ASC Orders Global Petroleum Strategies to Pay $300,000

    CALGARY, Aug. 17 /CNW/ - The Alberta Securities Commission (ASC) has
ordered that Global Petroleum Strategies, LLC be permanently banned from the
Alberta capital market and pay an administrative penalty of $300,000 for
engaging in illegal distributions of securities to Alberta residents. An ASC
panel found that Florida-based Global Petroleum ran a boiler room operation,
through which salespeople enticed prospective Alberta investors into buying
oil and gas securities. The ASC panel noted that the activity, including sales
scripts, could "serve as an instruction manual for participants in a classic
boiler room securities-selling operation."
    In its decision, the ASC panel ruled that Global Petroleum "operated a
scheme to extract money from Alberta investors in blatant disregard of Alberta
securities laws." The panel also noted that Global Petroleum's "illegal boiler
room operation was all too successful" and that the "harm done is real. It
affects identifiable investors. It also constitutes an assault on the
integrity of the Alberta capital market, jeopardizing the confidence of market
participants beyond those directly affected."
    A copy of the Decision is available on the ASC website at

    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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