ASC alleges illegal insider trading against Anthony Lambert, Sandra Pierce and Sean Turner

CALGARY, April 22, 2013 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that Anthony Lambert, Sandra Pierce and Sean Turner all breached Alberta securities laws by engaging in illegal insider trading in shares of former Calgary-based oil and gas company Daylight Energy Ltd.

ASC staff allege that in August and September 2011, Anthony Lambert, who at the time was President and CEO of Daylight, purchased shares of Daylight with undisclosed information regarding a potential takeover of Daylight by China-based Sinopec International Petroleum Exploration and Production Corporation. ASC staff also allege that in September 2011, Lambert informed Pierce, his ex-wife, of the proposed Daylight takeover. Pierce purchased Daylight shares after being told of the acquisition by Lambert, and informed her boyfriend Turner, who also purchased Daylight shares.

The impending Daylight acquisition was publicly announced on October 9, 2011. Daylight was acquired by Sinopec in December 2011.

An appearance to set a date for a hearing in will be held on May 6, 2013, at 3:30 p.m. in the ASC Hearing Room on the 5th floor, 250 - 5th Street S.W., Calgary, Alberta.

A copy of the Notice of Hearing can be found 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.

SOURCE: Alberta Securities Commission

For further information:

For Media Inquiries: Lorinda Brinton
Senior Communications Advisor
403.297.2665

For Investor Inquiries: ASC Public Inquiries
Toll Free 1.877.355.4488