TORONTO, Aug. 16, 2016 /CNW/ - Pacific Exploration & Production Corp. (the "Company") announces that it has received a letter proposing an alternative transaction which the Company, including the independent committee of the board of directors, is in the process of reviewing with its financial and legal advisors.
The Company confirms that the meeting of affected creditors to approve the Company's previously announced plan of compromise and arrangement (the "Plan") will continue to be held as scheduled tomorrow (August 17, 2016) at 10:00 a.m.
Further details regarding the Plan are available on the Monitor's website atwww.pwc.com/ca/pacific and SEDAR.
Looks with oil passing all the moving averages someone has finally stepped up with an alternate proposal. At least there is some hope. GL Zoo