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Insider Trading

Calgary, Canada: (Dec-27-07) The Alberta Securities Commission (ASC) brought charges against Nova Scotia oil and gas well testing consultant Blair MacDougall, claiming that he engaged in illegal insider trading. 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. Sources close to the case stated that during the proceedings, MacDougall admitted he sold 18,000 shares of Marauder Resources East Coast Inc., with undisclosed well data that indicated the drilling of a particular well was unsuccessful. At the time, MacDougall was contracted by EnCana to provide well testing consulting services for a joint EnCana/Marauder well project off the coast of Nova Scotia. Records show that MacDougall avoided a loss of $5,035.50 through this transaction.

As part of a settlement reached, Blair MacDougall agreed to pay the ASC $12,500 to resolve allegations. Additionally, MacDougall has also agreed to cease trading in or purchasing securities, with some exceptions, for a period of three years. [FOX BUSINESS: INSIDER TRADING]

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Published on Dec-29-07


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