Tekoil granted exclusivity extension to assess hurricane damage

By Jennifer Lanning Drey

Portland, Ore., Oct. 6 - Tekoil & Gas Corp. obtained an 82-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

The exclusive plan-filing period was extended to Dec. 29 from Oct. 8 and the solicitation period to Feb. 25 from Dec. 8.

When requesting the approval, the company said it needed time to assess the damage related to Hurricane Ike and to restore operations before it can formulate a plan.

Tekoil also said the extension would give it more time to evaluate potential claims.

Based in The Woodlands, Texas, Tekoil is an oil and natural gas exploration, development, acquisition and production company that filed for bankruptcy on June 10. The Chapter 11 case number is 08-80270.

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