There is so much mis information being spread around in the media concerning the parties interested in purchasing the assets of Oilexco's subsidiary ONSL. First off I doubt very much whether Petro Canada has any interest in purchasing ONSL. Petro Canada at present has $1.5 billion cash on hand. Their management stated on BNN last week that they are sitting on this cash to ride out the downturn in the economy as their Oil Sands Holdings are taking a beating at present. With the WTI price of oil below $40.00 Petro Canada is not making a profit from it's oil sands holdings at present and is going to sit tight to until the economy improves so I see little truth in the fact that they are an interested buyer of ONSL. Also, I have trouble believing that NEXEN has any interest at present in purchasing ONSL either. Nexen has just spent $700 million dollars buying 20% of OPTI Canada's holding in the Long Lake Project and it is ramping up production and is daily losing money in the Oil sands with WTI oil at $40 a barrel. Where would Nexen get the money to fund a takeover of ONSL?

Oilexco's problem was that it lacked the cash to develop its vast array of new finds. Whoever takes over Oilexco's holdings in ONSL needs to be a cash cow like Exon/Mobile or Shell where they have the resources to bring on production immediately. Most of the companies named in the take over articles in the newspapers don't have the financial ability to take over ONSL without running into the same problem that Oilexco ran into in the first place. Think about it.

Cheers; Scott