Pacific Announces Third Quarter 2016 Results and Effect of Restructuring Transaction - 14.11.16 - News

TORONTO, Nov. 14, 2016

Renewed Strategic Focus to be a Low Cost Margin Driven Producer

Liquidity (including cash and available LC) at September 30, 2016 Approximately U.S.$672 million

Expiration of Rubiales-Piriri Contract Adversely Affects Volume

TORONTO, Nov. 14, 2016 /PRNewswire/ - Pacific Exploration & Production Corp. (TSX: PEN) announced today the release of its consolidated financial statements for the third quarter of 2016, together with its management discussion and analysis. These documents will be posted on the Company's website at www.pacific.energy and SEDAR at www.sedar.com. All values in this news release and the Company's financial disclosures are in U.S.$, unless otherwise stated.

The Creditor/Catalyst Restructuring Transaction, which provided $480 million of additional liquidity through the DIP Financing and a committed letter of credit facility of approximately $116 million, was completed on November 2, 2016, after the end of the quarter. With a materially improved capital structure, that includes a reduction in its annual interest cost of approximately $232 million and no material debt maturing until 2021, the Company's financial situation is significantly better than at quarter-end; accordingly, the Company has prepared the following pro-forma balance sheet as at September 30, 2016, in order to enable shareholders to understand the effect of the Creditor/Catalyst Restructuring Transaction:

As reported

ARIVA.DE Börsen-Geflüster

Kurse

Pacific Exploration & Production

-

0,00%

Effect of the

Pro forma

(in thousands of U.S.$)

September 30, 2016

Restructuring Transaction

September 30, 2016

Cash and cash equivalents

$

555,724

-

$

555,724

Current assets other than cash

375,367

-

373,367

Non-current assets

1,472,511

-

1,472,511

Total assets

$

2,403,602

-

$

2,403,602

Current liabilities¹

$

797,169

(183,227)

$

613,942

Loans and borrowings¹

5,814,681

(5,564,681)

250,000

Non-current liabilities

310,186

-

310,186

Total liabilities

$

6,922,036

(5,747,908)

$

1,174,128

Common shares²

$

2,615,788

881,435

$

3,497,223

Contributed surplus

124,150

-

124,150

Other reserves

(229,633)

-

(229,633)

Retained deficit

(7,163,424)

4,866,473

(2,296,951)

Deficit attributable to equity holders of the parent

(4,653,119)

5,747,908

1,094,789

Non-controlling interests

134,685

-

134,685

Shareholders' equity

$

(4,518,434)

5,747,908

$

1,229,474

Total Shareholders' equity and liabilities

$

2,403,602

-

$

2,403,602

Number of Common Shares Outstanding³

315,021,158

(265,018,661)

50,002,537

¹

The pro forma effects on Current Liabilities and Loans and Borrowings include the exchange of the long-term debt and Catalyst's DIP notes for common shares, the interest accrued on the long-term debt up to April 27, 2016 (the date of the CCAA initial court order), the exchange of the Funding Creditors' DIP notes for the Exit Notes, and amounts disclaimed on other Affected Creditors.

²

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