Oilexco voluntary arrangement implemented, sale of unit completed

By Caroline Salls

Pittsburgh, May 21 - Oilexco Inc.'s voluntary arrangement has been implemented and the sale of Oilexco North Sea Ltd. has been completed, according to a company news release.

According to the release, a U.K. court appointed administrators for Oilexco North Sea in January. The company said Oilexco North Sea's assets comprised nearly all of the assets held by the parent company.

The administrators announced on March 25 that they had reached an agreement with an outside party to buy the subsidiary.

Oilexco is a Calgary, Alta.-based oil and gas exploration and production company active in the United Kingdom, specifically in the Outer Moray Firth and Central Graben areas of the U.K. central North Sea.

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