VANCOUVER, BRITISH COLUMBIA - Canada Energy Partners Inc. (the “Company”) announces that further to its press release dated August 1, 2014, the Company intends to make a distribution (the “Distribution”) of an aggregate of approximately $11,871,019 (subject to adjustment in the event of any share issuances prior to the record date of the distribution) of the net proceeds from the sale of the Company’s Montney Shale lands and wells (the “Sale Transaction”) as a reduction of capital of the common shares on a pro rata basis to the holders (the “Shareholders”) of common shares (the “Shares”) of the Company of record at the close of business on August 20, 2014. Each Shareholder of record will receive $0.133 per Share. The Distribution is expected to take place on September 3, 2014.
Since the Distribution of $0.133 per Share will exceed 25% of the market value of the Shares, the TSX Venture Exchange requires the implementation of its “due bill” trading procedure (an entitlement that will be due to a Shareholder in connection with the completion of a material event) in respect of the Distribution commencing from the opening of trading on August 18, 2014 to the close of trading on September 3, 2014. The Shares will commence trading on an ex‑Distribution basis (without an attached “due bill” entitlement) effective from the opening of trading on September 4, 2014. Anyone acquiring the Shares up to and including September 3, 2014 will receive the Distribution.
The due bills will be redeemed on September 8, 2014 once all trades with attached due bills entered into up to and including September 3, 2014 have settled.
On behalf of the Board of Directors of
Canada Energy Partners Inc.
For more information, please contact:-
CANADA ENERGY PARTNERS INC.
1680-200 Burrard St.
Vancouver, BC V6C 3L6
Main Phone: (604) 909-1154 / Facsimile: (604) 488-0319
Attention: John Proust, Chairman
Direct Phone: (604) 696-9020
Attention: Ben Jones, President and CEO
Direct Phone: (225) 388-9900
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.