Nov. 27, 2009
SAINT JOHN (CNB) - Investors are being warned by New Brunswick Securities Commission (NBSC) enforcement staff to be cautious about a Texas-based oil and gas investment scheme.
The Saskatchewan Financial Services Authority (SFSC) and the Autorité des marchés financiers (AMF) have recently issued cease-trade orders for Oil International LLC, Trinidad Oil and Gas Corp., and Black Gold International Ltd. pending further investigation.
Oil International LLC, purported to be based in Panama City, Panama, is allegedly contacting Canadian residents by telephone and e-mail. The firm is trying to raise investment capital for Black Gold International Ltd., a company registered in Belize, with an office in Nassau, Bahamas.
Trinidad Oil and Gas Corp., based in Texas, is the oilfield management company operating under the direction of Black Gold International Ltd. It is alleged that investors were instructed to wire investment funds to an account in Texas.
Individuals Gavin Morgan and John Andrew may work for one or more of these firms and may be soliciting on their behalf. It is not known where these individuals are based.
At present, there are no known New Brunswick investors. The NBSC is co-operating with SFSC and the AMF on this matter.
New Brunswickers are urged to report any contact by the companies or individuals listed to the NBSC at 1-866-933-2222 or by e-mail, email@example.com.
The NBSC is the Crown corporation that regulates the securities industry in New Brunswick. It is funded indirectly by investors through industry. Its mandate is to protect investors from unfair, improper or fraudulent practices, and to foster fair and efficient capital markets, as well as confidence in those markets.
MEDIA CONTACT: Michelle Robichaud, communications, New Brunswick Securities Commission, 506-643-7045.