Petrocapita Announces Appointment of Receiver and Default

World News: . []

CALGARY, Alberta, June 12, 2019 (GLOBE NEWSWIRE) -- Petrocapita Income Trust () (”) announces that as of June 11, 2019, the Court of Queens Bench of Alberta has appointed Hudson and Company Insolvency Trustees Inc (the “Receiver”) as Receiver and Manager of Petrocapita G.P. I Ltd and Petrocapita Oil and Gas L.P.  The Receivership Order (the "Order") was granted upon the application of Safeway Holdings (Alberta) Ltd., one of the secured creditors of Petrocapita G.P. I Ltd and Petrocapita Oil and Gas L.P.

The Receiver will accordingly manage the affairs of and seek to sell all of the assets of Petrocapita G.P. I Ltd and Petrocapita Oil and Gas L.P. Any net proceeds generated in this process available for distribution to creditors would first be distributed to the Trust and Safeway Holdings (Alberta) Ltd., who are the two equal-ranking secured creditors of Petrocapita G.P. I Ltd and Petrocapita Oil and Gas L.P., and thereafter to any unsecured creditors.

The Trust will work with the Receiver to ensure that the maximum possible value for the Petrocapita G.P. I Ltd and Petrocapita Oil and Gas L.P. assets is realized from this process and that the oil and gas regulators in Alberta and Saskatchewan approve of any sale.

The Trust notes that as substantially all of its assets are affected by the Order, it is in default under the Trust/Alliance Trust Company Debenture Indenture arrangement.

This press release may be viewed on the Canadian Securities Exchange (CSE) and the System for Document Analysis and Retrieval (“”) and may be accessed at . For further information, please contact:

Richard Mellis, PresidentTelephone: (587) 393-3459

OR

Gregory Marr, CFO, Investor Relations Telephone: (587) 393-3461

More news and information about Petrocapita Income Trust

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Globe Newswire: 23:40 GMT Wednesday 12th June 2019

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