ASC Settles Illegal Insider Trading Allegations with Oilfield Consultant

CALGARY , Nov. 12 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with oilfield consultant Wytze Kingma regarding allegations that he engaged in illegal insider trading of Verenex Energy Inc. securities. Kingma agreed to cease trading in securities for four years and paid $210,000 to settle the allegations and $5,000 towards costs.

In the settlement agreement, Kingma admitted that in January and February 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. Through the illegal use of insider information, Kingma realized a profit of approximately $140,000 .

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