Tickers: XTSX:PXL
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February 12, 2015 / TheNewswire / Calgary, Alberta - Palliser Oil & Gas Corporation ("Palliser") (TSX VENTURE: PXL) announces that, Palliser's application to the Court of Queen's Bench of Alberta (the "Court") for protection under the Companies' Creditors Arrangement Act (Canada) (the "CCAA") on February 12, 2015, was denied.
The Court instead granted the application of Palliser's bank, the National Bank of Canada, to appoint FTI Consulting Canada Inc. (the "Receiver") as receiver and manager over the assets, undertakings and property of Palliser. The Receiver will be in charge of managing the day to day affairs of Palliser during the period of its appointment and should be contacted with respect to any questions concerning the assets and liabilities of Palliser.
Daryl S. Fridhandler resigned from his position as Chairman and as a member of the Board of Directors of Palliser and Kevin J. Gibson and Kelly Kerr resigned from the Board of Directors of Palliser, effective February 12, 2015.
Further Information
For further information please contact:
---------------------------------------------------------- |Kevin J. Gibson | |Brett Wilson | |--------------------------------------------------------| |President&CEO | |Consultant, Corporate | |Palliser Oil&Gas | |Finance | |Corporation | |FTI Consulting | |--------------------------------------------------------| |kgibson@palliserogc.com| |brett.wilson@fticonsulting.com| |--------------------------------------------------------| |(403) 209-5717 | |(403) 470-4054 | |--------------------------------------------------------| | | | | ----------------------------------------------------------
Disclaimers
Forward Looking Statements
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "will" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Palliser believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Palliser can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the availability of requisite financing, receipt of third party consents or approvals, timely receipt of any required regulatory approvals and shareholder approvals, if any. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated and described in the forward-looking information. The forward-looking information contained in this press release is made as of the date hereof and Palliser undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
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