TSX | TSXV Guide to Listing 2026 46 TSX Oil and Gas Companies Senior Oil and Gas Companies Operations Proved and probable reserves of $100,000,000, the majority of which is proved Proved reserves of $100,000,000 Funding Positive pre-tax cash flow from operations in the most recently completed audited annual and interim financial statements OR 12-month run rate calculation demonstrating sufficient funding for the period Positive pre-tax cash flow from operations in the most recently completed audited annual and interim financial statements AND Average production rate of 10,000 boepd for the most recently completed quarter Market Support $50,000,000 market capitalization $100,000,000 market capitalization Public Distribution, Market Capitalization & Public Float All applicants are required to demonstrate public distribution of at least 1,000,000 freely trading public shares held by at least 300 public shareholders each holding a board lot or more. Sponsorship A sponsorship report prepared by a TSX Participating Organization is required in the following circumstances: • Where the applicant has not filed a prospectus for an offering of securities underwritten by a Participating Organization within six months prior to the date of listing, unless graduating from the TSX Venture Exchange; • Where the application involves an emerging market jurisdiction; • Where there are governance issues for which TSX requires additional commentary; • Where, based on TSX’s review of management personal information forms and/or experience, additional commentary is required; or • Where, based on TSX’s review of title and ownership of a resource property, additional commentary is required. Management & Board of Directors Management, including the board of directors, should have adequate experience and technical expertise relevant to the company’s oil and gas projects as well as adequate public company experience. Companies are required to have at least two independent directors, a Chief Executive Officer (CEO), a Chief Financial Officer who is not also the CEO, and a Corporate Secretary. Other Criteria Up-to-date technical report prepared by an independent technical consultant (NI 51-1011). The foregoing is a summary of the applicable listing requirements only. For detailed listing requirements, refer to the TSX Company Manual and the TSX Venture Exchange Corporate Finance Manual which are available at tmx.com. Reserves: Both “proved” and “probable” reserves are as defined in NI 51-101 and the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter), as amended from time to time. The value of reserves should be calculated as the net present value of future cash flows before income taxes, prepared on a forecast basis, and discounted at a rate of 10%. TSX may, at its discretion, also require the provision of a price sensitivity analysis. Technical reports must be prepared by an independent technical consultant and conform to NI 51-101, and be acceptable to the Exchange. Reports prepared in conformity with other reporting systems deemed acceptable by the Canadian Securities Administrators (“CSA”) as evidenced by a CSA exemption will also be acceptable. 1 “NI 51-101” means National Instrument 51-101 – Standards of Disclosure for Oil & Gas Activities – available at osc.gov.on.ca. LISTING REQUIREMENTS Oil & Gas Companies
RkJQdWJsaXNoZXIy MjgzMzQ=