Oilexco was advised by the Administrator for Oilexco North Sea Limited (ONSL) that the sale of ONSL, the discharge of the Administrative Order, and the implementation of the Company Voluntary Arrangement occurred at 10:00 am GMT today.
On January 7, 2009, Oilexco's wholly-owned subsidiary, Oilexco North Sea Limited ("ONSL"), was subject to an order from the UK court appointing Administrators. The assets held within ONSL comprised nearly all the assets held by the parent company, Oilexco Inc. On March 25, 2009, the Administrators announced that an agreement had been reached with an outside party to purchase ONSL. The Company is currently under a court order for protection under the Companies' Creditors Arrangement Act (Canada).
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