Posted: Monday Jun 30 3:44:27PM 2008
oops, looks like the corporate raiders forgot a tiny detail. Hmmmm, I wonder how much drilling is going to get done without the 6 million LOC? Bobwins TORONTO, June 30 /CNW/ - International Sovereign Energy Corp. (the "Company") reports that on June 27, 2008 it received a reservation of rights letter from its banker, The Bank of Nova Scotia, (the "Bank") advising that because there has been a change of control without the consent of the Bank, as such term is defined in its commitment letter, the Company is in breach of its credit facilities commitment. The Bank advised that they are currently reviewing their position in order to determine the appropriate course of action and will be monitoring the account on a day to day basis. The Company and the Bank are currently in discussions to resolve this matter. The Company notes that there has not been a material change in the shareholdings of the Company. ADVERTISEMENT International Sovereign Energy Corp. is an oil and gas exploration development and production company with offices in Calgary, Alberta and Islamabad, Pakistan and is active in the exploration and development of hydrocarbon reserves in Western Canada and internationally.
Posted: Friday Jun 27 11:43:58AM 2008
ISR.to taking a dive today. -.22 to C$1.20 Still producing over 1000boepd with 13million shares outstanding. Hopefully they hit in Pakistan and they reach some kind of arrangement for previous mgmt to sell their shares otherwise they are going to be feeding their stock into the market for quite awhile. Bobwins