CALGARY, ALBERTA–(Marketwired – Aug. 19, 2015) – Shoreline Energy Corp. (“Shoreline” or the “Company“) announced today that, in connection with the Company’s application for creditor protection under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA“) announced April 9, 2015, and on the advice of the Company’s professional advisors, the Company has effected a realignment of the Company’s management team.
As a result of the realignment of Company management, the Company has terminated and re-hired as consultants certain, but not all, of the Company’s senior management. Trevor Folk is no longer Chief Financial Officer and has resigned his position as a director of the Company effective July 24, 2015. Daniel Thompson, Chief Executive Officer of the Company, has been appointed interim Chief Financial Officer effective June 22, 2015, 2015. Brett Walker has resigned his position as a director of the Company effective July 21, 2015. Brian Ness, Operations Manager, is no longer involved with the Company. Each of Kevin Stromquist, President and Chief Operating Officer, Brian Cumming, Vice President Engineering, Jan Boydol, Vice President Land, and Kelsey Cooper, Controller, have been rehired as consultants to the Company in their former respective capacities. The Company wishes to thank Trevor, Brian and Brett for their valued contributions during their tenure at Shoreline and wishes them the best in their future endeavours. Mr. Walker has been with the Company since September 2014, and Mr. Folk since inception of the Company.
Further news releases will be provided on an ongoing basis throughout the CCAA process as may be determined necessary.
About Shoreline Energy Corp.
Shoreline is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas and is currently operating under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA“). Additional information regarding Shoreline is available under the Company’s profile at www.sedar.com or at the website of the Company’s Monitor, Grant Thornton, at www.grantthornton.ca/services/reorg/creditor_updates/shoreline.
Forward Looking and Cautionary Statements
This news release contains forward-looking statements relating to the CCAA proceedings and the reorganization or restructuring of the capital and strategic alternatives process, business and financial affairs of the Company, the Company’s plans and other aspects of the Company’s anticipated future operations, strategies, financial and operating results and business opportunities. These forward-looking statements may include opinions, assumptions, estimates, management’s assessment of value, reserves, future plans and operations.
Forward-looking statements typically use words such as “will,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “project,” “should,” “plan,” and similar expressions suggesting future outcomes, and include statements that actions, events or conditions “may,” “would,” “could,” or “will” be taken or occur in the future. The forward-looking statements are based on various assumptions including expectations regarding the success of current or future drill wells; the outlook for petroleum and natural gas prices; estimated amounts and timing of capital expenditures; estimates of future production; assumptions concerning the timing of regulatory approvals; the state of the economy and the exploration and production business; results of operations; business prospects and opportunities; future exchange and interest rates; the Company’s ability to obtain equipment in a timely manner to carry out development activities; and the ability of the Company to access capital and credit. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
[expand title=”Advisories & Contact”]
Forward-looking statements are subject to a wide range of assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with the level of the Company’s debt, the implementation and impact of obtaining any reorganization or restructuring of the current debt and strategic alternatives process, business and financial affairs of the Company, future co-operation of the creditors of the Company, the Company’s ability meet its ongoing obligations during the CCAA process and thereafter, the ability to maintain relationships with suppliers, customers, employees and other third parties in light of the Company’s current situation and the CCAA proceedings, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; volatility of commodities prices; currency fluctuations; imprecision of reserves estimates; environmental risks; competition from other producers; inability to retain drilling rigs and other services; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; general economic conditions; delays resulting from or inability to obtain required regulatory approvals and to satisfy various closing conditions; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.
Specifically, some of the material risks include the uncertainty involved in the CCAA proceedings and the implementation of a Plan under the CCAA, strategic alternatives and capital restructuring process. Actual timelines associated with the CCAA proceedings may vary from those anticipated in this news release and such variations may be material.
Although Shoreline believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not rely unduly on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, Shoreline does not undertake any obligation to publicly update or revise any forward-looking statements.
Enquiries for the Monitor may be directed to:
Grant Thornton Limited
Guy Odhams
Partner
+ 1 403 296 3143
Guy.Odhams@ca.gt.com
Shoreline Energy Corp.
Mr. Dan Thompson
Chief Executive Officer
Chief Financial Officer
(403) 540-5010
dthompson@shorelineenergy.ca
[/expand]