The Alberta Securities Commission (ASC) has concluded a settlement with John James Rickard Noble regarding allegations of illegal insider trading of Duvernay Oil Corp. securities.

Noble paid the ASC $75,000 to settle the allegations and $5,000 towards costs. Noble also undertook to cease trading in or purchasing of securities for six months.

In the settlement, Noble admitted that when he acquired 100 Duvernay Oil call option contracts on July 10, 2008, he ought to have known he was in possession of material undisclosed information regarding the pending July 14, 2008 acquisition of Duvernay Oil by Shell Canada Inc. On July 14, Noble became aware that he was prohibited from trading in Duvernay Oil securities and attempted to cancel his purchase, ultimately not profiting from it.

A copy of the settlement agreement is available on the ASC website.

IE