Point North Energy Ltd.

Point North Energy Ltd.

October 05, 2007 18:30 ET

Point North Announces Approval of Plan of Arrangement

CALGARY, ALBERTA--(Marketwire - Oct. 5, 2007) - Point North Energy Ltd. ("Point North" or "the Company") wishes to announce that the Plan of Arrangement approved by 100% of the creditors on August 29, 2007 (the "Plan") has been fully implemented and the company has now emerged from Companies Creditors Arrangement Act ("CCAA") protection. Pursuant to the Plan, creditors received their pro rata portion of the Final Distribution Fund, or approximately twenty cents per dollar of debt. All claims against Point North existing as of the filing date, of any kind whatsoever, are now extinguished.

Pursuant to the Plan, all shares of Point North were consolidated and cancelled. These shares had and have no value. New shares were issued to the Plan Sponsor, who intends to recapitalize the corporate shell of Point North under a new name and pursue opportunities through that corporation.

John Emery, President & CEO

Contact Information

  • Point North Energy Ltd.
    John Emery
    President & CEO
    (403) 269-5803