ASC Settles Illegal Insider Trading Allegations with Drilling Engineer

CALGARY , Feb. 11 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with drilling engineer Peter Waite regarding allegations that he engaged in illegal insider trading of Verenex Energy Inc. securities in 2007.

Under the settlement agreement, Waite paid the ASC approximately $58,000 to settle the allegations and $2,500 towards costs. Waite also undertook to cease trading in securities and refrain from using Alberta securities laws exemptions for three years.

In the settlement agreement, Waite admitted that from January to June of 2007 he breached Alberta securities laws when he purchased Verenex Energy shares with knowledge of undisclosed material facts concerning favourable production prospects of Verenex Energy's Libyan petroleum and natural gas wells. Waite made unrealized gains of approximately $38,000 .

A copy of the settlement agreement can be found 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