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Message: Oilexco for sale.

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wiggum12

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Oilexco for sale.

posted on Dec 09, 08 05:10AM

Dan Healing, Calgary Herald

Published: Tuesday, December 09, 2008

Shares in Calgary-based North Sea explorer Oilexco Inc.jumped by a third Monday after an article in a British newspaper on the weekend said it was for sale and listed several potential suitors.

Oilexco stock closed at $1.95,up 50 cents, after climbing as high as $2.10. Its stock had crashed to a tenth of its 52-week high of$19.50 in June as it struggles to restructure 100 million pounds ($186 million Cdn) of debt and maintain an expensive exploration budget.

Analyst Robert Pare of CIBC World Markets said it's not news that Oilexco might put itself or some of its assets up for sale in view of the strategic review it announced Nov. 20 after a $195-million bond and share issue collapsed.

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