Turnkey E&P Inc.

Turnkey E&P Inc.

November 19, 2009 17:40 ET

Turnkey E&P Inc. Announces Adverse Change in Bankruptcy Status and Delisting Application From NEX

HOUSTON, TEXAS--(Marketwire - Nov. 19, 2009) - On October 26, 2009, – Turnkey E&P Inc. ("Turnkey") (NEX BOARD:TKY.H), announced that its wholly-owned U.S. subsidiary, Turnkey E & P Corporation which is currently in Chapter 11 bankruptcy protection, had entered into a two year contract to rent its four drilling rigs to a Mexican drilling contractor. The contract was subject to the approval of the Bankruptcy Court and Turnkey's secured and unsecured creditors. Turnkey today announces that such approval was not obtained. The Bankruptcy Court has lifted the stay on foreclosure on the U.S. subsidiary's four drilling rigs by its secured creditor and has appointed a Trustee to manage the affairs of the U.S. subsidiary for the benefit of its creditors.

As a consequence of the U.S. Bankruptcy Court appointment of a Trustee to manage the U.S. subsidiary and the uncertainty related to the Trustee appointment, the Board of Directors of Turnkey E & P Inc. determined that it was appropriate to take steps to delist the Corporation from NEX. Turnkey E & P Inc. will continue with efforts to secure a contract with a major foreign national oil company to apply technology previously developed by Turnkey. Further information concerning this contract will be released as material progress is made.

This release contains forward-looking statements .Turnkey operates in an industry where vents or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Turnkey. These risks include, but are not limited to; the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to; operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks including, without limitation, blowouts and spills, and the uncertainty of estimates and projections of production, costs and expense and legal actions. The risks outlined above should not be construed as exhaustive. Investors are cautioned not to place undue reliance on any forward-looking information. Turnkey undertakes no obligation to update or revise any forward-looking statements.

Contact Information

  • Turnkey E&P Inc.
    Martin Hall
    (403) 616-3910