Twoco Petroleums Ltd.

Twoco Petroleums Ltd.

February 21, 2013 23:59 ET

Twoco Petroleums Ltd. Announces Demand by Lender to Repay Outstanding Indebtedness and Notice of Intention to Enforce Security

CALGARY, ALBERTA--(Marketwire - Feb. 21, 2013) - Twoco Petroleums Ltd. ("Twoco") (TSX VENTURE:TWO) announces that its lender, Alberta Treasury Branches ("ATB"), has made demand upon Twoco for payment in full of its outstanding indebtedness in the aggregate amount of approximately $19.55 million plus accrued interest, costs and fees by the close of business on March 1, 2013. In addition, ATB has provided Twoco with a Notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada) ("BIA"). Twoco has consented to: (i) the immediate enforcement by ATB of its security over Twoco's property and assets pursuant to subsection 244(2) of the BIA; and (ii) ATB's immediate disposition of any or all collateral subject to ATB's security immediately or otherwise as ATB may determine in its sole discretion, without notice as required by the Personal Property Security Act (Alberta).

Neither 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

  • Twoco Petroleums Ltd.
    Wayne A. Malinowski
    President and Chief Executive Officer
    (403) 231-8653
    (403) 237-6048 (FAX)