LGX Oil + Gas Inc ROAOF

Lots of "outs" in the conditions.

[eztwo1]

Here's another one..........

Oilexco Receives Demand on Guarantee of Subsidiary Indebtedness to Banks

Wed Feb 4, 5:51 PM

CALGARY, ALBERTA--(Marketwire - Feb. 4, 2009) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX: OIL.TO)

...
As previously announced on January 7, 2009, an order of an English court appointed representatives of Ernst & Young LLP as joint administrators to manage the affairs, business and property of ONSL. The joint administrators have continued a previously initiated process for the sale of shares or assets of ONSL. Oilexco, through a wholly owned subsidiary, has submitted a non-binding expression of interest to acquire certain assets of ONSL by assumption of future obligations related to those assets. Oilexco has been advised that other non-binding expressions of interest have also been received by the joint administrators of ONSL. It is expected that the sale of the assets or shares of ONSL will be concluded prior to the end of the first quarter of 2009, however Oilexco has no way of predicting who the ultimate purchaser or purchasers will be, nor the value to be realized through the sale process.
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I don't recall seeing this mentioned in posts. Probably missed it. Oilexco, through a subsidiary, has submitted an "expression of interest" re: some ONSL assets. Some financial backing has to exist to assume "future obligations". Probably need more than a dollar? Probably plan "a" won't be accepted unless some assets will be kicked back after the deal? Or plan "b", re: some holdings as mentioned by others. Much more to come. RBS??? An 11 cent gamble is a risk I like at this juncture. There is more potential upside with the various possibilities than bankruptcy protection is indicating at this point.