RE:RE:RE:RE:RE:RE:RE:RE:Public Info from SEDAR on NAFTA IssueSee page 9 of the 2018 PPR AIF on SEDAR, dated March 29, 2019. It appears that PPR shareholders own 100% of what was Lone Pine. Will have to wait a few months to read the 2019 AIF. In the meantime, they seem content to coast. They need to do an updated presentation, shareholders deserve better.
“Prairie Provident Resources Canada Ltd. is an Alberta corporation continuing from the amalgamation of Prairie Provident Resources Canada Ltd. and Marquee Energy Ltd. on November 21, 2018, and the amalgamation successor to (among others) Lone Pine Resources Canada Ltd. and Arsenal Energy Inc.”
"Lone Pine" means, collectively, Lone Pine Resources Inc. and LPR Canada prior to their reorganization on September 12, 2016 under the Arsenal Arrangement, pursuant to which they became wholly-owned subsidiaries of Prairie Provident and their shareholders received Common Shares;
"LPR Canada" means Lone Pine Resources Canada Ltd., an Alberta corporation that was subsequently renamed Prairie Provident Resources Canada Ltd. and is an amalgamation predecessor of PPR Canada;"
"In September 2013, LPRI commenced arbitration proceedings under the North American Free Trade Agreement ("NAFTA") against the Government of Canada for actions taken by the Government of Quebec in 2011 to cancel, without compensation, oil and gas mining rights under a portion of the Saint Lawrence River –including an exploration permit covering 33,460 acres previously held by LPR Canada. LPRI believes that the cancellation was a violation of NAFTA by Quebec, including Articles 1105 (Minimum Standard of Treatment) and 1110 (Expropriation) thereof, for which the federal government is responsible, and seeks monetary damages to compensate for its sunk costs and lost development opportunity. The Government of Canada defended the claim. A 10-day hearing before a NAFTA tribunal was completed in October 2017 with closing arguments heard in November 2017. There have been no further developments, and the parties continue to await the tribunal's decision. There can be no assurance as to the outcome of the proceedings, either with respect to the tribunal's conclusions on the substantive merits of the claim or any determination of compensation thereunder."