Oilexco gets breather from Toronto Stock Exchange

Oilexco Inc, which received an extension on delisting of its shares by the Toronto Stock Exchange (TSX), said it was exploring several options for its shares to continue trading in Canada. The company said in a statement on late Monday that the TSX now agreed to delay the previously announced delisting date to Feb. 17, while Oilexco pursues listing on a different stock exchange in Canada. The Calgary, Alberta-based oil explorer on Feb. 5 had said it obtained bankruptcy protection under Canadian laws following its move in January to put its British assets under creditor protection. The company had said on Jan.7 that it placed its Oilexco North Sea Ltd unit under administration and continued to pursue the sale of the assets of the North Sea company. Several Canadian companies, including North America's biggest telephone equipment maker Nortel Networks Corp and Canadian locomotive builder Railpower Technologies Corp are on the verge of delisting from the Toronto Stock Exchange after seeking protection from creditors in a tumbling market. Oilexco's Canada-listed shares plunged more than 95 percent over the second half of last year as the company ran into funding troubles. The shares closed at 14.5 Canadian cents on Monday on the Toronto Stock Exchange.