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Laricina Energy Ltd. (“Laricina” or the “Company”) announces it has obtained a further order from the Court of Queen’s Bench of Alberta, Judicial Centre of Calgary (the “Court”) that extends creditor protection and the stay of proceeding against the Company and its subsidiaries under the previously announced Companies’ Creditors Arrangement Act (Canada) (“CCAA”) until and including February 1, 2016 and approval from the Court to pay proven claims under the claims process order granted in the Company’s CCAA proceedings on July 22, 2015. The Company has been operating under the protection of the CCAA since March 26, 2015.
The hearing of the balance of Laricina’s application to the Court for termination of its CCAA proceedings is adjourned to January 28, 2016 and, to the extent that any proceedings regarding claims by or against Laricina are ongoing, they will continue on timetables set by the Court until they are concluded.
The Court also ordered the receivership application of CPPIB Credit Investments Inc. to appoint a receiver over the Company filed on March 30, 2015 withdrawn.
About Laricina Energy Ltd.
Laricina is a non-public, Calgary based, responsible energy company that will contribute supply to the growing demand for crude oil through in situ oil sands development.
Laricina’s goal is to create value by developing Canada’s oil sands using innovative in situ technologies. The Company has a diverse portfolio of oil sands assets at varied stages of development. Our current focus is on the Company’s two core projects – Saleski and Germain. Laricina’s asset base, holds 0.5 billion barrels of probable reserves, 3.9 billion barrels of contingent resources (best estimate) and 0.2 billion barrels of prospective resources (best estimate) as determined by Laricina’s independent reservoir engineers as at December 31, 2014 for Germain Grand Rapids, Germain Winterburn, Saleski Grosmont, Burnt Lakes, Conn Creek, Poplar Creek and Portage properties, and as at December 31, 2013 for Thornbury, Thornbury West, House River, Germain Wabiskaw and Boiler Rapids properties. These assets include oil sands resources in the familiar McMurray Formation, and the developing Grand Rapids, and Grosmont and Winterburn carbonate plays, all of which offer significant production potential.
This information release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law including but not limited to the withdrawal of the receivership application, the satisfaction of amounts owing to proven and undisputed unsecured creditors, the termination of the CCAA process and timing thereof. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “estimate”, “intend”, “believe”, “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on Laricina’s experience and current beliefs as well as assumptions made by, and information currently available to, Laricina, and are subject to a variety of risks and uncertainties including, but not limited to, those associated with resource definition, unanticipated costs and expenses, regulatory approvals, fluctuating oil and gas prices, and the ability to access sufficient capital to finance future acquisitions and development. Although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this information release are not exhaustive and readers are not to place undue reliance on forward-looking statements. Laricina disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this message, except as required under applicable securities legislation. The forward-looking statements are expressly qualified by these cautionary statements.
For further information please visit www.laricinaenergy.com or contact:
Marla Van Gelder
Vice President Corporate Development
Laricina Energy Ltd.
East Tower, 5th Ave Place
800, 425 1st Street SW
Calgary, AB. T2P 3L8