OKOTOKS, ALBERTA–(Marketwired – May 13, 2015) – RedWater Energy Corp. (“RedWater“) (TSX VENTURE:RED) announces the following corporate update:
2014 Annual Statements
RedWater was not in a position to file its annual filings for the year ended December 31, 2014 (annual financial statements, associated MD&A and certifications, and oil and gas annual disclosure (Form 51-101 F1, Form 51-101 F2 and Form 51-101 F3)) by the deadline (April 30, 2015). Accordingly, RedWater anticipates that its securities will ultimately be subject to cease trade orders of applicable regulatory authorities.
Alberta Treasury Branches (ATB)
RedWater has been served by its primary secured creditor, Alberta Treasury Branches, with an Application to the Court of Queen’s Bench for Alberta seeking an Order appointing Grant Thornton Limited as a receiver over the current and future assets, undertakings and properties of RedWater.
Management
As a result of the anticipated receivership, all of the officers and directors of RedWater, except for one who is unavailable for health reasons, have resigned or in the case of Gary Waters, President & CEO of RedWater, will have resigned by the time the receiver is appointed.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although RedWater believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, RedWater disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
RedWater Energy Corp.
Gary Waters
President & CEO
(403) 995-0465
gwaters@redwaterenergy.com