Rift basin resources

In August, 2011, IIROC formally initiated an investigation into the conduct of James Watson, a trader with Jones, Gable in Toronto.
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) said Monday it has accepted a settlement agreement between IIROC staff and James Watson, a proprietary trader with Jones, Gable & Co. Ltd. in Toronto.
IROC said Watson admitted that between November 2010 and April 2011, he contravened universal market integrity rules (UMIR) by entering orders for former TSX Venture Exchange company Mayen Minerals Ltd. that he knew, or ought reasonably to have known, would create, or could reasonably be expected to create, a false or misleading appearance of trading activity in the shares.
During the relevant period, Watson entered orders to effect a high closing bid price for Mayen, thereby misrepresenting the performance and actual demand for the stock, as well as the profit and loss position of the Mayen shares held in his inventory account.
In September, 2012, following a one-for-two stock split, Mayen changed its name to Rift Basin Resources Corp. Ltd. (TSX: V.RIF, Stock Forum). It traded at 9.5 cents on Monday, leaving the company with a market cap of $3.9 million, based on 41.2 million shares outstanding. The 52-week range is 15 cents and 2.5 cents.
Under the settlement agreement, Watson agreed to pay a $10,000 fine to IIROC and to a suspension of access to IIROC-regulated marketplaces for a period of 14 days. He has also consented to pay $1,500 in costs.
IIROC formally initiated the investigation into Watson"s conduct in August 2011. The conduct occurred when he was a registered representative in the Toronto head office of Jones, Gable.
He remains a Jones, Gable

http://www.infomine.com/index/pr/PB109260.PDF

Umbenennung von mayen in rift

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Rift Basin Resources Corp. (TSX VENTURE:RIF) (the "Company" or "Rift Basin") is pleased to announce that its wholly-owned subsidiary, Rift Basin International Corp. ("Rift Basin International"), has entered into a definitive farmin agreement (the "Farmin Agreement") with Alpine Oil & Gas Pty Ltd. ("Alpine"), a wholly-owned subsidiary of Australian-based  ADX Energy Ltd. (ASX:ADX), which replaces the letter of intent announced on November 23, 2012. Alpine is an arm's length party to the Company.

Pursuant to the terms of the Farmin Agreement the Company, through Rift Basin International, can earn an undivided 15% working interest in the Chorbane exploration permit (the "Permit"). The Permit is located onshore Tunisia in the Pelagian Shelf (Sahel Plains) of the Pelagian Basin near the port city of Sfax. The Permit occupies an area of 1,940 km2 and is governed by a production sharing contract ("PSC") with L'Entreprise Tunisienne d'Activités Pétrolières ("ETAP"). ETAP is a Tunisian state-owned entity responsible for the petroleum sector as well as the state's partnerships with foreign exploration and production operators.

In accordance with the terms of the Farmin Agreement the Company, through Rift Basin International, will earn an undivided 15% working interest in the Permit (the "Acquisition") upon paying to Alpine the following:

US$200,000 on or within 10 days after the receipt by Alpine of approval from ETAP for the Acquisition;
a further US$700,000 upon the earlier of January 31, 2013 and applicable government approval for the Acquisition; and
a further US$300,000 within 10 days of a request by Alpine to Rift Basin International in accordance with the work program and budget issued under the joint operating agreement for the Permit that relates to such seismic acquisition.
London-based Gulfsands Petroleum plc (AIM:GPX) ("Gulfsands"), the Company's strategic partner (as announced in the Company's news release of November 16, 2012), is currently acquiring an additional 30% participating interest in the Permit, subject to various regulatory approvals, to ultimately hold a 70% participating interest and be the Operator for the Permit.

As noted above, the Permit is under a PSC and the PSC requires a minimum work program comprised of drilling one well to 2,500 meters total depth during the first renewable period July 13, 2012 to July 12, 2015. Estimated costs to drill and test one well are CDN$7,000,000 (or approximately $1,050,000 net to Rift Basin Internationals' 15% working interest).

The Acquisition is subject to a number of conditions, including but not limited to, applicable regulatory approval (including approval of the TSX Venture Exchange ("TSX-V") and ETAP). There can be no assurance that the Acquisition will be completed as proposed or at all.