/THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION
IN THE UNITED STATES. FAILURE TO
COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF
UNITED STATES SECURITIES
LAW./
CALGARY, Feb. 21, 2018 /CNW/ - Manitok Energy Inc.
("Manitok" or the "Corporation") announces that today
that the Court of Queen's Bench of Alberta (the "Court") made orders (a)
appointing Alvarez & Marsal Canada Inc. as receiver and
manager of the assets, undertakings and properties of the
Corporation and its wholly owned subsidiary Raimount Energy Corp.
("Raimount") (Alvarez & Marsal Canada Inc., in such
capacity, the "Receiver"), (b) terminating the time within
which Manitok, Raimount and Corinthian Oil Corp.
("Corinthian") were permitted to file proposals to their
creditors under section 50.4(11) of the Bankruptcy and
Insolvency Act (Canada); and
(c) substituting Alvarez & Marsal Canada Inc. in place of FTI
Consulting Canada Inc. as trustee in bankruptcy of Manitok,
Raimount and Corinthian. As a result of the termination
referred to in subparagraph (b), Manitok, Raimount and Corinthian
are deemed to be bankrupt. All of the directors of Manitok,
Raimount and Corinthian resigned as a result of the appointment of
the Receiver and the bankruptcy.
About Manitok
Manitok is a public oil and gas exploration and development
company focusing on Lithic Glauconitic light oil in southeast
Alberta and Cardium light oil in
west central Alberta. The
Corporation utilizes its expertise, combined with the latest
recovery techniques, to develop the remaining oil and liquids-rich
natural gas pools in its core areas of the Western Canadian
Sedimentary Basin.
Forward-looking Information Cautionary
Statement
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy any securities nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful. The securities
issued pursuant to the Arrangement and/or the financing described
herein may not be offered or sold in the
United States absent registration or applicable exemption
from the registration requirements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Manitok Energy Inc.