CALGARY, ALBERTA–(Marketwired – Jan. 28, 2015) – Coral Hill Energy Ltd. (“Coral Hill“) announces that subsequent to the approval of the Court of Queen’s Bench of Alberta yesterday for the final order approving the arrangement and the receipt of other items in satisfaction of the conditions precedent to closing of the arrangement, including, among other things, the approval of 99.91% of the Coral Hill securityholders in favor of the arrangement, the consent of Coral Hill’s lenders for the change of control of Coral Hill and the approval of the arrangement under the Competition Act (Canada), Aspenleaf Energy Limited (“Aspenleaf“) has provided written notice to Coral Hill that it is terminating the arrangement agreement between Coral Hill and Aspenleaf and, as such, will not be proceeding to close the arrangement. Coral Hill does not believe Aspenleaf has valid grounds for the termination of the arrangement agreement between the parties and Coral Hill intends to pursue all remedies available to it.
Coral Hill is a private Alberta based corporation actively engaged in the exploration, development and production of crude oil and natural gas in Alberta.