ASC Settles Insider Trading Case with Geologist

    CALGARY, May 29 /CNW/ - The Alberta Securities Commission (ASC) has
concluded a settlement with Gordon Trainor regarding allegations of illegal
insider trading of Canext Energy Ltd. securities. At the time of the trades,
Trainor was employed as a geologist by a company engaged in business with
Canext Energy.
    In the agreement, Trainor admitted he learned that Canext Energy
discovered a new oil reserve in December 2007. He also admitted that he was in
a special relationship with Canext Energy and used material undisclosed
information when he bought 15,500 shares of Canext Energy from January 16 to
24, 2008. On March 14, 2008, Canext Energy issued a news release regarding the
discovery of the new oil reserve. The resulting rise in Canext Energy's share
price resulted in a potential profit of approximately $7,500 for Trainor.
    Trainor paid the ASC $11,250 to settle the allegations and $1,000 towards
costs, and agreed to cease trading in or purchasing securities for a period of
15 months.
    A copy of the Settlement Agreement is posted 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.

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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