Ambassador Oil and Gas Limited 02

The Panel, Martin Alciaturi, David Friedlander and Nora Scheinkestel (sitting President), declined to conduct proceedings on an application by Drillsearch Energy Limited in relation to the affairs of Ambassador Oil and Gas Limited. Ambassador was the subject of competing offers from Drillsearch and Magnum Hunter Resources Corporation. The application concerned disclosure in Magnum’s bidder’s statement. The Panel declined to conduct proceedings after Magnum made supplementary disclosure.