JED Oil implements reorganization; new name Steen River Oil and Gas

By Caroline Salls

Pittsburgh, Nov. 23 - JED Oil Inc. said it has implemented the reorganization under its third amended and restated plan of arrangement, according to a company news release.

The company said it filed articles of reorganization on Friday, changing JED Oil's name to Steen River Oil and Gas Ltd. and changing the authorized capital of the company to consist of an unlimited number of common shares, 29.04 million class A special shares, 5.46 million class B special shares, 85.78 million class C special shares and 1.8 million class D special shares.

In addition, the articles of reorganization automatically exchanged all the company's common shares on a one-for-one basis for class C special shares, which were subsequently redeemed in accordance with the plan without consideration and cancelled.

The company said it has also cancelled all outstanding warrants and options to acquire common shares, as required by the plan.

Also, the articles of reorganization automatically exchanged the outstanding class B preferred shares on a one-for-one basis for class D special shares, which were also redeemed by the company without consideration and cancelled.

According to the release, Steen River has also issued a total of 40,240 common shares and 29.04 million of class A special shares to holders of the company's 10% senior subordinated convertible notes.

The company's unsecured creditors were issued a total of 5.46 million class B special shares.

Trading of the company's common shares was terminated, effective Nov. 23, on the Pink Sheets in the United States, and an application has been made to cease the company's status as a reporting issuer in the Provinces of Alberta, British Columbia, Saskatchewan and New Brunswick.

JED Oil is a Didsbury, Alta.-based oil and natural gas company.

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