CALGARY, June 26 /CNW/ - Patch International Inc. (OTCBB:PTCHF) (the
"Corporation") announces that, after a review of available options with its
professional advisors, the Corporation's wholly-owned subsidiary Patch Energy
Inc., filed a notice of intention ("NOI") to make a proposal to its creditors
under the Bankruptcy and Insolvency Act (Canada) ("BIA"). As a result of the
filings, all actions by creditors and certain classes of counterparties
against Patch Energy Inc. are stayed for an initial period of 30 days.
The NOI filing allows Patch Energy Inc. to maintain the integrity of its
assets while evaluating its strategic alternatives and developing a
restructuring proposal for creditors. Patch Energy Inc. is required to file
its proposal within 30 days unless an extension is granted by the courts. RSM
Richter Inc. has consented to act as proposal trustee of Patch Energy Inc. in
accordance with the provisions of the BIA.
The Corporation also announces that, effective June 26, 2009, it
terminated the contracts of employment between the Corporation and Mr. Jason
Dagenais, Chief Operating Officer and Mr. Terry Buchanan, Vice President of
Exploration. Mr. Dagenais and Mr. Buchanan have agreed to provide services to
the Corporation on an as-needed, contract basis during the Corporation and
Patch Energy Inc.'s restructuring efforts.
About Patch International Inc.
The Corporation is an emerging oil sands company dedicated through its
subsidiary Patch Energy Inc. to the exploitation and production of its
resources in the Athabasca oil sands area in Alberta, Canada. The
Corporation's strategy has been to engage top quality staff and consultants to
exploit and produce its high quality oil sands assets.
NO REGULATORY AUTHORITY HAS APPROVED NOR DISAPPROVED THE CONTENTS OF THIS
RELEASE. The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
%SEDAR: 00026026E %CIK: 0001064481
For further information:
For further information: Patch International Inc., Suite 700, 520, 5th
Avenue SW, Calgary, Alberta, T2P 3R7, (403) 441-4390, Email: