JED Oil stay extended to May 27; Cheyenne River area assets sold

By Caroline Salls

Pittsburgh, April 22 - JED Oil Inc.'s Companies' Creditors Arrangement Act stay period has been extended to May 27 from April 20 by the Court of Queen's Bench of Alberta, Judicial District of Calgary, and the court also approved the sale of JED's U.S. subsidiary's non-core assets in the Cheyenne River area of Wyoming, according to a company news release.

The purchase price for the assets, which were sold to an "arms-length third party," was $250,000.

Following the sale closing, the company said it will have no more oil and gas assets in the United States.

A motion by a lienholder for immediate payment of its lien claim was also adjourned to May 27, provided that any objections, notices of cross examination or claim disallowance motions must be filed by May 20.

In addition, JED said its deadline for filing its third-quarter and fourth-quarter 2008 financial statements has been extended to May 27.

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

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