Dundee Energy Limited
TSX : DEN

Dundee Energy Limited

August 15, 2017 17:52 ET

Dundee Energy Limited Announces Subsidiary Filings Of Notice of Intention Under the Bankruptcy and Insolvency Act

TORONTO, ONTARIO--(Marketwired - Aug. 15, 2017) - Dundee Energy Limited (TSX:DEN) ("Dundee Energy" or the "Corporation") today announced that Dundee Oil and Gas Limited ("DOGL") and Dundee Energy Limited Partnership ("DELP") (each a wholly owned entity of the Corporation) have commenced reorganization proceedings by filing a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (the "BIA"). The reorganization proceedings have been commenced in response to the notice received on July 21, 2017 from the lenders under the amended and restated credit agreement dated July 31, 2012, as amended (the "Credit Agreement"), demanding repayment in full of the outstanding principal amount under the Credit Agreement (including all accrued and unpaid interest and expenses payable under the Credit Agreement). The lenders under the Credit Agreement have entered into a forbearance agreement and are supporting DOGL and DELP in the reorganization proceedings. DOGL and DELP are expected to request certain relief under the BIA from the Ontario Superior Court at a motion to be held in Toronto on August 16, 2017.

As a result of the filing of proposal proceedings under the BIA, the Toronto Stock Exchange has advised that trading in the common shares of the Corporation will be suspended immediately.

FORWARD-LOOKING STATEMENTS

Certain information set out in this news release contains forward-looking statements. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and may include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions. In particular, forward-looking statements contained in this news release include, but are not limited to, statements with respect to the anticipated request to be made by DOGL and DELP under the BIA for relief from the court.

Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will derive from them. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

ABOUT THE CORPORATION

Dundee Energy Limited is a Canadian-based oil and natural gas Corporation with a mandate to create long-term value for its shareholders through the exploration, development, production and marketing of oil and natural gas, and through other high impact energy projects. Dundee Energy holds interests, both directly and indirectly, in the largest accumulation of producing oil and gas assets in Ontario and, through a preferred share investment, in certain exploration and evaluation programs for oil and natural gas offshore Tunisia. Dundee Energy's common shares trade on the Toronto Stock Exchange under the symbol "DEN".

Contact Information

  • Dundee Energy Limited
    Bruce Sherley
    President & CEO
    (403) 651-4581
    (416) 363-4536 (FAX)
    www.dundee-energy.com