Proceedings

 

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED (the "Act")

AND

IN THE MATTER OF
H. HOWARD COOPER, THOMAS L. DIGRAPPA, FRANK S. DIGRAPPA, MARY THERESE PAGLIASOTTI, CROESUS EMERGINGMARKETS RESOURCE FUND LLC AND TETON OIL USA LIMITED

ORDER
(Section 127)

WHEREAS on June 23, 2000 the Ontario Securities Commission (the"Commission") made a temporary order pursuant to subsection 127(5) of the Act, that noneof the Respondents shall trade in any securities of Teton Petroleum Company ("Teton")subject to the terms set out in the order, for a period of 15 days from the date of the order;

AND WHEREAS on June 23, 2000 the Commission issued a Notice of Hearingpursuant to subsection 127(9) of the Act;

AND WHEREAS it appears to the Commission that:

1. Teton is incorporated under the laws of Canada and is a reporting issuer in theProvince of Ontario.

2. Each of H. Howard Cooper, Thomas L. DiGrappa, Frank S. DiGrappa, MaryTherese Pagliasotti, Croesus Emerging Markets Resource Fund LLC and Teton OilUSA Limited (the "Respondents") is, or was during the financial year of Tetonended December 31, 1999, a director, officer or significant shareholder (beneficialownership of 10% or more of the voting rights of Teton) or individual that has, ormay have, access to material undisclosed information of Teton.

3. Teton failed to file annual financial statements for its financial year endedDecember 31, 1999 (the "1999 Financial Statements") on or before May 19, 2000,contrary to subsection 78(1) of the Act.

4. As of the date of this order, Teton has not filed its 1999 Financial Statements.

AND WHEREAS the Commission is of the opinion that it is in the public interest tomake this Order;

IT IS ORDERED pursuant to paragraph 2 of subsection 127(1) of the Act that alltrading by the Respondents in the securities of Teton shall cease until:

(a) two full business days following the receipt by the Commission of all filings Tetonis required to make pursuant to Ontario securities law; or

(b) further order of the Commission.

June 23rd, 2000.

"J. A. Geller"
"Morley P. Carscallen"
"R. Stephen Paddon"