Meeting of Creditors/Plan Information

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This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Status of file as at August 18, 2016

On August 17, 2016 the Meeting was held at 10:00 a.m. (Toronto time) at the offices of Norton Rose Fulbright Canada LLP, to consider and vote on the Plan.

The resolution (the “Plan Resolution”) approving the Plan pursuant to the CCAA was approved by 98.4% in number of Affected Creditors who represent 97.2% in value of the eligible voting claims of Affected Creditors who were present and voted at the Meeting .This approval represents a “Required Majority” under the Plan.

Pacific intends to seek an order from the Court sanctioning and approving the Plan (the “Sanction Order”) at a hearing scheduled to take place on August 23, 2016 at 10:00 a.m. (Toronto time). Implementation of the Plan is subject to receipt of the Sanction Order and the satisfaction or waiver of certain other conditions precedent set out in the Plan.

Status of file as at August 12, 2016

IMPORTANT INFORMATION!!!

In connection with the Meeting, the Company with the consent of the Monitor has extended the Proxy/Election Deadline from 10:00 a.m. (Toronto Time) on August 10, 2016 to 5:00 p.m. (Toronto Time) on August 12, 2016. The extension is being given to allow affected creditors additional time to participate in the Plan.  The extension does not affect the timing of the Meeting which is scheduled to be held on Wednesday, August 17, 2016 at the offices of Norton Rose Fulbright Canada LLP, 200 Bay Street, Suite 3800, Toronto, Ontario, Canada, M5J 2Z4.

The extension extends until 5:00 p.m. (Toronto Time) on August 12, 2016 the deadline for:

  • beneficial holders of the Company’s notes to submit their voting instructions to their participant holder or intermediary and, if applicable, to submit a cash election through ATOP,
  • the general creditors to submit their General Creditor Proxy and, if applicable, their General Creditor Cash Election Form to the Monitor, and
  • beneficial holders of the Company’s notes who validly signed and returned the support agreement or a joinder thereto (“Supporting Noteholders”) to submit the Application for Early Consent to its participant holder or intermediary.

On June 27, 2016,  Pacific Exploration & Production Corporation (“Pacific” or the “Company”), Pacific E&P Holdings Corp., Meta Petroleum Corp., Pacific Stratus International Energy Ltd., Pacific Stratus Energy Colombia Corp., Pacific Stratus Energy S.A., Pacific Off Shore Peru S.R.L., Pacific Rubiales Guatemala S.A., Pacific Guatemala Energy Corp., PRE-PSIE Coöperatief U.A., Petrominerales Colombia Corp. and Grupo C&C Energia (Barbados) Ltd. (collectively, the “Applicants” or the “Companies”), filed a plan of compromise and arrangement dated June 27, 2016 (the “Plan”) with the Ontario Superior Court of Justice (Commercial List) (the “Court”) in their restructuring proceedings pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”).

A meeting of a single class of affected unsecured creditors of the Applicants (the “Meeting”) will be held at 10:00 a.m. (Toronto time) on August 17, 2016 (or such other date as may be set and announced in accordance with the Meeting Order) at the offices of Norton Rose Fulbright Canada LLP, Royal Bank Plaza, South Tower, 200 Bay Street, Suite 3800, Toronto, Ontario, M5J 2Z4 for the purpose of considering and voting upon the Plan. The Meeting is being held pursuant to the Meeting Order of the Court made on June 30, 2016 (the “Meeting Order”). A copy of the Meeting Order can found below on this page.

The Applicants have set a date for a Court hearing (the “Sanction Hearing”) at 10:00 a.m. (Toronto time) on August 23, 2016, at which time the Applicants will ask the Court to approve the Plan, if the Plan is approved by the requisite majorities of affected creditors at the Meeting.

Affected creditors should receive either a General Creditor Information Package or Noteholder Information Package (as defined in the Meeting Order and as detailed below, collectively the “Information Packages”) providing important information about the Plan and the Meeting which includes important forms for completion and submission with respect to the Meeting.

To cast their votes at the Meeting, affected creditors may attend the Meeting in person or may submit the proxy included in the Information Packages.

The Monitor’s contact details for additional information or materials related to the Meeting is:

PricewaterhouseCoopers Inc.,
Monitor of Pacific Exploration & Production Corporation et al.
PwC Tower
18 York Street, Suite 2600
Toronto, Ontario M5J 0B2

Attention: Tammy Muradova
Email: cmt_processing@ca.pwc.com
Canada/US Toll Free: +1 844-855-8568
Colombia Toll Free: 01 800-518-2167
Or US Direct: +1 503-520-4469
Facsimile: +1 416-814-3219

On July 13, 2016, pursuant to paragraph 13 of the Meeting Order, the Monitor caused a copy of the Noteholder Information Package to be sent to Kingsdale Shareholder Services (the “Solicitation Agent”) and to Broadridge Investor Services Inc. (“Broadridge”) for distribution to Beneficial Noteholders. Beneficial Noteholders should receive the Noteholder Information Package from their bank, broker or other intermediary that holds Notes on their behalf (the “Intermediary”) with instructions on how to submit their instructions electronically through the Automated Tender Offer Program System (“ATOP”) operated by the Depository Trust Company. Beneficial Noteholders should receive with the Circular a voting instruction form (“VIF”). If no VIF is received Beneficial Noteholders should contact their Intermediary.

Also, on July 13, 2016, pursuant to paragraph 14 of the Meeting Order, the Monitor caused a copy of the General Creditor Information Package to be sent to all Affected Creditors, other than Noteholders with respect to Noteholder Claims.

Noteholder Information Package Date
Notice of Meeting and Information Circular and Proxy Statement 2016-07-08
Beneficial Noteholder Voting Instruction Form (“VIF”) - Beneficial Noteholders should have received a personalized VIF with their Information Circular, if no such VIF was enclosed, Beneficial Noteholders should contact their Intermediary immediately 2016-07-08
Application for Early Consent Consideration 2016-07-08
Beneficial Noteholders Cash Election Instruction Form 2016-07-08
Additional Forms to be used by Participant Holders (not for use by individual Beneficial Noteholders) Date
FAQs – Euroclear Participants 2016-08-02
FAQs – DTC Participants 2016-08-02
FAQs – Clearstream Participants 2016-08-02
Master Proxy 2016-07-08
Master Cash Election Form 2016-07-08

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Contact us

Tammy Muradova

Tel: +1 416 941 8383 ext 14456

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