Securities Law & Instruments

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications - Decision declaring corporation to be nolonger a reporting issuer following the acquisition of all ofits outstanding securities by another issuer.

Applicable Ontario Statutory Provisions

Securities Act, R.S.O. 1990, c. S.5, as am.,s. 83.

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

ALBERTA and ONTARIO

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

BEST PACIFIC RESOURCES LTD.

 

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatoryauthority or regulator (the "Decision Maker") in Albertaand Ontario (the "Jurisdictions") has received anapplication from Best Pacific Resources Ltd. ("Best Pacific")for a decision under the securities legislation of the Jurisdictions(the "Legislation") that Best Pacific be deemed tohave ceased to be a reporting issuer under the Legislation;

AND WHEREAS, unless otherwise defined,the terms used herein have the meaning set out in National Instrument14-101 Definitions;

AND WHEREAS pursuant to the Mutual RelianceReview Systems For Exemptive Relief Applications (the "System"),the Alberta Securities Commission is the Principal Regulatorfor this application;

AND WHEREAS Best Pacific representedto the Commissions that:

1. Best Pacific was incorporated under theBusiness Corporations Act (Alberta) ("ABCA")as Crazy Curry Inc. on September 20, 1989 and by articlesof amendment, the name of Crazy Curry Inc. was changed toBest Pacific Resources Ltd. on October 30, 1991;

2. the authorized capital of Best Pacificconsists of an unlimited number of common shares (the "CommonShares") of which 23,017,941 Common Shares were outstandingas of December 31, 2002;

3. Best Pacific is a reporting issuer in BritishColumbia, Alberta, and Ontario;

4. Best Pacific is not in default of any ofthe requirements under the Legislation;

5. pursuant to an offer to purchase and take-overcircular dated October 11, 2002, and the subsequent compulsoryacquisition under the provisions of the ABCA, Advantage Oil& Gas Ltd. ("AOG") became the holder of allof the outstanding Commons Shares;

6. other than the Common Shares there areno securities of Best Pacific, including debt securities,outstanding;

7. the Common Shares were delisted from theToronto Stock Exchange at the end of trading on December 9,2002 and there are no securities of Best Pacific listed onany stock exchange or traded over-the-counter in Canada orelsewhere;

8. Best Pacific does not intend to seek publicfinancing by way of an offering of its securities;

AND WHEREAS pursuant to the System thisDecision Document evidences the decision of each Decision Maker;

AND WHEREAS each of the Decision Makersis satisfied that tests contained in the Legislation that providesthe Decision Maker with the jurisdiction to make the Decisionhas been met;

THE DECISION of the Decision Makers underthe Legislation is that Best Pacific is deemed to have ceasedto be a reporting issuer.

January 13, 2003.

"Patricia M. Johnston"