CALGARY, Alberta – Cequence Energy Ltd. (“Cequence” or the “Company”) (TSX: CQE) announces that it has obtained an order form the Court of Queen’s Bench of Alberta (the “Court”) extending the stay of proceedings previously granted by the Court on May 29, 2020 as part of Cequence’s application under the Companies’ Creditors Arrangement Act (“CCAA”). The stay of proceedings has been extended to September 8, 2020.
The extension of the stay period will allow the Company to pursue potential strategic options and alternatives to maximize the value for its stakeholders. The Company intends to work toward developing a plan of compromise or arrangement under the CCAA to be voted on by its creditors.
In addition to the Court order extending the stay period, the Company also sought and obtained an increase to certain Court-ordered priority charges against the Company’s assets.
Materials publicly filed in the Company’s CCAA proceedings, including copies of the initial order of the Court granted on May 29, 2020, are available on the website of the court-appointed monitor, Ernst & Young Inc., at http://www.ey.com/ca/cequence. During the CCAA proceedings, management of the Company will remain responsible for managing day-to-day operations under the general oversight of the monitor.
In connection with the Company’s CCAA proceedings, the Toronto Stock Exchange (“TSX”) has advised Cequence that it has determined to delist the Company’s common shares from the TSX effective as of the close of markets on July 8, 2020. Trading in Cequence’s common shares on the TSX will remain suspended until such delisting is effective.
OVERVIEW OF CEQUENCE
Cequence is engaged in the exploration for and the development of oil and natural gas reserves. The Company’s primary focus is the development of its Simonette asset in the Alberta Deep Basin with other non-core assets in Northeast British Columbia and the Peace River Arch of Alberta. Further information can be found at www.cequence-energy.com.