Wedge Energy International Inc.
CNSX : WEG

Wedge Energy International Inc.

May 27, 2009 13:32 ET

Wedge Energy International Inc. Provides Second Default Status Report

OTTAWA, ONTARIO--(Marketwire - May 27, 2009) - Wedge Energy International Inc. (CNSX:WEG) ("Wedge" or the "Company") is providing its second bi-weekly Default Status Report in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On April 30, 2009, Wedge announced that it was not able to file its audited annual financial statements, management's discussion and analysis and related certifications (collectively, the "Statements") for the fiscal year ended December 31, 2008 within the prescribed time.

In accordance with NP 12-203, and as previously announced, the Company applied to the Ontario Securities Commission (the "OSC") for a management cease trade order to be imposed against certain of the Company's executive officers (and at the discretion of the OSC, some or all of the persons who have been directors, officers or insiders of the Company). On May 4, 2009, the OSC issued a temporary management cease trade order against the Chief Executive Officer and the Chief Financial Officer of the Company. The issuance of such management cease trade order does not affect the ability of persons to trade in their securities of the Company, other than the Chief Executive Officer the Chief Financial Officer. However, the OSC, in its discretion, may determine at a later time that it would be appropriate to issue a general issuer cease trade order affecting all of the Company's securities. if the Company fails to satisfy the provisions of the Alternative Information Guidelines required pursuant to NP 12-203 (the "Alternative Information Guidelines").

The Company is working with its auditors to complete the audit of the Statements as soon as possible. Until the Statements are filed, the Company intends to satisfy the Alternative Information Guidelines by issuing biweekly Default Status Reports, each of which will be issued in the form of a press release. If the Statements are not filed beforehand, the Company intends to issue its next Default Status Report on June 8, 2009. Given the delay in completing and filing the Statements it is anticipated that the Company will not be able to file its interim financial statements, management's discussion and analysis and related certifications prior to the filing deadline of May 31, 2009. The Company aims to file its interim results on or about June 30, 2009, however it will provide a more certain update on the status of its interim results and the timing of filing as soon as practicably possible.

The Company reports that since its original announcement on April 30, 2009 and its first Default Status Report dated April 30, 2009 (the "Notice"), in respect of the delay in filing the Statements, there has not been any material changes to the information provided in the Notice other than as described herein nor any failure by the Company in fulfilling its stated intentions with respect to satisfying the Alternative Information Guidelines. In addition, there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The statements in this Press Release may contain forward-looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The Company disclaims any obligation to update or revise any forward-looking information, except as required by applicable securities legislation. The CNSX has not approved or disapproved of the information contained in this Press Release.

For further information, please go to www.wedgeenergy.com

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