CALGARY, Alberta – Delphi Energy Corp. (“Delphi” or the “Company”) announces that Delphi has obtained an order from the Court of Queen’s Bench of Alberta (the “Court”) today in support of its restructuring efforts under the Companies’ Creditors Arrangement Act (the “CCAA”). This order amended and restated the initial order of the Court to, among other things, extend the stay period provided by the initial order to May 8, 2020.
Update on Continuous Disclosure Filings and Annual General Meeting
As previously announced by Delphi on March 27, 2020, Delphi is relying on exemptive relief recently granted by Canadian securities regulatory authorities that allows it to delay the filing of certain of its continuous disclosure filings. Delphi announces that it continues to rely on exemptive relief to delay the filing of its annual information form as required by section 6.2 of National Instrument 51-102 and statement of reserves data and other information required by section 2.1 of National Instrument 51-101 (collectively, the “AIF”) and estimates that the AIF will be available for filing on or before May 14, 2020. Until such time as this filing is made, Delphi’s management and other insiders are subject to a trading blackout that reflects the principles contained in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. Except as previously announced by Delphi in connection with the CCAA proceedings, there have been no material business developments since the date of Delphi’s audited consolidated financial statements for the years ended December 31, 2019 and 2018 that were filed on March 12, 2020, a copy of which is available on SEDAR at www.sedar.com.
In light of the COVID-19 public health emergency and related restrictions on gatherings, Delphi intends to delay holding its annual general meeting of shareholders until a later date in 2020. Delphi will announce the date of its annual general meeting of shareholders once determined.
In accordance with the policies of the Toronto Stock Exchange (the “TSX”), in connection with the CCAA proceedings, the common shares and other securities of the Company will be delisted from the TSX effective at the close of market trading on May 21, 2020. Delphi’s common shares and other securities remain suspended from trading.
Delphi and certain of its subsidiaries were granted an initial order and protection under the CCAA on April 14, 2020. PricewaterhouseCoopers Inc. has been appointed by the Court as monitor in the CCAA proceedings. Materials publicly filed in the CCAA proceedings, including copies of the initial order of the Court, are available on the monitor’s website at http://www.pwc.com/ca/delphi. Delphi will continue to provide updates regarding its restructuring as developments warrant.
About Delphi Energy Corp.
Delphi Energy Corp. is an industry-leading producer of liquids-rich natural gas. The Company has achieved top decile results through the development of our high quality Montney property, uniquely positioned in the Deep Basin of Bigstone, in northwest Alberta. Delphi continues to outperform key industry players by improving operational efficiencies and growing our dominant Bigstone land position in this world-class play. Delphi is headquartered in Calgary, Alberta.