Capital Markets | Bankruptcy Exit

Pacific Exploration & Production Exits Bankruptcy

Share Print Bookmark    |    Monday,November 14,2016

Pacific Exploration & Production Corporation has successfully exited bankruptcy.

Highlights:

• Creditor and Catalyst Led Restructuring Reduced Overall Debt to U.S.$250 Million from U.S.$5.4 Billion

• Company Recapitalized with Approximately U.S.$500 Million of Cash

• Announces New Board / Corporate Management

• Common Shares have been Conditionally Approved for Listing on the Toronto Stock Exchange with Trading Expected to Begin November 3, 2016

The Company's common shares have been conditionally approved for listing on the Toronto Stock Exchange under the symbol "PEN" with trading expected to begin on November 3, 2016. As a result of the Plan, there are currently 50,002,537 common shares issued and outstanding.

Changes to Company Board / Management

In concert with today's announcement, Pacific is also announcing significant changes to the Company's corporate governance. The new Board is comprised of seven best-in-class directors with the needed industry and financial experience to guide Pacific towards reaching its full potential. Members are Gabriel de Alba, Luis F. Alarcon, W. Ellis Armstrong, Raymond Bromark, Russell Ford, Barry Larson and Camilo Marulanda. Gabriel de Alba, Managing Director and Partner at The Catalyst Capital Group Inc., has been appointed Chairman of the Board of Directors.  Messrs. Serafino Iacono, Miguel de la Campa, Ronald Pantin, Augusto Lopez, Hernan Martinez, Dennis Mills, Francisco Solé and Ms. Monica de Greiff have all resigned from the Board, effective immediately.

Ronald Pantin and Carlos Perez are retiring from their positions as CEO and CFO of Pacific (respectively) with both changes effective by November 30, 2016. At that time, Camilo McAllister, a seasoned Colombian oil and gas executive, will become Pacific's CFO. Jim Latimer, previously the Chief Restructuring Officer at Pacific, will be appointed interim CEO while the Board, assisted by executive search firm Spencer Stuart, completes the process to select a permanent replacement. The appointments of Messrs. McAllister and Latimer are subject to regulatory approval.