Trident – Courts Approve Equity Commitment and Sale and Investor Solicitation Process
CALGARY, Alberta, Feb. 26 /PRNewswire/ — The following statement is being issued by Trident Resources Corp. regarding the Trident bankruptcy.
Trident Resources Corp., Trident Exploration Corp. and their affiliates (collectively, “Trident” or the “Company”), announced that on February 19, 2010, in conjunction with the ongoing restructuring proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”) in Canada and Chapter 11 of the United States Bankruptcy Code in the United States, the Canadian Court and the US Court (the “Courts”) each approved a “back-stop” commitment letter that provides for a US$200 million equity commitment, subject to a number of conditions being met.
The Courts also approved a sale and investor solicitation process (the “SISP”) which provides the opportunity to invest in Trident or to acquire some or all of the Trident assets and business. The SISP is being undertaken under the supervision of FTI Consulting Canada ULC, the Court-appointed Monitor in the CCAA proceedings. The terms of the SISP are available on the Monitor’s website at http://cfcanada.fticonsulting.com/trident.
Any party that wishes to participate in the SISP must contact William Shaw (212-403-5221, email@example.com) or Marcelo Messer (212-403-3716 firstname.lastname@example.org) of Rothschild Inc., financial advisor to Trident. The deadline for letters of intent is March 31, 2010.
Advisory Regarding Forward Looking Statements
Certain statements contained in this press release, either stated or implied, are forward-looking statements or information within the meaning of applicable securities legislation, collectively referred to herein as “forward-looking statements.” Forward-looking statements in this release include, but are not limited to, future economic and operating performance including projections of operations growth, financial ratios, returns, free cash flow, cash flow, operating netback, EBITDA and changes in net asset value. Projections contained in the Company’s forecasts and the anticipated ability to meet those forecasts, the anticipated life of proved reserves, the anticipated growth and success of resource plays including the expected characteristics of resource plays, anticipated production of the Mannville and Horseshoe Canyon CBM and Montney Shale Gas formations, anticipated 2010 and future year development plans, natural gas prices including basis differentials for each play, the potential demand for natural gas, anticipated costs and cost reductions, expectations to convert proved undeveloped and probable reserves to proved developed reserves and the time frame to do so, the number of future drilling locations and the number of locations planned for development, facility capacity for the delivery of natural gas in the development areas, anticipated future hedging positions and inflationary assumptions involve assumptions and management estimates that may differ from actual results and the difference may be material. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations on which they are based will occur. By their nature, forward-looking statements involve numerous and often complex assumptions with risks and uncertainties, both known and unknown, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will or will not occur or will or will not occur in the time frame anticipated in the forward-looking information. Readers are further cautioned that the foregoing list of important factors and considerations is not exhaustive.
Trident is an unconventional natural gas exploration and development company principally focused on CBM in the Western Canadian Sedimentary Basin. In Alberta, TRC is the leading producer of Mannville CBM natural gas in Canada achieving and operating the first commercial Mannville CBM field at Corbett Creek. In addition, TRC is a significant producer in the Horseshoe Canyon CBM trend. From these two resources, Trident produces in excess of 100 million cubic feet per day of working interest natural gas. In addition, TRC has recently achieved 1st production in the Montney shale gas play in British Columbia. TRC has high-quality exploration holdings in both the Columbia River and Snake River basins in the Northwest United States.
SOURCE Trident Resources Corp.