CALGARY, Oct. 28 /CNW/ -- Action Energy Inc. ("Action" or the "Company") announces that National Bank of Canada ("National Bank") has obtained an order (the "Order") from the Court of Queen's Bench of Alberta appointing Ernst & Young Inc. as Receiver and Manager over all of the undertakings, property and assets of Action. Action also announces that, in connection with the obtaining of the Order by National Bank, the directors and the Vice President, Finance and Chief Financial Officer and the Corporate Secretary of Action have resigned from their respective positions effective immediately.

Action Energy Inc. is a publicly traded Calgary, Alberta based junior oil and natural gas exploration and production company with operations concentrated in core areas in southern Saskatchewan and central and southern Alberta.

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