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Connacher Oil and Gas Limited Announces Effectiveness of Its Restructuring Plan


CALGARYSept. 30, 2019 /CNW/ – Connacher Oil and Gas Limited (“Connacher” or the “Company“) is pleased to announce the effectiveness of the Company’s Amended and Restated Plan of Compromise and Arrangement dated July 16, 2019 (the “Plan“), which, as previously announced, was sanctioned by the Court of Queen’s Bench of Alberta (the “Court“) on July 16, 2019 in the Company’s proceedings under the Companies’ Creditors Arrangement Act (the “CCAA“). Upon effectiveness, which occurred as of September 30, 2019, the First Lien Lenders party to the First Lien Credit Agreement dated May 23, 2014, as amended, (the “First Lien Lenders“) acquired all of the Company’s share capital pursuant to the terms of the Plan, and all existing equity interests, including all of Connacher’s outstanding common shares, were cancelled for no consideration.

The Company has ceased to be a “reporting issuer” under the securities laws of each of the Provinces of Canada.

A copy of the Plan and materials related thereto are available on the Monitor’s website at www.ey.com/ca/connacheroilandgas and on SEDAR. Upon effectiveness of the Plan, the stay of proceedings in the Company’s CCAA proceedings was terminated.

About Connacher

Connacher Oil and Gas Limited is a Calgary-based in situ oil sands developer, producer, and marketer of bitumen. The Company’s principal asset is a 100 per cent interest in the Company’s Great Divide oil sands leases near Fort McMurray, Alberta. The Company operates two steam-assisted gravity drainage facilities at these oil sands leases.

SOURCE Connacher Oil and Gas Limited



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