CALGARY, Alberta, Feb. 12, 2019 (GLOBE NEWSWIRE) — Petrocapita Income Trust (CSE:PCE.UN) (“Petrocapita”, the “Company”, or the “Trust”) announces that further to the press release dated December 21, 2018 it has commenced a public strategic alternatives process. Petrocapita is open to all alternatives which include, but are not limited to, a sale of the Company for cash, a merger of the Company with another oil and natural gas entity, or a sale of some or all of the Company’s assets. Any transaction(s) as a result of this marketing process may potentially help enable Petrocapita to deal with its regulatory obligations, its current working capital deficit and its other debts.
Petrocapita has engaged Sayer Energy Advisors to assist with the public strategic alternatives marketing process, which has a submission deadline for proposals by 12:00 PM (noon) on March 14, 2019. Thereafter, Petrocapita will be able to fully evaluate if the proposals received will allow the Trust to continue to operate under its current going concern status.
Petrocapita has informed both the regulators in Alberta and Saskatchewan to ensure that they are aware of the marketing process as any transaction undertaken will require their respective approval.
Throughout the process Petrocapita will continue to work on initiatives to reduce liabilities and to secure financial partners to help assist in well reactivations, recompletions and or drilling.
Though there is no certainty these initiatives will meet with success, the Trust continues to do all that it can in order to meet its environmental, regulatory and debt obligations.
This press release may be viewed on the Canadian Securities Exchange (CSE) and the System for Document Analysis and Retrieval (“SEDAR”) and may be accessed at www.sedar.com.