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LGX Oil + Gas Inc. announces that it will not oppose the appointment of a receiver and resumes trading
LGX Oil + Gas Inc. announces that it will not oppose the appointment of a receiver and res...
About this update from Permex Petroleum Corp.
[{"type":"text","content":"\n\n\n\nLGX Oil + Gas Inc. announces that it will not oppose the appointment of a receiver and resumes trading\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nLGX Oil + Gas Inc. announces that it will not oppose the appointment of a receiver and resumes trading\nCanada NewsWire\nCALGARY, June 1, 2016\n\n\n\nCALGARY, June 1, 2016 /CNW/ - LGX Oil + Gas Inc. (\"LGX\", or the \"Company\") (TSXV: OIL) announces that the Company's lender will file an application with the Court of Queen's Bench of Alberta to place the Company into Receivership and appoint Ernst & Young Inc. as Receiver to manage the Company's affairs (the \"Receiver\"). The application is anticipated to be heard in Court on Tuesday, June 7, 2016 at 11:00 a.m. (MST) and it is expected the Court will grant the application. The Receiver will be charged with managing the day to day affairs of the Company during the period of appointment and should be contacted with respect to any questions concerning the assets and liabilities of LGX. Commencing at market open June 2, 2016 the Company's shares will resume trading. \n\nLGX's daily operations, financial position and strategic alternative process have been significantly disrupted and impacted due to LGX's Manyberries property being subject to an Emergency Order for the Protection of the Greater Sage-Grouse pursuant to the Species at Risk Act (Canada) (\"Emergency Order\") which came into effect on February 18, 2014 to address the imminent threats to the survival and recovery of the Greater Sage-Grouse. This was the first and only time that an Emergency Order has been issued under the Species at Risk Act (Canada), even though the legislation has been in existence since 2002.\n\nDue to the extreme limitations to LGX's development and operational activities, the Emergency Order has had a significant adverse effect on LGX's ability at Manyberries to maintain and increase production and drill new wells that  may result in potential revisions to the reserves attributable to the Manyberries property in any future estimate of such reserves.  \n\nIn Dec...