FairWest Energy Corporation says that an Order was obtained on May 28, 2013 from the Court of Queen's Bench of Alberta (the "Court") extending the stay of proceedings granted to FairWest under the Companies' Creditors Arrangement Act ("CCAA") to July 3, 2013 (the "May 28 Order").

The May 28 Order also provides for an increase in maximum amount available under the debtor-in-possession financing facility with Supreme Group Inc. to $1,765,000.

FairWest also announces that its board of directors have resigned. As a result of the resignation of the directors, the May 28 Order grants PricewaterhouseCoopers Inc., the court-appointed monitor of FairWest (the "Monitor") with additional powers to, among other things, select the successful bid from amongst the bids submitted pursuant to the Sale and Investment Solicitation Process set out by Order of the Court dated March 19, 2013 and oversee and direct the completion of the transaction contemplated by the successful bid.

Tags: FairWest Energy Corporation