Cordy Oilfield Services Inc.
TSX VENTURE : CKK

Cordy Oilfield Services Inc.

December 22, 2009 12:14 ET

Cordy Oilfield Services Inc.: Update Regarding Regulatory Review - Dismissal of Geosam's Application for Costs

DEPARTURE OF CHIEF FINANCIAL OFFICER

CALGARY, ALBERTA--(Marketwire - Dec. 22, 2009) - Cordy Oilfield Services Inc. ("Cordy") (TSX VENTURE:CKK) announces that the application by Geosam Investments Limited ("Geosam") for an unprecedented ruling for an award of its legal costs in respect of its application for a review of the decision of the TSX Venture Exchange (the "TSX Venture") to approve Cordy's October 2009 private placement was dismissed today by the British Columbia Securities Commission (the "BCSC").

Cordy was joined by the staff of the BCSC and the TSX Venture in response against Geosam's application.

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.

Cordy also announces that Everett Barnes has provided notice that effective December 31, 2009 he will resign as the Chief Financial Officer of Cordy so that he may spend 2010 pursuing personal interests. Cordy wishes to thank Mr. Barnes for his dedicated service. Cordy has identified a candidate to serve as Chief Financial Officer. Details regarding Cordy's new Chief Financial Officer will be announced in due course.

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