JED Oil Inc. Announces Ninety Day Extension of CCAA Protectionadmin
JED Oil Inc. announces that on September 15, 2008 the Court of Queen’s Bench of Alberta, Judicial District of Calgary, granted an extension for 90 days to December 15, 2008 of the Company’s Order of creditor protection under the Companies’ Creditors Arrangement Act, which was originally granted on August 13, 2008. The Court also granted JED’s application for an Order regarding the creditors’ claims process. A claims package is to be sent to all of JED’s known creditors by September 30 and creditors have until October 31 to file claims for any amounts accrued and outstanding through the date of the initial CCAA Order. The Company’s applications were supported by Ernst & Young Inc., the Court-appointed Monitor of JED’s CCAA process, and were not objected to by counsel for the Creditors’ Committee or the holders of JED’s convertible notes.
JED is proceeding to pursue restructuring options, including sourcing potential working interest partners, equity financing, debt financing and asset sales. Initial non-binding sealed bids are due September 24, 2008 in the sale process of JED’s core Steen River assets in northern Alberta through CB Securities Inc.
Established in September 2003, JED Oil Inc. is an oil and natural gas company that commenced operations in the second quarter of 2004 and develops and operates oil and natural gas properties in western Canada and the Rocky Mountain states in the United States.