Twin Butte Energy Ltd. announced that the Court of Queens Bench of Alberta has granted the application of the company's syndicate lenders, to appoint FTI Consulting Canada Inc. (receiver) as receiver and manager over the assets, undertakings and property of Twin Butte. The Receiver is charged with managing the day to day affairs of the company during the period of its appointment and should be contacted with respect to any questions concerning the assets and liabilities of Twin Butte. Effective upon the appointment of the Receiver, all of the company's directors have resigned as directors of the company.

Mr. Wollmann has stepped down as President & CEO of the company and has entered into a consulting arrangement with the Receiver, to provide certain services as requested.