Otto Energy Ltd V.OEL

Seeking Bankruptcy Protection

[riverrow]

Wow, I quess I haven't been paying much attention. It was only some of your recent posts that alerted me to the latest news release in March. I am posting it just so that it doesn't get lost and for other shareholders who may drop by looking for an update. Since the proposal to the creditors may have been filed by April 1, 2005, I wonder how long the shareholders will have to wait for another update. Seeking Bankruptcy Protection 3/16/2005 Osprey Energy Ltd announces that it is seeking bankruptcy protection under the Bankruptcy and Insolvency Act, effective immediately. President and CEO Bernard Robichaux issued a statement explaining the action: We have filed under the B.I.A. to preserve the assets of the Company and to negotiate terms with the Company's creditors that allow Osprey to fund the development of the Bayou Choctaw Field. We are striving diligently to prepare a plan that is favorable to all parties and that will allow the Company to become a viable, profitable and debt- free oil and gas producer. We are guardedly optimistic that the plan being developed will be acceptable to our creditors and therefore benefit our shareholders. We are currently in active discussions with funding sources to participate in the recovery plan. The request to proceed under the Bankruptcy and Insolvency Act was registered with the court on March 4, 2005. Unless an extension is obtained, a proposal to creditors will be filed by Friday, April 1, 2005. Meanwhile, production from the Company's only producing property, the Bayou Choctaw, remains in the 30-35 barrel a day range. Periodic updates will be issued as the Company proceeds with this action. The officers and directors of the Company include president and CEO, Bernard Robichaux of Lafayette, Louisiana, vice presidents John Longman of Parker, Colorado and John MacDonald of Bridgewater, Nova Scotia, and Chief Financial Officer Jerry Sine of Vancouver, British Columbia. Capitalization Report for Osprey Energy Ltd Shares Issued: 14063977