Petrocapita Income Trust

Petrocapita Income Trust

December 21, 2016 20:27 ET

Petrocapita Updates Acquisition of Crucible Resources Corporation

CALGARY, ALBERTA--(Marketwired - Dec. 21, 2016) - Petrocapita Income Trust (CSE:PCE.UN)(CSE:PCE.UN.CN) ("Petrocapita" or the "Trust") announces that, at a special meeting of the shareholders of Crucible Resources Corp. ("Crucible") held in the offices of the Trust today, it has acquired the remaining balance of all of the issued and outstanding shares of Crucible. At the meeting, the shareholders of Crucible approved an amalgamation of Crucible with Petrocapita GP II Ltd., a subsidiary of the Trust and General Partner of Petrocapita Processing LP. The shares were acquired pursuant to the Amalgamation Agreement (the "Agreement") approved at the meeting and by issuance to the shareholders of convertible debentures representing their respective shareholdings, which debentures are secured by the assets acquired. The debentures issued pursuant to the Agreement have a term of 7 years, carry an interest rate of 6%, are amortized over 6 years beginning on December 21, 2017, and are convertible into common trust units of Petrocapita on or after December 31, 2017 at the volume weighted average trading price of such unit on the principal market for such units for each of the last 20 trading days prior to the date of conversion set by the exercise of the option to convert.

About Petrocapita

Petrocapita Income Trust is a Specified Investment Flow Through trust developing and acquiring heavy oil production and infrastructure assets in the Lloydminster area of east central Alberta and west central Saskatchewan through its wholly owned subsidiary, Petrocapita Oil and Gas LP and Petrocapita Processing LP. Petrocapita owns, operates and has interests in 445 gross (414.6 net) oil wells, 89 gross (20 net) gas wells, 20 produced water disposal facilities, 33 produced water disposal/injection wells, 4 custom oil processing facilities, two natural gas compressor stations, 72.51 km in pipelines, oilwell service rigs, fluid haul tractors and trailers, motor graders, oil field service trucks and wellsite processing equipment. It is seeking accretive opportunities to acquire both oil production and complimentary midstream assets during a cyclical low in the oil and gas markets.

Contact Information

  • Petrocapita GP I Ltd., as Administrator
    of Petrocapita Income Trust
    Mr. Alex Lemmens
    President and Chief Executive Officer
    Telephone: (587) 393-3456

    Petrocapita GP I Ltd., as Administrator
    of Petrocapita Income Trust
    Ms. Janet Stillwell
    Investor Relations
    Telephone: (587) 393-3456