Ryan Energy Technologies Inc. - MRRS Decision

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications - corporation deemed to have ceased to bea reporting issuer following its take-over by another corporation

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, QUÉBECAND ONTARIO

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

RYAN ENERGY TECHNOLOGIES INC.

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatoryauthority or regulator (the "Decision Maker") in eachof Alberta, Saskatchewan, Ontario, and Quebec (the "Jurisdictions")has received an application from Ryan Energy Technologies Inc.("Ryan") for a decision pursuant to the securitieslegislation of the Jurisdictions (the "Legislation")deeming Ryan to have ceased to be a reporting issuer under theLegislation;

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

AND WHEREAS unless otherwise defined,the terms herein have the meaning set out in National Instrument14-101 Definitions or in Quebec Commission Notice 14-101;

AND WHEREAS Ryan has represented to theDecision Makers that:

1. Ryan is a corporation governed by the BusinessCorporations Act (Alberta) ("ABCA");

2. Ryan's head office is located in Calgary,Alberta;

3. Ryan is a reporting issuer in each of theJurisdictions;

4. Ryan became a reporting issuer in Albertaon March 14, 1994, in Ontario on May 14, 1996 and in Quebecon September 26, 1997;

5. Ryan is not in default of any of its obligationsas a reporting issuer under the Legislation;

6. Ryan's authorized capital consists of anunlimited number of common shares (the "Common Shares")of which 22,726,848 Common Shares are issued and outstanding;

7. on October 9, 2002 Nabors Exchangeco (Canada)Inc. ("Exchangeco") acquired 100% of the outstandingCommon Shares pursuant to a plan of arrangement involvingRyan under section 193 of the ABCA;

8. Exchangeco beneficially owns all of theissued and outstanding Common Shares;

9. the Common Shares were delisted from theToronto Stock Exchange on October 11, 2002 and no securitiesof Ryan are listed or quoted on any exchange or market;

10. other than the Common Shares, Ryan hasno securities, including debt securities, outstanding; and

11. Ryan does not intend to seek public financingby way of an offering of securities;

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

AND WHEREAS each of the Decision Makersis satisfied that the test contained in the Legislation thatprovides the Decision Makers with the jurisdiction to make theDecision has been met;

THE DECISION of the Decision Makers pursuantto the Legislation is that Ryan is deemed to have ceased tobe a reporting issuer under the Legislation.

November 28, 2002.

"Patricia M. Johnston"