CALGARY, AB--(Marketwired - July 10, 2015) - Kicking Horse Energy Inc. ("Kicking Horse" or the "Company") (TSX VENTURE: KCK) reports that the parties to the class action proceedings (the "Class Action") commenced in the Alberta Court of Queen's Bench (the "Court"), Action Number 1301-10050, have entered into an agreement ("Settlement Agreement") whereby they have, subject to Court approval, agreed to settle the Class Action upon the terms and conditions set forth in the Settlement Agreement. Kicking Horse is one of a total of nine defendants in the Class Action, by way of being the corporate successor to Donnycreek Energy Inc.
Under the terms of the Settlement Agreement, the parties have agreed, among other things, for the full and final release and dismissal of all claims and allegations made in the Class Action, by the establishment of a $5.5 million settlement fund. If the settlement is approved by the Court, Kicking Horse has agreed to fund a total of $1.75 million to the settlement fund. The Settlement Agreement provides for no admission of liability on the part of the defendants. An application by the parties to the Court to approve the Settlement Agreement is scheduled for October 9, 2015.
Kicking Horse and the other defendants have denied and continue to deny any and all liability with respect to any of the claims made in the Class Action. The settlement is being made to avoid the burden and expense of further litigation and to allow Kicking Horse to conduct its business without the continuing encumbrance of the lawsuit.
About Kicking Horse Energy Inc.
Kicking Horse Energy Inc. is a public oil and gas company which is focused on the development of Alberta's liquids-rich Montney Formation tight gas play. For more information, please see the Company's website: www.kickinghorseenergy.com
ADVISORY ON FORWARD-LOOKING STATEMENTS: This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "continue", "anticipate", "estimate", "may", "will", "should", "believe", "plans", "cautions" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains statements concerning the timing for the application to be held at the Court to approve the Settlement Agreement. Forward-looking statements or information are based on a number of material factors, expectations or assumptions of Kicking Horse which have been used to develop such statements and information but which may prove to be incorrect. Although Kicking Horse believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Kicking Horse can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation, the risks detailed from time-to-time in Kicking Horse's public disclosure documents. Additional information regarding some of these risk factors may be found under "Risk Factors" in the Company's Annual Information Form dated as of December 31, 2014 filed on www.sedar.com. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and Kicking Horse undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.