JED Oil $4.07 million asset sale approved; stay extended to Feb. 17

By Caroline Salls

Pittsburgh, Dec. 17 - JED Oil Inc.'s Companies' Creditors Arrangement Act stay period has been extended to Feb. 17 from Dec. 15 by the Court of Queen's Bench of Alberta, and the court approved the $4.07 million sale of JED's non-core interests in the Ferrier and Wizard Lake areas of Alberta and the Pinedale area of Wyoming, according to a company news release.

As previously reported, the oil and gas assets located in the Ferrier and Wizard Lake area of Alberta will be purchased by a private Alberta oil and gas company, and a U.S. limited partnership operated by a wholly owned subsidiary of the Alberta company will buy the assets located in the Pinedale area of Wyoming.

JED said the $4.07 million purchase price will include $2.82 million in cash and $1.25 million to be paid through the issuance of 550,000 common shares of the Alberta company.

The court also 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.

In addition, the company said the deadline for filing its third-quarter financial statements was also extended to Feb. 17.

JED Oil is a Didsbury, Alta.-based oil and natural gas company.

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