Enernorth Industries Inc.

Enernorth Industries Inc.

January 18, 2007 11:37 ET

EnerNorth's Application for Leave to Appeal Denied by the Supreme Court of Canada

TORONTO, ONTARIO--(CCNMatthews - Jan. 18, 2007) - EnerNorth Industries Inc. (AMEX:ENY)(FRANKFURT:EPW1) (www.enernorth.com) ("EnerNorth" or the "Company") regrets to announce that the Supreme Court of Canada has denied the Company's application for leave to appeal its ongoing litigation with Oakwell Engineering Limited of Singapore ("Oakwell"). EnerNorth will be required to satisfy a judgment in favour of Oakwell for approximately CDN $6.8 million in addition to the $1.5 million posted as security on September 7, 2006. The Company also has obligations to secured and unsecured creditors. In the process of satisfying such, all or substantially all of the assets of the Company may be sold or pledged. The Company has engaged Jennings Capital Inc. to assist the Company with a sale of its oil and gas assets.

EnerNorth is a junior oil and gas company carrying out operations through production, development and exploration of oil and gas in the Western Sedimentary Basin, Canada.

There are approximately 4.293 million shares issued and outstanding in the capital of the Company.

Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"), which reflect the Company's current expectations regarding the future results of operations, performance and achievements of the Company. The Company has tried, wherever possible, to identify these forward-looking statements by, among other things, using words such as "anticipate," "believe," "estimate," "expect" and similar expressions. These statements reflect the current beliefs of management of the Company, and are based on current available information. Accordingly, these statements are subject to known and unknown risks, uncertainties and other factors which could cause the actual results, performance or achievements of the Company to differ materially from those expressed in, or implied by, these statements. (See the Company's Annual Information Form and Annual Form 20 F for Risk Factors.) The Company is not obligated to update or revise these "forward-looking" statements to reflect new events or circumstances, unless required by securities law.

Contact Information

  • EnerNorth Industries Inc.
    Sandra Hall
    (416) 861-1484
    (416) 861-9623 (FAX)
    Website: www.enernorth.com