CALGARY, Alberta – Cequence Energy Ltd. (“Cequence” or “the Company“) announces that it has implemented the previously announced plan of compromise and arrangement (the “Plan”) of the Company, under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) which was sanctioned on September 17, 2020 by order of the Court of Queen’s Bench of Alberta (the “Court”) under the CCAA. The previous common shares of the Company have been cancelled, and the issuance of new common shares of Cequence pursuant to the terms of the Plan is now complete with distributions to creditors to be completed shortly by Ernst & Young Inc., the court-appointed monitor.
The Company has emerged from CCAA as a private oil and natural gas company effective today. Implementation of the Plan resulted in the Plan Sponsors (as defined in the Plan) controlling all of the issued and outstanding common shares of Cequence. The Company’s former Board of Directors have resigned, and a new Board of Directors has been appointed effective today, comprised of Todd Brown, G.A. Cumming, Michael Kanovsky, Jesse Marble, Ron Poelzer and Greg Turnbull.
The Company intends to submit an application to cease to be a reporting issuer to the relevant Canadian securities authorities immediately.
Cequence does not intend to make any further public announcements related to its exit from CCAA or status as a reporting issuer.
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.
The TSX has neither approved nor disapproved the contents of this news release.