TORONTO, Aug. 10, 2016 /PRNewswire/ - Pacific
Exploration & Production Corp. (the "Company") announces
extension of the Proxy/Election Deadline from 10:00 a.m. (Toronto Time) on August 10, 2016 to 5:00
p.m. (Toronto Time) on August 12,
2016, in connection with the Company's meeting of affected
creditors scheduled for August 17,
2016 (the "Meeting"). The extension, made with the
consent and agreement of the PricewaterhouseCoopers Inc., as court
appointed monitor (the "Monitor"), is being given to allow
affected creditors additional time to participate in the Company's
previously announced plan of compromise and arrangement (the
"Plan") pursuant to the Companies' Creditors Arrangement
Act (Canada) (the
"CCAA"). The extension does not affect the timing of the
Meeting which is scheduled to be held on Wednesday, August 17, 2016 at the offices of
Norton Rose Fulbright Canada LLP, 200 Bay Street, Suite 3800,
Toronto, Ontario, Canada, M5J
2Z4.
The extension extends until 5:00
p.m. (Toronto Time) on August 12,
2016 the deadline for:
- beneficial holders of the Company's notes to submit their
voting instructions to their participant holder or intermediary
and, if applicable, to submit a cash election through ATOP;
- the general creditors to submit their General Creditor Proxy
and, if applicable, their General Creditor Cash Election Form to
the Monitor; and
- beneficial holders of the Company's notes who validly signed
and returned the support agreement or a joinder thereto
("Supporting Noteholders") to submit the Application for
Early Consent to its participant holder or intermediary.
Supporting Noteholders are reminded that their signing of the
support agreement or a joinder thereto does not constitute a vote
in favour of the Plan and that, in order to receive any additional
consideration they would otherwise be entitled to, such Supporting
Noteholders must strictly comply with the procedures as set out in
the Plan and various orders of the Ontario Superior Court of
Justice (Commercial List), including by voting in favour of the
plan and returning the Application for Early Consent Consideration
prior to the revised deadline of 5:00
p.m. (Toronto Time) on August 12,
2016. Failure to strictly comply may result in Supporting
Noteholders not being entitled to such additional
consideration.
Affected creditors who have not yet voted are encouraged to
submit their votes and complete the related forms (as more
particularly described above) using the instructions provided on
the proxy materials mailed last month, or by contacting Kingsdale
Shareholder Services at 1-877-659-1821 toll-free in North America or call collect at
1-416-867-2272 outside of North
America or by email at
contactus@kingsdaleshareholder.com.
Shareholder Contact Information
Shareholders are reminded that any questions or concerns can be
directed to the Company at ir@pacificcorp.energy.
Noteholder Contact Information
Noteholders with questions about the Plan or the Creditors'
Meeting are encouraged to contact Kingsdale Shareholder Services at
1-877-659-1821 toll-free in North
America or call collect at 1-416-867-2272 outside of
North America or by email at
contactus@kingsdaleshareholder.com.
About Pacific:
Pacific Exploration & Production Corp. is a Canadian
public company and a leading explorer and producer of natural gas
and crude oil, with operations focused in Latin America. The Company has a diversified
portfolio of assets with interests in more than 70 exploration and
production blocks in various countries including Colombia, Peru, Guatemala, Brazil, Guyana and Belize. The Company's strategy is focused on
sustainable growth in production & reserves and cash
generation. Pacific Exploration & Production is committed to
conducting business safely, in a socially and environmentally
responsible manner.
Translation
This news release was prepared in the English language and
subsequently translated into Spanish. In the case of any
differences between the English version and its translated
counterparts, the English document should be treated as the
governing version.
SOURCE Pacific Exploration and Production Corporation