January 31, 2014 15:56 ET
CALGARY, ALBERTA--(Marketwired - Jan. 31, 2014) - Lone Pine Resources Inc. ("Lone Pine" or the "Company") today announced the successful completion of its previously announced financial restructuring and its emergence from creditor protection under the Companies' Creditors Arrangement Act and Chapter 15 of the U.S. Bankruptcy Code. As a result of the restructuring, Lone Pine has reduced its long term debt from approximately Cdn$395 million as of September 25, 2013 to approximately Cdn$90 million at emergence.
In connection with completion of the restructuring, Lone Pine has ceased to be a reporting issuer in Canada, and has filed a Form 15 with the U.S. Securities and Exchange Commission suspending its reporting obligations under the Securities Exchange Act of 1934, as amended.
Lone Pine is a private company engaged in the exploration and development of natural gas and light oil in Canada. Lone Pine's principal reserves, producing properties and exploration prospects are located in Canada in the provinces of Alberta, British Columbia and Quebec and the Northwest Territories. For more information about Lone Pine, please visit our website at www.lonepineresources.com.
Lone Pine Resources Inc.Tim GrangerPresident & Chief Executive Officer(403) 292-8000Lone Pine Resources Inc.Shane AbelVice President, Finance & Chief Financial Officer(403) 292-8000www.lonepineresources.com
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