Traverse Energy Ltd. announced that following discussions with ATB Financial ('ATB'), its lender under the Company’s revolving operating loan facility, ATB has demanded repayment of all amounts owing thereunder, being approximately $6.5 million, and delivered a Notice of Intention to Enforce Security under Section 244 of the Bankruptcy and Insolvency Act (Canada) whereby ATB sets forth its intention to enforce its security for repayment of the operating loan. In connection therewith, the company has consented to the early enforcement by ATB of its security and to the appointment of a receiver. The receiver will be in charge of managing the day-to-day affairs of the Company.