Securities Law & Instruments

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications - issuer deemed to no longer be a reportingissuer.

Applicable Ontario Statutory Provisions

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

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

ALBERTA, ONTARIO AND SASKATCHEWAN

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

TRINIDAD DRILLING LTD.

 

MRRS DECISION DOCUMENT

1. WHEREAS the local securities regulatoryauthority or regulator (collectively, the "Decision Maker")in each of Alberta, Saskatchewan and Ontario (the "Jurisdictions")has received an application from Trinidad Drilling Ltd. ("Trinidad")for a decision under the securities legislation (the "Legislation")that Trinidad be deemed to have ceased to be a reporting issuerunder the Legislation;

2. AND WHEREAS under the Mutual Reliance ReviewSystem for Exemptive Relief Applications (the "System"),the Alberta Securities Commission is the principal jurisdictionfor this application;

3. AND WHEREAS Trinidad represented to theCommissions that:

3.1 Trinidad is a corporation organizedunder the Business Corporations Act (Alberta) whichis engaged in the business of providing drilling and workoverservices to oil and gas companies in western Canada;

3.2 Trinidad has reporting issuer or equivalentstatus in Alberta, British Columbia, Manitoba, Saskatchewanand Ontario, and the required notices for Trinidad to ceaseto be a reporting issuer in the provinces of British Columbiaand Manitoba have been filed with the British Columbia SecuritiesCommission and the Manitoba Securities Commission, respectively;

3.3 on September 17, 2002, Trinidad wasparty to a reorganization (the "Reorganization")pursuant to which each issued and outstanding common shareof Trinidad (a "Share") and each option to purchasea Share was exchanged for a trust unit of a new income trustnamed Trinidad Energy Services Income Trust (the "Trust")and an option to acquire a trust unit, respectively;

3.4 as a result of the Reorganization, allof the 10,558,474 outstanding common shares of Trinidadare owned by the Trust, and no other securities, includingdebt securities, of Trinidad are issued and outstanding;

3.5 as a result of the Reorganization andpursuant to the Legislation, the Trust is a reporting issuerin the Jurisdictions, as well as the provinces of BritishColumbia and Manitoba;

3.6 at the close of trading on September23, 2002, the Shares (Symbol: TDG) were delisted from TheToronto Stock Exchange (and the trust units of the Trustwere listed on such exchange in substitution for the Shares)and no securities of the Trinidad are listed on any stockexchange in Canada or elsewhere;

3.7 Trinidad has confirmed that, to itsknowledge, it is not in default of securities legislationof the Jurisdictions;

3.8 Trinidad does not intend to seek publicfinancing by way of an offering of its securities.

4. AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each DecisionMaker (collectively, the "Decision");

5. AND WHEREAS each of the Decision Makersis satisfied that the test contained in the Legislation thatprovides the Decision Maker with the jurisdiction to makethe Decision has been met;

6. IT IS THE DECISION of the Decision Makerunder the Legislation that Trinidad be deemed to have ceasedto be a reporting issuer in the Jurisdictions.

November 11, 2002.

"Patricia M. Johnston"