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Engineering, procurement, construction & management of crude oil refineries.

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Message: The way I see it...

The way I see it...

posted on Jun 10, 2008 08:36PM

and thanks to aminal for posting the complete Sedar post from yesterday, we're within 21 days of the financials being filed. With that behind us, we have what, one hurdle?

Here's aminals re-post from Sedar, and read carefully as all the information is contained within this...please note the bold and underlined points which IMO have the answer here. Foley knows what he needs to do to finalize everything.

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The Company provides the following default status information as required:

As disclosed in a Notice of Default dated April 30, 2008, the Company’s filing of its annual financial statements for the year ended December 31, 2007 and related Management Discussion and Analysis (“Annual Filings”) will be further delayed for the reasons outlined in the Notice of Default. Consequently, Winfield’s financial statements for the three month period ended March 30, 2008 and related Management Discussion and Analysis (“Interim Filings”) was not filed on May 30, 2008. The Company advises as follows:

1. The Company was unable to file its audited financial statements for the year ending December 31, 2007 by the filing deadline of April 29, 2008.

2. The delay in filing such financial statements is caused primarily by time delays in the Company receiving financial information pertaining to its operations in Northern Africa.

3. The Company anticipates filing its financial statements by June 29, 2008.

4. The date which is two months after the filing deadline is June 29, 2007; and it is understood that: (i) the securities commissions may impose an issuer cease trade order if the financial statements are not filed by that date, and (ii) that an issuer cease trade order may be imposed sooner if the Company fails to file its Default Status Reports on time.

5. It is the Company’s intention to satisfy the provisions of Appendix B to 57-301, and file bi- weekly Default Status Reports, while it remains in default.

6. The Company is not subject to any insolvency proceedings.

7. There is no other material information concerning the affairs of the Company which has not been generally disclosed.

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