JED Oil CCAA protection extended to Dec. 15

By Caroline Salls

Pittsburgh, Sept. 16 - JED Oil Inc.'s Companies' Creditors Arrangement Act (Canada) protection order has been extended for 90 days to Dec. 15, according to a company news release.

As previously reported, the Court of the Queen's Bench of Alberta, Judicial Division, originally granted CCAA protection to the company on Aug. 13.

In addition, the court ordered Monday that a claims package is to be sent to all of JED's known creditors by Sept. 30, and creditors have until Oct. 31 to file claims outstanding through the date of the initial CCAA order.

According to the release, JED is exploring its restructuring options, including sourcing potential working interest partners, equity financing, debt financing and asset sales.

Initial non-binding sealed bids are due Sept. 24 for the sale of JED's core Steen River assets in northern Alberta.

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

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