JED Not Happy with Remaining Bids for Alberta Assets, Mulls Options

JED announced that the top two bids for its northern Alberta oil and gas assets have been withdrawn and the remaining bids are unacceptable. Accordingly the Company is considering alternatives to an immediate asset sale. Ernst & Young Inc., the court-appointed Monitor in the Company's process under the Companies Creditors Arrangement Act (Canada), is filing a Report with the Court of Queen’s Bench of Alberta reporting this change in the asset sale process.

JED also today filed this news release as its fifth Default Status Report under Canadian National Policy 12-203, pursuant to which the Company announced that its financial statements for the third quarter ended September 30, 2008 would not be filed by November 14, 2008. The Company's deadline for filings its third quarter financial statements is the new CCAA Stay Period, which has been extended to February 17, 2009 as previously announced.

JED reports that since announcing the original Notice of Default on November 5, 2008 and filing its first, second, third and fourth Default Status Reports on November 19 and December 3, 17, and 31, 2008, respectively, there have not been any additional material changes to the information contained therein except the withdrawal of JED's northern Alberta assets from the sale process as announced above; nor any failure by JED to fulfill its intentions as stated therein, and there are no additional defaults or anticipated defaults subsequent to such announcement. The Company intends to file its next Default Status Report on Wednesday, January 28, 2009.

 

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