Canamax Energy Ltd. is required to report annually under the Extractive Sector Transparency Measures Act (“ESTMA”) enacted by the Government of Canada, beginning with the year ended December 31, 2018.
This new federal legislation imposes mandatory reporting requirements on certain entities engaged in the “commercial development of oil, gas or minerals”. All companies subject to ESTMA are required to report payments over CDN $100,000 made to any level of a Canadian or foreign government, including royalty payments, taxes (other than consumption taxes and personal income taxes), fees, production entitlements, bonuses, dividends (other than ordinary dividends paid to shareholders), infrastructure improvement payments and other prescribed categories of payments.
Canamax’s 2018 ESTMA Report and future period reports can be found here.
Payments reported in the ESTMA Report reflect gross payments made directly by Canamax, including payments made in the capacity of operator on behalf of partners. Payments made by an operator on behalf of Canamax are not included.