consultants and conduct inspections.
The Committee shall meet at least twice annually, and as deemed necessary in order to carry its duties effectively, and shall maintain minutes of each meeting.
In carrying out its responsibilities, the Committee shall:
The Committee Chair shall present a verbal or written report regarding the Committee meetings/discussions at scheduled meetings of the Board.
The Committee’s work schedule will be as attached but may be amended, from time to time, by the Chair of the Committee.
|Year-end reserves and resources evaluations|
|Review reserve data with Management and independent Evaluator|
|Sign off on year end reserve evaluation|
|Receive Management’s Reserves Questionnaire responses|
|Detailed year end reserve analysis|
|Detailed analysis of two major properties|
|Mid-year review of reserves and resources data|
|Review reserves and resources data with Management|
|Assess Independent Evaluators|
|Recommend appointment of the independent evaluators|
|Review the process of reserves and resources booking and reserves and resources authentication|
|Receive signed independent evaluator’s reports|
|Receive a signed certificate of compliance/due diligence from management|
|Review preliminary results of year-end reserves evaluation - Optional|
|Review of Charter and Work Plan of the Committee|
|Hold an in-camera session of the independent members of the Committee||
At every meeting.