ASC settles illegal insider trading case with former Calgary resident

CALGARY, May 28, 2012 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with Australian resident James Twanow to settle allegations he engaged in illegal insider trading by providing his father with undisclosed material information regarding Berens Energy Ltd. shares in 2009.  James Twanow has agreed to refrain from trading in or purchasing securities for three years, and pay the ASC $22,000 plus $3,000 in costs.

In the Settlement Agreement, James Twanow acknowledged he informed his father Edward Twanow in late December 2009 that he had been placed on a non-routine blackout list in connection to an intended transaction between Berens and PetroBakken Energy Ltd.  At the time, James Twanow was an engineering consultant with PetroBakken.  James Twanow states that during his conversation about the blackout, he urged his father not to trade in Berens shares. Following that conversation, Edward Twanow, who has settled with the ASC regarding these actions, purchased 20,000 Berens shares, which he later sold for a profit of $10,600.

A hearing for the remainder of the respondents alleged to have engaged in similar misconduct with respect to PetroBakken's acquisition of Berens began on May 28, 2012.

A copy of the Settlement Agreement 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 Media Inquiries: 
Mark Dickey
Senior Communications Advisor
403.297.4481

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ASC Public Inquiries
Toll Free 1.877.355.4488