CALGARY, ALBERTA–(Marketwired – Jan. 10, 2017) – Northern Patriot Oil & Gas Ltd. (“Northern Patriot” or the “Company“), by and through its Court-appointed receiver and manager Grant Thornton Limited, announces that Northern Patriot intends to seek, by way of application on January 20, 2017 at 3:00 p.m., at the Calgary Court Center, among other things, the following relief: (i) authorization to make a distribution to Northern Patriot’s creditors and stakeholders, including all shareholders of the Company; and, (ii) the discharge of the Grant Thornton Limited, in its capacity as the receiver and manager of Northern Patriot, as originally appointed pursuant to the Receivership Order granted on February 26, 2013 (the “Application“).
As part of the Application, subject to the approval of the Alberta Court of Queen’s Bench, the Company will be seeking approval to complete a cash distribution by declaring a cash dividend to the shareholders of record on January 13, 2017, in an amount equal to any and all remaining funds following a distribution to the Company’s unsecured creditors.