As previously announced by Delphi Energy Corp.
(“
Delphi” or the “
Company”), the
Company is relying on exemptive relief granted by Canadian
securities regulatory authorities that allows it to delay the
filing of its interim financial report for the interim period ended
March 31, 2020 as required by section 4.4 of National Instrument
51-102 and related management's discussion & analysis as
required by subsection 5.1(2) of National Instrument 51-102
(collectively, the “
Q1 Filings”) and estimates
that the Q1 Filings will be available for filing on or about June
24, 2020. Until such time as these filings are made, Delphi’s
management and other insiders are subject to a trading blackout
that reflects the principles contained in section 9 of National
Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations
in Multiple Jurisdictions. Except as previously announced by Delphi
in connection with its proceedings under the Companies’ Creditors
Arrangement Act (Canada) (the “
CCAA”), there have
been no material business developments since the date of Delphi’s
audited consolidated financial statements for the years ended
December 31, 2019 and 2018 that were filed on March 12, 2020, a
copy of which is available on SEDAR at www.sedar.com.
Additional Information
Delphi and certain of its subsidiaries were
granted an initial order and protection under the CCAA on April 14,
2020. PricewaterhouseCoopers Inc. has been appointed by the Court
as monitor in the CCAA proceedings. Materials publicly filed in the
CCAA proceedings, including copies of the initial order of the
Court, are available on the monitor’s website at
http://www.pwc.com/ca/delphi. Delphi will continue to provide
updates regarding its restructuring as developments warrant.
About Delphi Energy Corp.
Delphi Energy Corp. is an industry-leading
producer of liquids-rich natural gas. The Company has achieved top
decile results through the development of our high quality Montney
property, uniquely positioned in the Deep Basin of Bigstone, in
northwest Alberta. Delphi continues to outperform key industry
players by improving operational efficiencies and growing our
dominant Bigstone land position in this world-class play. Delphi is
headquartered in Calgary, Alberta.
FOR FURTHER INFORMATION PLEASE
CONTACT:
DELPHI ENERGY CORP.2300 - 333 –
7th Avenue S.W.Calgary, AlbertaT2P 2Z1Telephone: (403) 265-6171
Facsimile: (403) 265-6207Email: info@delphienergy.ca Website:
www.delphienergy.ca
DAVID J. REIDPresident &
CEO
Forward-Looking Statements.
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
Canadian securities laws. These statements relate to future events
or the Company’s future performance and are based upon the
Company’s internal assumptions and expectations. All statements
other than statements of present or historical fact are
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of any of the words “expect”,
“anticipate”, “continue”, “estimate”, “may”, “will”, “should”,
“believe”, "intends”, “forecast”, “plans”, “guidance”, “budget” and
similar expressions.
More particularly and without limitation, this
release contains forward-looking statements and information
relating to the expected filing date for Delphi’s Q1 Filings. The
forward-looking statements and information contained in this
release are based on certain key expectations and assumptions made
by Delphi. The following are certain material assumptions on which
the forward-looking statements and information contained in this
release are based: the ability of the Company to operate in the
ordinary course during the CCAA proceedings, including with respect
to satisfying obligations to service providers, suppliers,
contractors and employees; the ability of the Company to continue
as a going concern; the Company’s future liquidity position, and
access to capital, to fund ongoing operations and obligations; the
ability of the Company to stabilize its business and financial
condition; the ability of the Company to implement and successfully
achieve its business priorities; the ability of the Company to
comply with its contractual obligations, including, without
limitation, its obligations under debt arrangements; the general
regulatory environment in which the Company operates; the tax
treatment of the Company and the materiality of any legal and
regulatory proceedings; the stability of the global and national
economic environment, the stability of and commercial acceptability
of tax, royalty and regulatory regimes applicable to Delphi,
exploitation and development activities being consistent with
management’s expectations, production levels of Delphi being
consistent with management’s expectations, the absence of
significant project delays, the stability of oil and gas prices,
the absence of significant fluctuations in foreign exchange rates
and interest rates, the stability of costs of oil and gas
development and production in Western Canada, including operating
costs, the timing and size of development plans and capital
expenditures, availability of third party infrastructure for
transportation, processing or marketing of oil and natural gas
volumes, prices and availability of oilfield services and equipment
being consistent with management’s expectations, the availability
of, and competition for, among other things, pipeline capacity,
skilled personnel and drilling and related services and equipment,
results of development and exploitation activities that are
consistent with management’s expectations, weather affecting
Delphi’s ability to develop and produce as expected, contracted
parties providing goods and services on the agreed timeframes,
Delphi’s ability to manage environmental risks and hazards and the
cost of complying with environmental regulations, the accuracy of
operating cost estimates, the accurate estimation of oil and gas
reserves, future exploitation, development and production results
and Delphi’s ability to market oil and natural gas successfully to
current and new customers. Additionally, estimates as to expected
average annual production rates assume that no unexpected outages
occur in the infrastructure that the Company relies on to produce
its wells, that existing wells continue to meet production
expectations and any future wells scheduled to come on in the
coming year meet timing and production expectations.
Although the Company believes that the
expectations reflected in such forward-looking statements and
information are reasonable, it can give no assurance that such
expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon. Since forward-looking
statements and information address future events and conditions, by
their very nature they involve inherent known and unknown risks and
uncertainties. Delphi’s actual results, performance or achievements
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 Delphi will derive therefrom. Should one or more of these
risks or uncertainties materialize, or should assumptions
underlying forward-looking statements prove incorrect, actual
results may vary materially from those currently anticipated due to
a number of factors and risks. These include, but are not limited
to, the risks associated with the oil and gas industry in general
such as operational risks in development, exploration and
production, delays or changes in plans with respect to exploration
or development projects or capital expenditures, the uncertainty of
estimates and projections relating to production rates, costs and
expenses, commodity price and exchange rate fluctuations, marketing
and transportation, environmental risks, competition from others
for scarce resources, the ability to access sufficient capital from
internal and external sources, changes in governmental regulation
of the oil and gas industry and changes in tax, royalty and
environmental legislation. Additional information on these and
other factors that could affect the Company’s operations or
financial results are included in the Company’s most recent Annual
Information Form and other reports on file with the applicable
securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com).
Readers are cautioned that the foregoing list of
factors is not exhaustive. Furthermore, the forward-looking
statements contained in this release are made as of the date of
this release for the purpose of providing the readers with the
Company’s expectations for the coming year. The forward-looking
statements and information may not be appropriate for other
purposes. Delphi undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so
required by applicable securities laws. The forward-looking
statements contained in this release are expressly qualified in
their entirety by this cautionary statement.