Canetic Resources Inc. - MRRS Decision

Headnote

Mutual Reliance Review System for Exemptive Relief Applications -- issuer deemed to have ceased to be a reporting issuer.

Ontario Statutes

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

April 6, 2006

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

ALBERTA, ONTARIO, QUEBEC, NOVA SCOTIA,

NEWFOUNDLAND AND LABRADOR (THE JURISDICTIONS)

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

CANETIC RESOURCES INC. (THE FILER)

MRRS DECISION DOCUMENT

Background

1. The local securities regulatory authority or regulator (Decision Maker) in each of Alberta, Ontario, Quebec, Nova Scotia, Newfoundland and Labrador (the Jurisdictions) have received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) that the Filer be deemed to have ceased to be a reporting issuer or the equivalent under the Legislation;

2. Under the Mutual Reliance Review System for Exemptive Relief Applications (MRRS):

2.1 the Alberta Securities Commission is the Principal Regulator for this application; and

2.2 the MRRS decision document evidences the decision of each Decision Maker.

Interpretation

3. Defined terms contained in National Instrument 14-101 Definitions have the same meaning in this decision unless they are defined in this decision.

Representation

4. This decision is based on the following facts represented by the Filer:

4.1 The Filer's registered and principal offices are located in Calgary, Alberta.

4.2 On January 5, 2006, Acclaim Energy Trust (Acclaim), StarPoint Energy Trust (StarPoint), Canetic Resources Trust (Canetic Trust) and TriStar Oil & Gas Ltd. (TriStar) completed a plan of arrangement (the Plan) that resulted in the creation of Canetic Trust and TriStar.

4.3 Pursuant to the Plan, as part of the reorganization of Canetic Trust, a number of entities were amalgamated, including StarPoint Energy Ltd.which was a reporting issuer under the Legislation, and continued as one corporation, the Filer.

4.4 Pursuant to the Plan, the Filer is now a wholly owned subsidiary of Canetic Trust.

4.5 The authorized share capital of the Filer consists of an unlimited number of common shares of which all of the issued and outstanding are owned by Canetic Trust.

4.6 The outstanding securities of the Filer, including debt securities, are beneficially owned directly or indirectly by less than 15 security holders in any one jurisdiction in Canada and less than 50 security holders in Canada;

4.7 No securities of the Filer are traded on a marketplace as defined in National Instrument 12-601 -- Marketplace Operation;

4.8 The Filer is applying for relief to cease to be a reporting issuer in all of the jurisdictions in Canada in which it is currently a reporting issuer; and

4.9 The Filer is not in default of any obligations under the Legislation as a reporting issuer, except for the failure of its predecessor to file its oil and gas report for the year ended December 31, 2004.

Decision

5. The Decision Maker is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met;

6. The decision of the Decision Maker under the Legislation is that the Filer be deemed to not be a reporting issuer in each of the Jurisdictions.