ASC finds Canext Energy officer and employees engaged in illegal insider trading

CALGARY, June 9, 2011 /CNW/ - The Alberta Securities Commission (ASC) has found that Stephen Kapusta, the former president and chief executive officer of Canext Energy Ltd., and Dino Zelantini, Michael Doty and Indraneel Raychaudhuri, employees in the company's exploration group, engaged in illegal insider trading in Canext Energy shares.  The ASC panel found that former company vice-presidents Neil Holmes and Mark Birchard did not engage in illegal insider trading.

The ASC panel found that Kapusta, Zelantini, Doty and Raychaudhuri breached Alberta securities laws and acted contrary to the public interest when they purchased Canext Energy shares between February 27, 2008 and March 13, 2008, with undisclosed knowledge that Canext Energy was producing oil from a new pool estimated to contain up to 40 million barrels of oil in place.

In its decision, the ASC panel emphasized "the care that must be taken, by everyone associated in any capacity with a reporting issuer, to ensure that they do not, improperly and illegally, profit from material information that they come to know through their connection to the issuer, by buying or selling its securities before the material information has been made public."  The ASC panel cautioned that the most advisable course of action for anyone in this position is to refrain from buying or selling securities of that issuer until certain the material information has been made public.

ASC staff and Kapusta, Zelantini, Doty and Raychaudhuri may now provide submissions to the ASC panel regarding possible orders for sanctions and costs.  Once the ASC panel has received all such submissions, it will decide what, if any, orders ought to be made.

A copy of the merits decision can be found on the ASC website at

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
For Investor Inquiries:     ASC Public Inquiries
Toll Free 1.877.355.4488


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