Cordy Oilfield Services Inc.
TSX VENTURE : CKK

Cordy Oilfield Services Inc.

November 10, 2009 09:27 ET

Cordy Oilfield Services Inc.: Update Regarding British Columbia Securities Commission Regulatory Review of TSX Venture Exchange Approval of Private Placement

CALGARY, ALBERTA--(Marketwire - Nov. 10, 2009) -

Cordy Oilfield Services Inc. ( "Cordy") (TSX VENTURE:CKK) announces that the British Columbia Securities Commission (the "BCSC") heard on November 9, 2009 the application by Geosam Investments Limited ("Geosam") for an order restricting, on an interim basis, the use by Cordy of the proceeds of its recently completed $4.8 million private placement of units (the "Private Placement") pending the hearing by the BCSC of Geosam's application for a review of the decision of the TSX Venture Exchange (the "TSX Venture") approving the Private Placement. Cordy was joined by the staff of the BCSC in response against Geosam's application.

The BCSC has reserved its decision in respect of yesterday's hearing for interim relief and indicated that it will provide a written decision in respect of Geosam's application. Cordy will announce a description of the interim decision of the BCSC when known.

Geosam's application for a review of the decision of the TSX Venture approving the Private Placement will be heard by the BCSC on or about November 25, 2009. Cordy looks forward to the hearing of that application and is confident that the approval of the TSX Venture of its recently completed Private Placement will be upheld by the BCSC.

Cordy's Board is satisfied that it has at all times fulfilled its fiduciary duties and acted in good faith and in the best interests of Cordy and all of Cordy's shareholders. Cordy and the Board will continue to vigorously oppose the proceedings commenced by Geosam.

The President and Secretary of Geosam is George Armoyan, a former director of Cordy. Clarke recently disclosed that Geosam holds in excess of 20% of the outstanding common shares of Clarke Inc. George Armoyan is also the Executive Chairman and a director of Clarke Inc. Most recently Clarke Inc. reported that its holds 11,499,600 common shares of Cordy.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Cordy Oilfield Services Inc.
    David Mullen
    Chairman & CEO
    (403) 802-6005
    (403)266-2087 (FAX)
    dmullen@cordy.ca