Securities Law & Instruments

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications - issuer deemed to no longer be a reportingissuer;

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, SASKATCHEWAN, ONTARIO,QUEBEC, NOVA SCOTIA AND

NEWFOUNDLAND AND LABRADOR

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

PROVIDENT ACQUISITIONS INC.

(FORMERLY MEOTA RESOURCESCORP.)

 

MRRS DECISION DOCUMENT

1. WHEREAS the local securities regulatoryauthority or regulator (the "Decision Maker") ineach of the provinces of Alberta, Saskatchewan, Ontario, Quebec,Nova Scotia, and Newfoundland and Labrador (the "Jurisdictions")has received an application from Provident Acquisitions Inc.("PAI") for a decision pursuant to the securitieslegislation of the Jurisdictions (the "Legislation")that PAI be deemed to have ceased to be a reporting issueror equivalent under the Legislation;

2. AND WHEREAS, unless otherwise defined,the terms used herein have the meaning set out in NationalInstrument 14-101 Definitions;

3. AND WHEREAS pursuant to the Mutual RelianceReview System for Exemptive Relief Applications (the "System")the Alberta Securities Commission is the principal regulatorfor this application;

4. AND WHEREAS PAI has represented to theDecision Makers that:

4.1 PAI was formed under the laws of Albertaon August 19, 2002;

4.2 the authorized share capital of PAIconsists of an unlimited number of common shares (the "CommonShares") and 6,000,000 shares exchangeable ("ExchangeableShares") into units ("Units") of ProvidentEnergy Trust ("Provident Trust"), of which onecommon share and 6,000,000 Exchangeable Shares are issuedand outstanding as of October 2, 2002;

4.3 the Common Share is indirectly ownedby Provident Trust;

4.4 PAI was the offeror under an offer topurchase (the "Offer") made by Provident Trustto acquire all of the issued and outstanding common sharesof Meota Resources Corp. ("Meota");

4.5 under the Offer, each holder of Meotacommon shares could elect to receive cash, a portion ofa Unit, a portion of an Exchangeable Share, or a combinationof cash, Units, and Exchangeable Shares;

4.6 each Exchangeable Share entitles theholder to receive one Unit and an additional number of Unitscalculated based on the amount of any intervening distributionsin respect of the Units;

4.7 the Exchangeable Shares are the economicequivalent of the Units;

4.8 there are a total of 46 registered holdersof Exchangeable Shares who reside in the Jurisdictions asfollows: 18 in Ontario, 15 in British Columbia, 7 in Quebec,and 6 in Alberta;

4.9 no securities of PAI are traded on amarketplace as such term is defined in National Instrument21-101 Marketplace Operation;

4.10 Provident Trust has entered into asupport agreement whereby it has agreed to provide the holdersof Exchangeable Shares the same documents and information(including, but not limited to, its annual report and allproxy solicitation material) that it will provide to holdersof Units under the Legislation;

4.11 as a result of the Offer and the subsequentexercise of its rights of compulsory acquisition, PAI becamethe sole shareholder of Meota;

4.12 PAI became a reporting issuer in BritishColumbia and the Jurisdictions by virtue of completing anamalgamation (the "Amalgamation") with Meota;

4.13 prior to the Amalgamation Meota wasa reporting issuer in British Columbia and the Jurisdictions;

4.14 PAI has applied to the British ColumbiaSecurities Commission (the "BCSC") under BC Instrument11-502 for non-reporting status and has received a letterfrom staff of the BCSC advising that non-reporting statuswas in effect for PAI on November 15, 2002;

4.15 aside from the Common Share and theExchangeable Shares, there are no securities of PAI, includingdebt securities, outstanding;

4.16 PAI is not in default of any of therequirements under the Legislation;

4.17 PAI does not intend to seek publicfinancing by way of an offering of its securities;

5. AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each DecisionMaker (collectively, the "Decision");

6. AND WHEREAS each of the Decision Makersis satisfied that the test contained in the Legislation thatprovides the Decision Maker with the jurisdiction to makethe Decision has been met;

7. THE DECISION of the Decision Makers underthe Legislation is that PAI is deemed to have ceased to bea reporting issuer or the equivalent under the Legislation.

March 6, 2003.

"Patricia M. Johnston"