Sefton Resources Inc Update on Bankruptcy Proceedings (1481A)
September 24 2015 - 9:35AM
UK Regulatory
TIDMSER
RNS Number : 1481A
Sefton Resources Inc
24 September 2015
24 September 2015
Sefton Resources, Inc.
("Sefton" or the "Company")
Update on Bankruptcy Proceedings
On 22 September 2015, the Court in the bankruptcy proceedings in
Denver ruled that the hearing scheduled for 1-2 October is to be
re-scheduled to 12 November 2015, in order to provide the parties
with additional time for discovery. The Court also confirmed that
the Company in the interim may not engage in the extraordinary
disposition of assets beyond the ordinary course of business, in
accordance with the U.S. bankruptcy laws, which means the Company
cannot dispose of its legacy oil and gas assets located in Kansas,
USA. As stated in the announcement of 10 September 2015, these
assets have been placed on a care and maintenance regime whilst a
study on the underlying value of the assets is commissioned. Whilst
the Company continues to seek potential buyers, the difficulties in
the market due to the current depressed oil price make this
difficult in the short term, and as a result this embargo on
disposal until the hearing is not expected to have any practical
impact.
Visit www.seftonresources.com or contact:
Jossy Rachmantio, Executive Chairman Tel: 020 7872 5570
-------------------------------------------- -------------------
Nick Harriss, Nick Athanas, Allenby Capital Tel: 020 3328 5656
(Nomad)
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Nick Bealer, Cornhill Capital (Broker) Tel: 020 7710 9612
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Tim Blythe, Camilla Horsfall, Blytheweigh Tel: 020 7138 3224
(PR)
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This information is provided by RNS
The company news service from the London Stock Exchange
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