/EINPresswire.com/ -- Magma Fund Ltd. (the "Magma Fund") and Firestone Fund Ltd. (the "Firestone Fund" and collectively with the Magma Fund, the "Funds") announced today the filing of an Early Warning Report under Part 5 of Multilateral Instrument 62-104 - Take-over Bids and Issuer Bids reporting on the control and direction acquired by the liquidator appointed as part of the liquidation process of the Funds over the securities of North Sea Energy Inc. (TSXV:NUK) (the "Company").

Currently, the liquidator appointed for the liquidation of the Magma Fund has control and direction over 10,141,096 common shares of the Company or approximately 17.1% of all of the issued and outstanding common shares of the Company (collectively, the "Common Shares") and the liquidator appointed for the liquidation of the Firestone Fund has control and direction over 3,504,262 Common Shares or approximately 5.91% of all of the issued and outstanding Common Shares. The liquidator appointed for each Fund is the same person. Collectively, the liquidator for the Funds has control and direction over 13,645,358 Common Shares or approximately 23.01% of all of the issued and outstanding Common Shares.

The Funds are currently in liquidation process under the supervision of an independent liquidator who was appointed by the directors of each of the Funds on April 22, 2010. As such, the liquidator for the Funds will over time dispose of the Common Shares. The Common Shares were acquired by the Funds for investment purposes and not for the purpose of exercising control or direction over the Company.

Liquidateur NSE
Represented in Canada by Me Bruno Caron
+41 79 358 59 60