OIL - Oilexco TSX - Page 7

February 5, 2009 - 4:23 PM EST
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OIL:CA 0.02 -0.025
Today 5d 1m 3m 1y 5y 10y

Oilexco 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.


This is why you must always do your DD, every pr for the past 6 months has been bad

ppl seriously i have 132000 shares and half at 0.025 and half 0.015
should i sell it?and when is the good time or prize

I don't think anyone will buy your shares

sorry man

i can sell it at market prize

i see a bid for
40,000@0.02
4,212,000@0.015

i alredy have 51000 @ 0.025 and 81000@0.015

No One is going to buy

Don't buy any more

did some one tell you to buy in to OIL?

or did you just randomly buy into a company the day news came out they were bankrupt?

what if some how go up than?

It wont they going to take all proceeds from liquidation and pay off the creditors.

Congrats so you are currently in a positive situation making yourself
$150 on this trade. Sell the stock and move on to something that has
value. If you let this go at .02 cents tomorrow you will have turned a
profit and you are very lucky. Most buying this now @.02cts will not
be as fortunate. The stock probably has 2 or 3 weeks left of trading
and then it will get delisted and be worthless to those who are buying
it now. Good luck and have a look at PGC.v if you want something with
value and potential.
CHEERS

let see what happens tomorrow it can gfo u pordown who knows
just have to what

bump for newbie "snstock"

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go the **** up man
my money is stuck

Well you can get out @0.015 now.

When this stock gets delisted your money wont be "stuck" It will be lost

when will be delisted?plz tell me

Sorry i don't know, you should ask one of the Moderators they will know more then me.