Securities Law & Instruments

Headnote

Cease-trade order revoked where the issuer has remedied its default in respect of disclosure requirements under the Act.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am., ss. 127(1)2, 127(5), 127(8), 144.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER S.5, AS AMENDED

(the "Act")

AND

IN THE MATTER OF

ALGONQUIN OIL & GAS LIMITED

 

ORDER

(Section 144)

WHEREAS the securities of Algonquin Oil & Gas Limited (the "Corporation") currently are subject to an order (the "Temporary Order") made by the Director on behalf of the Ontario Securities Commission (the "Commission"), pursuant to paragraph 2 of subsections 127(1) and 127(5) of the Act on the 20th day of November, 2003, as extended by a further order (the "Extension Order") of the Director, made on the 2nd day of December, 2003, on behalf of the Commission pursuant to subsection 127(8) of the Act, that trading in the securities of the Corporation cease until the Temporary Order, as extended by the Extension Order is revoked by a further Order of Revocation;

AND WHEREAS the Temporary Order and the Extension Order were each made on the basis that the Corporation was in default of certain filing requirements;

AND WHEREAS the Corporation has represented to the Director that:

1. The Corporation was incorporated under the Business Corporations Act (Alberta) on March 31, 1994 and is a reporting issuer in the Provinces of Ontario, British Columbia, Saskatchewan and Alberta.

2. The Temporary Order was issued November 20, 2003 by reason of the failure of the Corporation to file with the Commission its Annual Financial Statements for the year ending June 30, 2003, as required by the Act.

3. The common shares of the Corporation were halted from trading on TSX Venture on November 25, 2003 for failure to meet its continuous disclosure requirements.

4. On December 11, 2003, the Corporation filed its Annual Financial Statements for year ending June 30, 2003.

5. On December 23, 2003, the Corporation filed its interim financial statements for the period ended September 30, 2003 with the Commission through SEDAR.

6. The Corporation has now brought its continuous disclosure filings up-to-date.

AND WHEREAS the undersigned is satisfied that the Corporation has remedied its default in respect of the filing requirements and is of the opinion that it would not be prejudicial to the public interest to revoke the Temporary Order as extended by the Extension Order;

NOW THEREFORE IT IS ORDERED pursuant to section 144 of the Act that the Temporary Order and Extension Order be and they are hereby revoked.

March 3, 2004.

"Charlie MacCready"