Aztek Energy Ltd.
TSX VENTURE : AZK

April 30, 2008 19:19 ET

Aztek Energy Ltd.: Notice of Default

CALGARY, ALBERTA--(Marketwire - April 30, 2008) - Aztek Energy (TSX VENTURE:AZK)

1. Aztek will be unable to file financials and Statement of Reserve Data
for the year ended December 31, 2007 and financials for the quarter
ended March 31, 2008 on time;

2. The reason for the default is that Aztek decided to allocate its
liquid resources to an abandonment program connected to its oil
and gas assets and deferred incurring expenses associated with
preparation of its financials and year end engineering in order to
conserve cash. It has since made significant progress on this
abandonment program and may arrange a private placement to raise funds
to cover the preparation of its financials. The delays Aztek has
experienced makes meeting its time obligation for filing its Statement
of Reserve Data, year end financials and first quarter financials
impossible to meet;

3. Aztek expects to file the Statement of Reserve Data and financial
statements on or before June 30, 2008;

4. June 30, 2008 is the date that is two months after the filing deadline
and the Alberta Securities Commission may impose an issuer cease trade
order (CTO)if the Statement of Reserve Data and financial statements
are not filed by that time. An issuer CTO may be imposed sooner if Aztek
fails to file its Default Status Reports on time;

5. Aztek intends to file Default Status Reports as required by CSA Staff
Notice 57-301 as long as it remains in default of the financial
statement filing requirement;

6. There are no insolvency proceeding Aztek is subject to. Aztek will file
material change reports containing the same information it provides to
creditors at the same time the information is provided to creditors
throughout the period in which it is in default; and

7. There is no other material information concerning the affairs of Aztek
that has not been generally disclosed.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release

Contact Information

  • Aztek Energy Ltd.
    Ray Hodgkinson
    (403) 265-1015