Tesla Exploration Ltd. announced last week that further to the notice of the demand for repayment of all outstanding indebtedness with the exception of the leasing facilities under its Canadian credit facility from its Canadian lender, the company has consented to early enforcement by the lender of its security for all amounts owing under the credit facility. The lender has also received a court order for the appointment of Ernst & Young Inc. as the receiver over the property of the company. The receiver will be in charge of 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 the company. Prior to the appointment of the receiver, all of the directors of the company have resigned.