Notice of Rescissions of Policies: Proposed Rescission of OSC Policy Statement No. 1.1, 4.1, 7.2, 7.3, 7.6 and 7.7

Pre-Reformulation

February 26, 1999

NOTICE OF RESCISSIONS OFOSC POLICY STATEMENT NO. 1.1OSC POLICY STATEMENTS - GENERAL,OSC POLICY STATEMENT NO. 4.1 PUBLIC OWNERSHIP OF DEALERS,CONDITIONS OF REGISTRATION AND INSTITUTIONAL OWNERSHIP,OSC POLICY STATEMENT NO. 7.2TIMELY DISCLOSURE - EARLY WARNING,OSC POLICY STATEMENT NO. 7.3 MANAGEMENT'S REPORTDISCLOSING CONTINGENCIES AND GOING CONCERNCONSIDERATIONS IN FINANCIAL STATEMENTS,OSC POLICY STATEMENT NO. 7.6 ENFORCEMENT OF TIMELYFILINGS OF FINANCIAL STATEMENTS, ANDOSC POLICY STATEMENT NO. 7.7 THE OIL AND GAS INDUSTRY -APPLICATION OF THE CEILING TEST WHENTHE FULL COST METHOD IS USED

Notice of Rescissions of Policies

The Ontario Securities Commission has rescinded the following OSC PolicyStatements:

OSC Policy Statement No. 1.1 OSC Policy Statements - General ("Policy 1.1")

OSC Policy Statement No. 4.1 Public Ownership of Dealers, Conditions ofRegistration and Institutional Ownership ("Policy 4.1")

OSC Policy Statement No. 7.2 Timely Disclosure - Early Warning ("Policy 7.2")

OSC Policy Statement No. 7.3 Management's Report Disclosing Contingenciesand Going Concern Considerations in Financial Statements ("Policy 7.3")

OSC Policy Statement No. 7.6 Enforcement of Timely Filings of FinancialStatements ("Policy 7.6")

OSC Policy Statement No. 7.7 The Oil and Gas Industry - Application of theCeiling Test when the Full Cost Method is Used ("Policy 7.7")

The rescissions are effective March 1, 1999.

A notice respecting the proposed rescission of these Policies was published on August28, 1998 at (1998), 21 OSCB 5473. Interested parties were invited to make writtensubmissions with respect to the proposed rescissions. No submissions were receivedand no changes have been made from the draft, other than the addition of an effectivedate.

Text of Rescissions

1. Policy 1.1

"OSC Policy Statement No. 1.1 entitled "OSC Policy Statements - General" isrescinded effective March 1, 1999."

2. Policy 4.1

"OSC Policy Statement No. 4.1 entitled "Public Ownership of Dealers,Conditions of Registration and Institutional Ownership" is rescinded effectiveMarch 1, 1999."

3. Policy 7.2

"OSC Policy Statement No. 7.2 entitled "Timely Disclosure - Early Warning" isrescinded effective March 1, 1999."

4. Policy 7.3

"OSC Policy Statement No. 7.3 entitled "Management's Report DisclosingContingencies and Going Concern Considerations in Financial Statements" isrescinded effective March 1, 1999."

5. Policy 7.6

"OSC Policy Statement No. 7.6 entitled "Enforcement of Timely Filings ofFinancial Statements" is rescinded effective March 1, 1999."

6. Policy 7.7

"OSC Policy Statement No. 7.7 entitled "The Oil and Gas Industry - Applicationof the Ceiling Test when the Full Cost Method is Used" is rescinded effectiveMarch 1, 1999."

DATED: February 26, 1999.