CALGARY, Sept. 2, 2016 /CNW/ - Twin Butte Energy Ltd.
(TSX: TBE) ("Twin Butte" or the "Company") announces
that the Court of Queens Bench of Alberta has granted the application of the
Company's syndicate lenders, to appoint FTI Consulting Canada Inc.
(the "Receiver") as receiver and manager over the assets,
undertakings and property of Twin Butte. The Receiver is charged
with managing the day to day affairs of the Company during the
period of its appointment and should be contacted with respect to
any questions concerning the assets and liabilities of Twin
Butte.
Effective upon the appointment of the Receiver, all of the
Company's directors have resigned as directors of the Company. Mr.
Wollmann has stepped down as President & CEO of the Company and
has entered into a consulting arrangement with the Receiver, to
provide certain services as requested.
Reader Advisory
Certain information set forth in this news release, including
information and statements which may contain words such as "could",
"plans", "should", "anticipates", "expects", "believes", "will" and
similar expressions and statements relating to matters that are not
historical facts, contain forward-looking statements, including but
not limited to statements regarding: the anticipated date of the
lenders' application to appoint a receiver, the identity of the
receiver, the expectation that all directors will resign upon the
appointment of a receiver and the pending de-listing of the
Company's securities on the TSX. By their nature, forward-looking
statements are subject to numerous risks and uncertainties, some of
which are beyond Twin Butte's control, including the intentions of
Twin Butte's lenders, the granting of the lenders' applications by
the Court of Queen's Bench; the timing of the de-listing of Twin
Butte's securities; and the timing of the resignation of the
directors of Twin Butte. The foregoing list is not exhaustive.
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. The actual
results, performance or achievement of Twin Butte could differ
materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
benefits that Twin Butte will derive therefrom. Twin Butte
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 applicable
securities laws.
SOURCE Twin Butte Energy Ltd.