ASC Finds Global Petroleum Strategies Operated a Boiler Room



    CALGARY, June 17 /CNW/ - The Alberta Securities Commission (ASC) has
found that Global Petroleum Strategies, LLC breached Alberta securities laws
and acted contrary to the public interest by engaging in illegal distributions
of securities to Alberta residents. Global Petroleum was based in Boca Raton,
Florida.
    An ASC panel found that Global Petroleum illegally traded and distributed
Petroleum Unlimited securities to Alberta investors without registration or a
prospectus, and without exemptions.
    In its decision, the ASC panel described Global Petroleum's conduct as
"egregious" and said that it "may have harmed and certainly put in jeopardy
identifiable investors." The ASC panel concluded that, "In operating its
classic boiler room - designed to inveigle the unwary into handing over their
money - Global exhibited a cynical disregard both for investors and for the
spirit (as well as the letter) of Alberta securities laws."
    Written submissions regarding possible sanctions against Global Petroleum
will be submitted to the ASC panel and, if necessary, the hearing will be
reconvened.
    A copy of the decision 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 with fostering a fair and
efficient capital market in Alberta and protecting 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 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


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