Oilexco stay extended to July 7; Black Sea drilling request denied

By Caroline Salls

Pittsburgh, May 27 - Oilexco Inc.'s Companies' Creditors Arrangement Act stay period has been extended to July 7 from May 29, according to a company news release.

The company said the extension will allow the company to remain in control of its remaining assets while it continues to restructure.

In addition, the company said the court denied Oilexco's motion to participate in the drilling of a well in the North Sea as part of its restructuring following strong opposition by the Royal Bank of Scotland.

The company said the bank asked the court to allow it to file a bankruptcy application against it. However, the court said it supported a successful reorganization, so Oilexco's current restructuring efforts will continue.

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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