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Sefton Resources (SER)

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Thursday 24 September, 2015

Sefton Resources

Update on Bankruptcy Proceedings

RNS Number : 1481A
Sefton Resources Inc
24 September 2015
 



24 September 2015

Sefton Resources, Inc.

("Sefton" or the "Company")

Update on Bankruptcy Proceedings

On 22 September 2015, the Court in the bankruptcy proceedings in Denver ruled that the hearing scheduled for 1-2 October is to be re-scheduled to 12 November 2015, in order to provide the parties with additional time for discovery.  The Court also confirmed that the Company in the interim may not engage in the extraordinary disposition of assets beyond the ordinary course of business, in accordance with the U.S. bankruptcy laws, which means the Company cannot dispose of its legacy oil and gas assets located in Kansas, USA.  As stated in the announcement of 10 September 2015, these assets have been placed on a care and maintenance regime whilst a study on the underlying value of the assets is commissioned.  Whilst the Company continues to seek potential buyers, the difficulties in the market due to the current depressed oil price make this difficult in the short term, and as a result this embargo on disposal until the hearing is not expected to have any practical impact.

 

Visit www.seftonresources.com or contact:

Jossy Rachmantio, Executive Chairman

 

Tel: 020 7872 5570

 

Nick Harriss, Nick Athanas, Allenby Capital (Nomad)

 

Tel: 020 3328 5656

Nick Bealer, Cornhill Capital (Broker)

 

Tel: 020 7710 9612

Tim Blythe, Camilla Horsfall, Blytheweigh (PR)

 

Tel: 020  7138 3224

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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