Return Energy Inc. (to be Renamed Spartan Delta Corp.) Announces Court Approval of its Transformational Acquisition
May 08 2020 - 4:27PM
Return Energy Inc. d.b.a. Spartan Delta Corp.
("
Spartan" or the "
Company")
(RTN: TSXV) is pleased to announce that its previously announced
acquisition (the "
Acquisition") of
substantially all of the assets of Bellatrix Exploration Ltd.
("
Bellatrix") has been approved by the Court of
Queen's Bench of Alberta (the "
CCAA Court") under
the Companies' Creditors Arrangement Act (Canada).
The CCAA Court has granted Bellatrix an Approval
and Vesting Order (the "Approval Order") in
connection with the Acquisition. The Approval Order provides that
the assets acquired pursuant to the Acquisition
(the "Assets") will be acquired free and
clear of any security interests and any other encumbrances (subject
to certain limited permitted encumbrances). Closing of the
Acquisition is expected to occur on or about May 29, 2020.
The Assets, located in west-central Alberta,
include high-quality, multi-zone, oil and gas operated production
alongside a large land base and strategic infrastructure footprint.
The Acquisition advances Spartan's strategy to acquire and develop
underexploited and undercapitalized assets that provide material
upside and sustainable free cash flow under current commodities
prices.
About Spartan
Return Energy Inc. d.b.a. Spartan Delta Corp. is
a Calgary, Alberta based company engaged in oil and gas exploration
and development. The common shares of Spartan are currently listed
on the TSX Venture Exchange (the "TSXV") under the
trading symbol "RTN".
For additional information please contact:
Fotis KalantzisPresident and Chief Executive
Officerfkalantzis@SpartanDeltaCorp.com |
Richard F. McHardyExecutive
Chairmanrmchardy@SpartanDeltaCorp.com |
Return Energy Inc. 202, 1201 – 5th Street S.W. Calgary,
Alberta T2R 0Y6 |
|
Forward-Looking and Cautionary
Statements
This press release contains forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. More particularly and without
limitation, this press release contains forward looking statements
and information concerning the completion of the Acquisition and
receipt of all required regulatory and TSXV approvals.
The forward-looking statements and information
are based on certain key expectations and assumptions made by
Spartan, including expectations and assumptions concerning the
receipt of all approvals and satisfaction of all conditions to the
completion of the Acquisition. Although Spartan believes that the
expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward-looking statements and
information because Spartan can give no assurance that they will
prove to be correct. By its nature, such forward-looking
information is subject to various risks and uncertainties, which
could cause the actual results and expectations to differ
materially from the anticipated results or expectations expressed.
These risks and uncertainties include, but are not limited to,
fluctuations in commodity prices, changes in industry regulations
and political landscape both domestically and abroad, foreign
exchange or interest rates, stock market volatility, impacts of the
current coronavirus (COVID-19) pandemic and the retention of key
management and employees. Please refer to the Company's most recent
Annual Information Form and Management Discussion and Analysis for
additional risk factors relating to Spartan, which can be accessed
either on Spartan's website at www.spartandeltacorp.com or under
the Company's profile on www.sedar.com. Readers are cautioned not
to place undue reliance on this forward-looking information, which
is given as of the date hereof, and to not use such forward-looking
information for anything other than its intended purpose. Spartan
undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this press
release.
All dollar figures included herein are
presented in Canadian dollars, unless otherwise noted.
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