Maskal Energy Ltd. Announces Revocation of Cease Trade Orders
For Immediate Release April 30, 2010
Trading Symbol: MMK.H
MASKAL ENERGY LTD. ANNOUNCES REVOCATION OF CEASE TRADE ORDERS
Calgary, Alberta - Maskal Energy Ltd. (NEX: MMK.H) (“Maskal” or the “Corporation”) is pleased to announce that it has successfully completed its application for revocation of its cease trade orders issued by both the Alberta Securities Commission (“ASC”) and the British Columbia Securities Commission (“BCSC”). The cease trade orders were issued due to the failure of Maskal to file with the ASC and the BCSC its first quarter interim unaudited financials statements for the period ended March 31, 2008. Maskal is now up to date in its continuous disclosure obligations.
Effective March 26, 2010, the Corporation’s listing has been transferred to NEX. As of the date of this news release, trading in Maskal’s securities remains suspended. Further to its news release dated March 24, 2010, announcing completion of the sale of substantially all of its assets, Maskal continues to formulate a business plan to recapitalize and is actively pursuing other opportunities to maximize shareholder value.
The Corporation also wishes to announce that certain individuals have agreed to purchase common shares from existing shareholders of Maskal. The transaction is subject to certain conditions including the resignation of the current directors of Maskal and the simultaneous appointment of Rick Mazurkewich, a former director of the Corporation, to Maskal’s board. The purchase of these shares is subject to applicable securities laws and regulations and required regulatory approval.
For further information please contact:
Maskal Energy Ltd.
Lorraine McVean, Chairperson 1900, 715 – 5 Ave SW, Calgary AB T2P 2X6 Tel: (403) 234-8998 Fax: (403) 265-4514
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.