Patch Energy Inc. files a notice of intention to make a proposal under the Bankruptcy...

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Fri Jun 26, 2009 4:00pm EDT

Patch Energy Inc. files a notice of intention to make a proposal under the
Bankruptcy and Insolvency Act (Canada)

CALGARY, June 26 /PRNewswire-FirstCall/ - Patch International Inc.
(OTCBB:PTCHF) (the "Corporation") announces that, after a review of available
options with its professional advisors, the Corporation's wholly-owned
subsidiary Patch Energy Inc., filed a notice of intention ("NOI") to make a
proposal to its creditors under the Bankruptcy and Insolvency Act (Canada)
("BIA"). As a result of the filings, all actions by creditors and certain
classes of counterparties against Patch Energy Inc. are stayed for an initial
period of 30 days.
The NOI filing allows Patch Energy Inc. to maintain the integrity of its
assets while evaluating its strategic alternatives and developing a
restructuring proposal for creditors. Patch Energy Inc. is required to file
its proposal within 30 days unless an extension is granted by the courts. RSM
Richter Inc. has consented to act as proposal trustee of Patch Energy Inc. in
accordance with the provisions of the BIA.
The Corporation also announces that, effective June 26, 2009, it terminated
the contracts of employment between the Corporation and Mr. Jason Dagenais,
Chief Operating Officer and Mr. Terry Buchanan, Vice President of Exploration.
Mr. Dagenais and Mr. Buchanan have agreed to provide services to the
Corporation on an as-needed, contract basis during the Corporation and Patch
Energy Inc.'s restructuring efforts.

    About Patch International Inc.
    ------------------------------

    The Corporation is an emerging oil sands company dedicated through its
subsidiary Patch Energy Inc. to the exploitation and production of its
resources in the Athabasca oil sands area in Alberta, Canada. The
Corporation's strategy has been to engage top quality staff and consultants to
exploit and produce its high quality oil sands assets.

    NO REGULATORY AUTHORITY HAS APPROVED NOR DISAPPROVED THE CONTENTS OF THIS
    RELEASE. The TSX Venture Exchange does not accept responsibility for the
    adequacy or accuracy of this release.


SOURCE  Patch International Inc.

Patch International Inc., Suite 700, 520, 5th Avenue SW, Calgary, Alberta, T2P
3R7, (403) 441-4390, Email: info@patchenergy.com
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