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Jed makes third extension

Canada's Jed Oil said that the Court of Queen’s Bench of Alberta has extended the “stay period” for the third time of Jed’s initial order for its creditor protection status under the Companies’ Creditors Protection Act (CCPA) from 15 December until 17 February.

The Court also approved the previously announced asset sale by Jed and its subsidiaries of non-core interests in the Ferrier and Wizard Lake areas of Alberta and the Pinedale area of Wyoming, and enhanced the powers of Jed’s CCAA Monitor to assist in negotiations of asset sales, to administer the Company’s Employee Retention Bonus Plan, and to make recommendations for cost cutting measures.

The company said this was its third Default Status Report under Canadian National Policy 12-203.

Jed reports that since announcing the original Notice of Default on 5 November and filing its first and second Default Status Reports on 19 November and 3 December, respectively, there have not been any additional material changes to the information contained therein other than the extension of the CCAA Stay Period; 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, 31 December.

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