Feb 05, 2009 16:23 ETOilexco Obtains Court Order for CCAA Creditor Protection
CALGARY, ALBERTA--(Marketwire - Feb. 5, 2009) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX:OIL) (LSE:OIL) advises that it obtained a court order today for protection under the Companies' Creditors Arrangement Act (Canada). Ernst & Young Inc. was appointed monitor under the order.
The order permits Oilexco (including its wholly-owned Alberta subsidiary Oilexco Technical Services Inc.) to remain in possession and control of its property, carry on its business, retain employees and other service providers and restructure its operations. Proceedings by creditors and others cannot be commenced without leave of the court and current proceedings are stayed. The order does not affect rights of The Royal Bank of Scotland plc and other lenders to shares of Oilexco's wholly-owned United Kingdom subsidiary Oilexco North Sea Limited ("ONSL"). Those shares were pledged by Oilexco as security for Oilexco's obligations as guarantor of amounts owed by ONSL under the US $547.5 million senior and super senior credit facility and Pounds Sterling 100 million pre-development credit facility of ONSL with the lenders.
About the Company
Oilexco shares are listed for trading on the London Stock Exchange (LSE) and the Toronto Stock Exchange (TSX) under the symbol "OIL".
Forward Looking Statements
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond Oilexco's control, including: the uncertainty of court proceedings under the Companies' Creditors Arrangement Act (Canada), the impact of general economic conditions in the areas in which Oilexco operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore Oilexco's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, which Oilexco will derive therefrom. All statements included in this press release that address activities, events or developments that Oilexco expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include future production rates, completion and production timetables and costs to complete wells, and production facilities. These statements are based on assumptions made by Oilexco based on its experience perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
For more information, please contact
Oilexco Incorporated
Arthur S. Millholland
President
(403) 262-5441
or
Oilexco Incorporated
Brian L. Ward
Chief Financial Officer
(403) 262-5441
or
Oilexco Incorporated
Rob Elgie
Manager Investor Relations
(403) 262-5441
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