Northern Patriot Oil & Gas Ltd.

January 10, 2017 16:31 ET

Northern Patriot Oil & Gas Ltd. Announces Application Seeking Distribution to Stakeholders and the Discharge of Receiver

CALGARY, ALBERTA--(Marketwired - Jan. 10, 2017) - Northern Patriot Oil & Gas Ltd. ("Northern Patriot" or the "Company"), by and through its Court-appointed receiver and manager Grant Thornton Limited, announces that Northern Patriot intends to seek, by way of application on January 20, 2017 at 3:00 p.m., at the Calgary Court Center, among other things, the following relief: (i) authorization to make a distribution to Northern Patriot's creditors and stakeholders, including all shareholders of the Company; and, (ii) the discharge of the Grant Thornton Limited, in its capacity as the receiver and manager of Northern Patriot, as originally appointed pursuant to the Receivership Order granted on February 26, 2013 (the "Application").

As part of the Application, subject to the approval of the Alberta Court of Queen's Bench, the Company will be seeking approval to complete a cash distribution by declaring a cash dividend to the shareholders of record on January 13, 2017, in an amount equal to any and all remaining funds following a distribution to the Company's unsecured creditors.

Forward-looking information, or forward-looking statements, has been included in this news release to provide information about the Company. Forward-looking statements are typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included in this news release include, but are not limited to, statements with respect to the discharge of Grant Thornton Limited, in its capacity as the Court-appointed receiver and manager of Northern Patriot, distributions, dividends, and distribution and dividend payout expectations.

Although the Company believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include the following: the success of the Application and the approval of the Alberta Court of Queen's Bench; estimated future distributions and dividends; the timing and completion of the distribution and dividends, including receipt of any required approvals and the satisfaction of other conditions precedent.

The Company's forward-looking statements are subject to risks and uncertainties pertaining to the discharge of Grant Thornton Limited, in its capacity as the Court-appointed receiver and manager of Northern Patriot, distributions, dividends, and distribution and dividend payout expectations. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and the Company's future course of action, Grant Thornton Limited's assessment of all information available at the relevant time, the rights and/or claims of third parties, and the approval of the Alberta Court of Queen's Bench. Except to the extent required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Company or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

Contact Information

  • Grant Thornton Limited
    Nathan Bell
    Senior Manager
    1-403-260-2529