ASC Settles with Petroleum Unlimited and Roger Kimmel

    CALGARY, May 13 /CNW/ - The Alberta Securities Commission (ASC) has
concluded a settlement with Petroleum Unlimited, LLC, and Ohio-resident Roger
A. Kimmel Jr. regarding allegations that they did not follow registration and
prospectus requirements as required under Alberta securities laws and failed
to comply with a July 3, 2008 ASC Interim Cease Trade Order.
    Kimmel paid $20,000 to settle the allegations and $5,000 towards costs.
Kimmel and Petroleum Unlimited agreed to cease trading in or purchasing
securities and to refrain from using Alberta securities laws exemptions for
seven years.
    In the Settlement Agreement, Kimmel admitted he incorporated Petroleum
Unlimited and made arrangements for Global Petroleum Strategies, LLC to sell
Petroleum Unlimited securities without complying with registration and
prospectus requirements. Kimmel and Petroleum Unlimited also admitted that
they failed to ensure that Global Petroleum Strategies only sold Petroleum
Unlimited securities to accredited investors and that their failure to comply
with the Interim Cease Trade Order constituted conduct contrary to the public
    A copy of the Settlement Agreement is available 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

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890