PXV-t...in the news:
Petrolex Grants Extension on Terms of Proposed Rubiales Sale Transaction
VANCOUVER, Nov. 22 /CNW/ - PETROLEX ENERGY CORPORATION ("Petrolex" or the
"Company") announces that it has agreed to a request from Auburn Argyle
Limited ("Auburn Argyle") to extend the time limit from November 16, 2001 to
November 30, 2001 for the execution of a definitive purchase and sale
agreement relating to Auburn Argyle's proposed acquisition of all of the
shares of Petrolex Colombia Holdings Limited ("Petrolex Colombia") and the
deposit of certain funds into escrow. Petrolex Colombia holds, through its
subsidiaries, all of the Company's 80% interest in the Rubiales Oilfield in
Colombia.
The Company has agreed to extend the time limit for execution of the
definitive purchase and sale agreement and deposit of US$3,000,000 in escrow
to November 30, 2001 and the time limit for depositing the balance of the
US$60,000,000 purchase price in escrow to December 10, 2001.
As a result of these extensions, the extraordinary general meeting of
shareholders of Petrolex to vote on approval of the transaction, which was to
be held in Toronto, Ontario on December 27, 2001, will be postponed to the
early part of January 2002.
Further details of progress on this proposed transaction and the date of
the extraordinary general meeting of shareholders will be announced by the
Company once they are available.
By Order of the Board
PETROLEX ENERGY CORPORATION
"John M. Dahlen"
John M. Dahlen
President and Chief Executive Officer |
