The Alberta Securities Commission today announced a settlement with Calgary-based lawyer Michael Lockwood regarding allegations of illegal insider trading.

In a settlement agreement, Michael Lockwood admitted to purchasing shares of Producers Oilfield Services Inc. during the period when he was retained by Producers Oilfield Services to provide legal advice with respect to its intended acquisition of Formula Transport Ltd.

Lockwood purchased 15,000 shares of Producers Oilfield Services the day before a public announcement was made of the acquisition of Formula Transport. The transaction would have made him a profit of $12,787.50.

Lockwood acknowledged that he breached the Alberta Securities Act by purchasing securities of Producers Oilfield Services while in a special relationship with Producers Oilfield Services, and with knowledge of material facts relating to Producers Oilfield Services that had not been generally disclosed.

Under the settlement agreement, Lockwood paid $25,000 to the Commission and agreed to cease trading in and purchasing securities, with some exceptions, for a period of five years.