ASC Settles With Calgary Oil and Gas Research Analyst

    CALGARY, April 27 /CNW/ - The Alberta Securities Commission (ASC) has
concluded a settlement with Calgary resident Christopher Theal regarding
allegations he breached Alberta securities laws when he disclosed material
information relating to Bear Ridge Resources Ltd. before it had been generally
disclosed. Theal paid $30,000 to settle the allegations and $10,000 toward
investigation costs.
    Bear Ridge Resources was one of 14 Canadian issuers that Theal, as
Managing Director of Institutional Research for an international brokerage
firm, and his team, covered. In the Settlement Agreement, Theal admitted that
during a telephone conversation with the CEO of Bear Ridge Resources on
February 6, 2007, he learned that the company's 2007 first quarter production
would be lower than expected and its 2006 year-end debt higher.
    Theal incorporated this information into an existing computer model for
Bear Ridge Resources and on the morning of February 7, 2007 sent a spreadsheet
containing the information to his firm's trading desk. At the time, Theal did
not believe the information was material and did not change his rating for the
company. The spreadsheet was then sent to a client of Theal's firm, without
Theal's knowledge.
    Theal did not personally benefit, nor did he intend to benefit, from his
disclosure of the information.
    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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