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The Audit Committee is responsible for review and approval of the quarterly financial statements, management’s discussion and analysis, all press releases containing financial disclosure, and the Company’s oil and gas reserves reporting. The committee recommends to the Board the appointment and remuneration of the external auditors. The external auditors report directly to the committee. All non-audit work performed by the external auditors is to be approved by the committee. The committee also has oversight responsibility for the internal control systems that management has established.
The Compensation Committee determines the total compensation and benefits of the President & CEO. On recommendation of the President & CEO, the Compensation Committee determines the general compensation programs for the Company and the compensation and benefit levels for the other senior officers. The committee’s mandate is to ensure the overall compensation programs are designed to maintain the Company’s desired competitive positioning in the oil and gas industry.
The Corporate Governance Committee is responsible for reviewing the effectiveness of the corporate governance practices of the Company, periodically reviewing the composition of the Board and its committees and their respective terms of reference. In conjunction with the Co-Chairs, the committee develops the annual performance objectives for the President & CEO. The committee is also responsible for ensuring appropriate procedures are in place so that the Board can function independently of management.
The Health, Safety and Environment Committee is responsible for reviewing and recommending for approval by the Board of Directors updates to the health, safety and environmental policy, the development with management and achievement of specific environmental objectives and targets, and for monitoring compliance with the Company’s environmental policies. | 
