Did you know?
You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)
Oilexco North Sea Limited Update / Marketwire
posted on
Mar 25, 2009 05:48AM
March 25, 2009
Oilexco North Sea Limited Update
CALGARY, AB--(Marketwire - March 25, 2009) - Oilexco Incorporated ("Oilexco") (TSX-V: OIL) (LSE: OIL) has been advised by the Administrators of Oilexco North Sea Limited (ONSL) that the Administrators have entered into a contract for Premier Oil to acquire all the shares of ONSL for $505 million subject to a Company arrangement with the creditors, failing which Premier will acquire the business and assets of ONSL for $415 million.
Oilexco understands the sale price is less than the amount owed by ONSL to its creditors and that the total consideration payable to Oilexco under the Share Acquisition Agreement is $1. As a result, Oilexco will not receive funds in excess of $1 from the sale which is expected to close in late May. Oilexco remains in CCAA as announced on February 5, 2009 and will continue to provide the market with timely updates.
