Securities Law & Instruments

Headnote

MutualReliance Review System for Exemptive Relief Applications - corporationdeemed to have ceased to be a reporting issuer when all of itsissued and outstanding securities were acquired by another issuer.

ApplicableOntario Statutory Provisions

SecuritiesAct, R.S.O. 1990, c.S.5, as am. s. 83

INTHE MATTER OF

THESECURITIES LEGISLATION

OFALBERTA, SASKATCHEWAN, ONTARIO,

QUÉBEC,NEW BRUNSWICK, NOVA SCOTIA AND

ANDNEWFOUNDLAND AND LABRADOR


AND


INTHE MATTER OF

THEMUTUAL RELIANCE REVIEW SYSTEM

FOREXEMPTIVE RELIEF APPLICATIONS


AND


INTHE MATTER OF CANADIAN HUNTER EXPLORATION LTD.


MRRSDECISION DOCUMENT

1.WHEREAS the local securities regulatory authorityor regulator (the "Decision Maker") in Alberta, Saskatchewan,Ontario, Québec, New Brunswick, Nova Scotia, and Newfoundlandand Labrador (the "Jurisdictions") has received an applicationfrom Canadian Hunter Exploration Ltd. ("Canadian Hunter") fora decision under the securities legislation of the Jurisdictions(the "Legislation") that Canadian Hunter be deemed to have ceasedto be a reporting issuer or the equivalent under the Legislation;

2. ANDWHEREAS pursuant to the Mutual Reliance Review Systemfor Exemptive Relief Applications (the "System") the Alberta SecuritiesCommission is the principal regulator for this application;

3.AND WHEREAS Canadian Hunter has represented tothe Decision Makers that:

3.1Canadian Hunter was formed by way of amalgamation under the BusinessCorporations Act (Alberta) ("ABCA") on December 31, 1998,is a reporting issuer or the equivalent in each of the Jurisdictionsand is not in default of any requirements of the Legislation;

3.2Canadian Hunter's head office is located in Calgary, Alberta;

3.3the authorized capital of Canadian Hunter consists of an unlimitednumber of common shares (the "Common Shares") and an unlimitednumber of preferred shares issuable in series, of which thereare 59,725,516 Common Shares outstanding;

3.4under an offer to purchase and take-over circular dated October15, 2001, as extended on November 20, 2001, and the subsequentcompulsory acquisition provisions of the ABCA, BurlingtonAcquisition Corporation ("Burlington Acquisition") became thesole holder of all of the outstanding Common Shares;

3.5Burlington Acquisition is the sole security holder of CanadianHunter and there are no securities, including debt securities,of Canadian Hunter outstanding other than the Common Shares;

3.6the Common Shares were delisted from The Toronto Stock Exchangeat the end of trading on December 6, 2001 and there are no securitiesof Canadian Hunter listed or quoted on any stock exchange or market;

3.7Canadian Hunter does not intend to seek public financing by wayof an offering of securities;

4.AND WHEREAS under the System, this MRRS DecisionDocument evidences the decision of each Decision Maker (collectively,the "Decision");

5.AND WHEREAS each of the Decision Makers is satisfiedthat the test contained in the Legislation that provides the DecisionMaker with the jurisdiction to make the Decision has been met;

6.THE DECISION of the Decision Makers under theLegislation is that Canadian Hunter is deemed to have ceased tobe a reporting issuer or the equivalent under the Legislation.

January21, 2002.

"PatriciaM. Johnston"