This past year has been one of significant change in the oil and gas industry in Canada. It has seen the announcement of new rules regarding the taxation of income trusts; the release of the Report of the Alberta Royalty Review Panel; and the enactment of Alberta's Specified Gas Emitters Regulation. This article appears in the 2008 Lexpert/ALM Guide to the Leading 500 Lawyers in Canada. Reproduced with permission of Thomson Carswell.