ASC concludes $80,000 settlement with Vernon Arnold Krikke

CALGARY, July 30 /CNW/ - The Alberta Securities Commission (ASC) has received $80,000 from Vernon Arnold Krikke, a former manager with Crossfire Energy Services Inc., to settle allegations of illegal insider trading of Crossfire Energy securities.

In the settlement agreement, Krikke admitted he had knowledge of undisclosed material information concerning Crossfire Energy's deteriorating financial status and its ability to continue to operate as a going concern when he sold 314,500 Crossfire Energy shares between January 22 and February 15, 2008, avoiding a loss of $48,880.

Under the settlement agreement, Krikke also paid the ASC $2,500 towards costs and agreed to cease trading in or purchasing securities, with some exceptions, for a period of four years.

A copy of the settlement agreement is posted 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, 403-297-4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488