The Alberta Securities Commission (ASC) has concluded a settlement with Calgary resident Christopher Theal regarding allegations he breached Alberta securities laws when he disclosed material information relating to Bear Ridge Resources Ltd. before it had been generally disclosed.

Theal paid $30,000 to settle the allegations and $10,000 toward investigation costs, the ASC said Monday.

Bear Ridge Resources was one of 14 Canadian issuers that Theal, as managing director of institutional research for an international brokerage firm, and his team, covered. In the settlement agreement, Theal admitted that during a telephone conversation with the CEO of Bear Ridge Resources on Feb. 6, 2007, he learned that the company’s 2007 first quarter production would be lower than expected and its 2006 year-end debt higher.

Theal incorporated this information into an existing computer model for Bear Ridge Resources and on the morning of Feb. 7, 2007 sent a spreadsheet containing the information to his firm’s trading desk. At the time, Theal did not believe the information was material and did not change his rating for the company. The spreadsheet was then sent to a client of Theal’s firm, without Theal’s knowledge.

Theal did not personally benefit, nor did he intend to benefit, from his disclosure of the information, the ASC says.

A copy of the Settlement Agreement is posted on the ASC website at www.albertasecurities.com.

IE