2013-08-15 01:31:17 -
Calgary, Alberta CANADA, August 14, 2013 /FSC/ - Western Plains Petroleum Ltd. (WPP - TSX Venture), ("Western Plains" or the "Company") announces that its lender, Western Canadian Bank (the "Bank"), has made demand upon the Company for payment in full of its outstanding indebtedness in the aggregate amount of approximately $1.7 million plus accrued interest, costs and fees, and in conjunction therewith has provided Western Plains with a Notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada) ("BIA"). The Company is currently in discussions with the Bank in respect of the foregoing and will provide further disclosure once a decision has been reached with the Bank. There has been no change to
management or the board of directors since this demand has been made by the Bank. The Company has been advised that trading will remain halted due to the timing of the Bank's decision.
Notwithstanding such discussions, the Bank reserves the right to (i) immediate enforcement of its security over Western Plain's property and assets pursuant to subsection 244(2) of the BIA, and (ii) the immediate disposition of any or all collateral subject to the Bank's security immediately or otherwise as it may determine in its sole discretion, without notice as required by the Personal Property Security Act (Alberta).
About Western Plains Petroleum Ltd.
Western Plains is a Lloydminster, Alberta, based junior heavy oil producer with interests located in the Lloydminster area in both Saskatchewan and Alberta.
For more information, please contact:
President and Chief Executive Officer
Telephone: (780) 205- 4468
Western Plains Petroleum Ltd.
#202, 5004 - 18 Street
Lloydminster, AB T9V 1V4
Telephone: (780) 871-0725
Fax: (780) 808 - 8038
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Western Plains assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Western Plains. Additional information identifying risks and uncertainties is contained in filings by Western Plains with the Canadian securities regulators, which filings are available at www.sedar.comwww.sedar.com.
To view the press release as a PDF file, please click on the following link:
Source: Western Plains Petroleum Ltd. (TSX-V WPP) www.westernplainspetroleum.com
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