CALGARY, May 20 /CNW/ - Ecosse Energy Corp. (CNSX: ECS) (the "Company") , a company focused on oil and gas exploration and production in Indonesia, is providing this news release in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). In its news release dated May 5, 2010 (the " Default Notice"), the Company announced that it was not able to file its comparative audited annual financial statements for the year ended December 31, 2009 on or before the prescribed deadline of April 30, 2010.
As previously announced, the Company made an application to the applicable securities regulators under NP 12-203 requesting that a management cease trade order be imposed in respect of this late filing. The Ontario Securities Commission, being the Principal Regulator, issued a temporary management cease trade order on May 14, 2010. The issuance of the temporary cease trade order does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. However, the securities regulatory authorities, in their discretion, may determine that it would be appropriate to issue a general issuer cease trade order affecting all of the Company's securities. Until such time that the Annual Required Filings are filed or the securities regulatory authorities issue a general cease trade order, the Company will provide bi-weekly updates, as contemplated by NP 12-203.
In this release, the Company advises that other than as set out herein, the Company reports that since the Default Notice: (i) there is no material change to the information set out in the Default Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company announces that it has agreed to extend the term of engagement of Greg Edwards as an external consultant to the Company for a further term of 8 months on the same terms and conditions as his previous engagement, for a new term commencing June 4, 2010. The total cost to the Company is $52,500, intended to be satisfied by the issue of 150,000 shares.
About the Company
Ecosse Energy Corp. was incorporated under the Canada Business Corporations Act and is a reporting issuer in the Provinces of Alberta, British Columbia, Manitoba, and Ontario. Its wholly owned subsidiary Ecosse Energy (Bengkulu) Pty Ltd ("EEB") is a private Australian company, operating in Indonesia. EEB owns a 100% working interest in the Bengkulu PSC in Sumatra, Indonesia which allows it the rights to explore and exploit the hydrocarbons within the PSC. The Bengkulu PSC covers 4,101km2 (1,013,602 acres) and consists of both onshore and offshore portions. EEB is currently planning to drill 5 onshore exploration wells in the Bengkulu PSC in 2010.
Further information concerning the Company can be found at www.sedar.com and www.cnsx.ca.
Neither the Canadian National Stock Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE ECOSSE ENERGY CORP
For further information: For further information: Alan W Morrison, President & CEO, Ecosse Energy Corp., Ph: (403) 218-2862, email: email@example.com