Calgary, Alberta – Jupiter Resources Inc. and its affiliates (collectively, “Jupiter” or the “Company”) are pleased to announce that, at the previously announced meeting (the “Meeting”) of the holders of the Company’s US$1.1 billion 8.5% senior unsecured notes due October 1, 2022 (the “Senior Notes”, and the holders of such Senior Notes, the “Noteholders”), the Noteholders voted overwhelmingly in support of the Company’s proposed recapitalization transaction (the “Recapitalization Transaction”) under the Canada Business Corporations Act to be implemented pursuant to a plan of arrangement (the “Plan of Arrangement”).
Approval of the Plan of Arrangement
At the Meeting, 93.44% of the votes cast by Noteholders (representing approximately 93.44% of the outstanding Senior Notes) were voted, in person or by proxy, in favour of the Plan of Arrangement, and no votes were cast against the Plan of Arrangement.
Court Approval and Implementation
The Company is scheduled to attend a hearing before the Alberta Court of Queen’s Bench (the “Court”) currently scheduled for December 18, 2018 to seek a final order of the Court approving the Plan of Arrangement. If the approval of the Court is obtained, and the other conditions to completion of the Recapitalization Transaction are satisfied or waived, it is expected that the Recapitalization Transaction will be completed on or about December 19, 2018.
Jupiter is an independent Calgary-based energy company with an operations office in Grande Cache, Alberta. The Company is focused on the acquisition, development and production of unconventional liquids-rich natural gas properties in the Western Canadian Sedimentary Basin. For more information visit: www.jupiterresources.com.
Forward Looking Statements
Certain information provided in this release constitutes forward-looking statements. Specifically, this release contains forward-looking statements relating to the hearing before, and approval of, the Court, and the completion of the Recapitalization Transaction (including the timing thereof).
The forward-looking statements are based on information currently available, as well as certain expectations and assumptions concerning the Company’s anticipated financial performance, business prospects and general market conditions, as well as its expectations with respect to the proposed Recapitalization Transaction. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, some of which are out of the Company’s control. These include, but are not limited to, the Company’s inability to obtain approval of the Court, as well as other required approvals, the Company’s inability to successfully implement the Recapitalization Transaction and on the terms and within the timeline described in this news release or at all, general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve and resource estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management and services, stock market volatility, changes in environmental regulations, tax laws and royalties and the ability to access sufficient capital from internal and external sources. 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. Jupiter’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits that Jupiter will derive therefrom. Jupiter 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.
Ryder McRitchie, VP Capital Markets & Public Relations