News Release

Vancouver - The former director of a TSX Venture Exchange company will pay a fine and have his ability to participate in securities markets limited after admitting that he traded securities through a private offshore account without reporting the transactions.
 
In a settlement agreement with the BCSC, George Stubos, a B.C. resident, admitted to contravening the Securities Act when he failed to file insider reports for about 191 transactions of San Telmo Energy Ltd. securities worth over CDN $3.4 million between August 2002 and July 2003. Stubos sat as a director of the company during this period.

Stubos had direct beneficial ownership of San Telmo securities in two offshore accounts at branch offices of a securities dealer in the Cayman Islands and Bahamas. He also exercised direction over San Telmo securities in two offshore accounts that his sister controlled. Stubos failed to file insider reports for the transactions made in these accounts.

San Telmo Energy Ltd., formerly San Telmo Resources Ltd. and now Rolling Thunder Exploration Ltd., was a reporting issuer in B.C. at the relevant times. San Telmo Energy Ltd. shares traded on the TSX Venture Exchange and the Over-the-Counter Bulletin Board market in the U.S.

Under the settlement, with limited exceptions, Stubos cannot buy or sell securities, act as a director or officer of any issuer, or engage in investor relations for at least two years.  He must also file the outstanding insider reports, pay the applicable late filing fees, complete a course of study on the duties and responsibilities of directors and officers, and pay the B.C. Securities Commission $20,000.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement on our website www.bcsc.bc.ca by typing in the search box, George Stubos or 2007 BCSECCOM 362. If you have questions, contact Ken Gracey, Media Relations, 604-899-6577.