ASC withdraws Notice of Hearing against Rogers Oil & Gas to renew and broaden investigation

CALGARY, June 17, 2011 /CNW/ - The Alberta Securities Commission (ASC) has withdrawn an April 29, 2011 Notice of Hearing that alleged Rogers Oil & Gas Inc., John Rogers, Charles (Chad) Mitchell, Brian Wilkinson, Reza Bamoniri, and Paul Barker breached Alberta securities laws by making misrepresentations to potential investors and illegally distributing shares in the private, Alberta-based company Rogers Oil & Gas Inc.

The Notice of Hearing alleged that between June 2008 and January 2011, Rogers Oil & Gas, Rogers, Mitchell, Wilkinson, Bamoniri, and Barker raised approximately $18 to 24 million from investors, including Alberta residents, and that Rogers, Mitchell, Wilkinson, Bamoniri, and Barker authorized Rogers Oil & Gas to issue offering memoranda containing several deficiencies, including statements they knew or ought to have known were materially misleading and untrue.

The ASC withdrew the Notice of Hearing for the purpose of renewing and broadening its investigation into this matter. Almost immediately after advising the Respondents of that withdrawal, the ASC learned that the withdrawal is being used for what appear to be ongoing promotional or capital raising purposes, as though the withdrawal meant that the Respondents have been exonerated.

Staff of the ASC advise the public that withdrawal of a Notice of Hearing does not equate to exoneration.  The investigation continues and ASC staff anticipate that a new Notice of Hearing will be issued at a later date.

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.

SOURCE Alberta Securities Commission

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


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890