CALGARY, ALBERTA–(Marketwired – Feb. 13, 2017) – Virginia Hills Oil Corp. (“Virginia Hills” or the “Company“) (TSX VENTURE:VHO) announces that it has received a demand notice and notice of intention to enforce security from its lenders and has agreed to consent to the early enforcement of the lenders’ security and the appointment of a receiver over all of the current and future assets, undertakings and properties of Virginia Hills pursuant to section 243(1) of the Bankruptcy and Insolvency Act in order to allow, among other things, the Company’s assets to be operated in a safe and responsible manner. The application for the appointment of the receiver is anticipated to be heard on February 13, 2017 at the Court of Queen’s Bench in Calgary, Alberta. At such application, Alvarez & Marsal Canada Inc. is expected to be appointed the receiver and manager over the assets, undertakings and property of Virginia Hills.
About Virginia Hills
The Company is a Calgary based oil and gas company with operations in the Red Earth area of Alberta. Virginia Hills’ shares are listed on the TSX Venture Exchange under the symbol “VHO”.