The Alberta Securities Commission has issued interim orders against Wenzel Downhole Tools Ltd., Douglas Wenzel and 376348 Alberta Ltd.

The interim orders provide that all trading in securities of Wenzel Downhole Tools Ltd. and 376348 Alberta Ltd. cease and that Douglas Wenzel cease trading in any securities, using any of the statutory exemptions, and acting as an officer or director of any issuer except his private company.

Wenzel Downhole Tools Ltd. is an Alberta corporation with offices in Edmonton and Calgary. Its securities trade on the TSX under the symbol “WZL”.

At a hearing on Friday, the panel was advised, among other allegations, that it appears that the company’s 2002 audited financial statements may contain false or misleading information, that Wenzel Downhole Tools Ltd. overpaid Douglas Wenzel’s private company, and that he had been acting as an officer or director of Wenzel Downhole Tools Ltd. in breach of an undertaking he gave to the TSX.

The panel found that the time required to hold a hearing and render a decision could be prejudicial to the public interest and accordingly issued the interim orders.

The interim orders are in effect for 15 days unless further extended by order of the ASC. A hearing to extend the interim order will be held on April 2.