  We present continuous, high-precision photometric monitoring data with 1
minute cadence of the dM3e flare star AD Leo with the {\it MOST} satellite. We
observed 19 flares in 5.8 days, and find a flare frequency distribution that is
similar to previous studies. The light curve reveals a sinusoidal modulation
with period of $2.23^{+0.36}_{-0.27}$ days that we attribute to the rotation of
a stellar spot rotating into and out of view. We see no correlation between the
occurrence of flares and rotational phase, indicating that there may be many
spots distributed at different longitudes, or possibly that the modulation is
caused by varying surface coverage of a large polar spot that is viewed nearly
pole-on. The data show no correlation between flare energy and the time since
the previous flare. We use these results to reject a simple model in which all
magnetic energy is stored in one active region and released only during flares.
