Essex Oil Ltd.

February 10, 2011 15:01 ET

Essex Provides Further Update on Creditor's Attempt to Pursue Repayment of Loan

TORONTO, ONTARIO--(Marketwire - Feb. 10, 2011) - ESSEX OIL LTD. ("Essex") announced on January 14, 2011 that Randsburg International Gold Corp. ("Randsburg") had initiated steps to appoint Wm. Andrew Campbell as a privately-appointed receiver over the assets of Essex pursuant to a general security agreement granted to Randsburg. 

On January 28, 2011, Essex advised Randsburg that their attempted appointment of Mr. Campbell as receiver contravened section 243(4) of the Bankruptcy and Insolvency Act (Canada) which provides that only a licensed trustee may be appointed as a receiver pursuant to the terms of a security agreement, and therefore, the appointment of Mr. Campbell as receiver was illegal, invalid and of no effect.

Randsburg has now initiated steps to appoint a licenced trustee as a privately-appointed receiver over the assets of Essex. 

Essex is taking steps to refute the efforts by Randsburg.

Randsburg is a shareholder of Essex. Michael Opara, who is the President, Chief Executive Officer and a director of Randsburg, is also the President and a director of Essex.

Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such "forward-looking statements" are not guarantees of future performance and that actual developments or results may vary materially from those in such "forward-looking statements".

Contact Information

  • Essex Oil Ltd.
    Miles Nagamatsu
    Chief Financial Officer
    (416) 360-8006