ASC Alleges Illegal Insider Trading Against Kapusta, Holmes, Birchard,
Zelantini, Doty and Raychaudhuri

CALGARY, May 5 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing against Stephen Kapusta, Neil Holmes, Mark Birchard, Dino Zelantini, Michael Doty and Indraneel Raychaudhuri alleging they engaged in illegal insider trading of Canext Energy Ltd. shares in early 2008.

ASC staff allege that the parties named above were in a special relationship with the Calgary-based energy company and were in possession of material information not publicly disclosed at the time they traded Canext Energy shares in January, February and March 2008.

An appearance to set a date for hearing in Calgary will be held on June 16, 2010 at 12:30 p.m. in the ASC Hearing Room, 6th floor, 300 - 5th Avenue SW, Calgary, Alberta.

A copy of the Notice of Hearing is available on the ASC website at www.albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

For further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, [phone]; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488