Oil and gas employee pays $400,000 to ASC and agrees to ten-year trading ban for insider trading

The Alberta Securities Commission announces that Behjat Haghshenas of Calgary admitted to illegal insider trading in the securities of Leucrotta Exploration Inc. before the March 28, 2022 public announcement that Vermilion Energy Inc. and Leucrotta had entered into an agreement pursuant to which Vermilion would acquire Leucrotta for $500 million.

Haghshenas paid $400,000 to the Alberta Securities Commission and has undertaken to cease trading in or purchasing securities or derivatives for ten years, per the terms of a settlement agreement.

Haghshenas was a Senior Reservoir Specialist for Vermilion Energy Inc. In early 2022, Vermilion was in discussions with Leucrotta about potentially acquiring the company. Through her employment, Haghshenas became aware of material facts about the potential acquisition that were not generally disclosed and she purchased Leucrotta shares while in possession of those facts. Almost immediately after Vermilion and Leucrotta made the public announcement about the acquisition, Haghshenas sold her Leucrotta shares, for a profit of $146,400.

A copy of the Settlement Agreement and Undertaking is available on the ASC website at asc.ca.