CALGARY, Alberta – Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce that the previously announced plan of compromise and arrangement (the “Plan”) of the Company, Delphi Energy (Alberta) Limited and Delphi Energy Partnership under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) and the Canada Business Corporations Act was sanctioned today by order of the Court of Queen’s Bench of Alberta (the “Court”) under the CCAA.
Implementation of the Plan remains subject to the satisfaction or waiver of the other conditions to its effectiveness.
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 a junior E&P producer of liquids-rich natural gas. The Company has achieved top decile operational results through the development of its high quality Montney property, uniquely positioned in the deep basin of northwest Alberta. Delphi continues to improve its operational efficiencies through the development of its dominant land position at Bigstone. Delphi is headquartered in Calgary, Alberta.