November 12, 2007

EUB declaration imposes conditions on officers of non-compliant company

The Alberta Energy and Utilities Board (EUB) has issued a declaration naming David Matheson and Ronald Bourgeois under Section 106 of the Oil and Gas Conservation Act (OGCA). The EUB found that both Matheson and Bourgeois were in direct or indirect control of ML Cass Petroleum Corporation when the company contravened and/or failed to comply with EUB regulations and failed to pay over $237,800 owed to the EUB as well as nearly $717,000 owed to the Orphan Fund. The OGCA gives the Board the authority to issue a declaration naming persons (directors, officers, agents or other persons) in control of licensees, approval holders or working interest participants that have failed to comply with Board orders, that have outstanding debts to the EUB, or that owe the Orphan Fund money associated with suspension, abandonment, and reclamation costs. The declaration carries with it a number of conditions.

*The EUB may require abandonment and reclamation deposits for any company directly or indirectly controlled by Matheson or Bourgeois for licenses and approvals issued under the OGCA or the Pipeline Act.

*The EUB may refuse to consider any application from ML Cass, Matheson, Bourgeois, or any other company over which either Matheson or Bourgeois has direct or indirect control, for an identification code, licence, or approval or a transfer of a licence or approval under the OGCA or the Pipeline Act.

The declaration is effective immediately and will remain in force until ML Cass has complied with the Board orders, rectified its contraventions, and paid its debts owed to the EUB and to the Orphan Fund for abandonment costs, or until the EUB orders otherwise.

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