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Dundee Energy Limited Partnership/Dundee Oil and Gas Limited

On August 15, 2017 (the "Filing Date"), Dundee Oil and Gas Limited and Dundee Energy Limited Partnership (collectively, the "Debtor Companies") filed a Notice of Intention to Make a Proposal (together, the "NOIs") pursuant to s. 50.4(1) of the Bankruptcy and Insolvency Act (Canada), R.S.C. 1985, c. B-3, as amended. FTI Consulting Canada Inc. ("FTI") was the proposal trustee under the NOIs (in such capacity, the "Proposal Trustee").

By an Order of the Court dated February 13, 2018 (the "Initial Order"), the Court, issued an Order that provided, among other relief: i) continued the proposal proceedings for DOGL (the "Proposal Proceedings") under the Companies' Creditors Arrangement Act, R.S.C. 1985, c.C.-36 (as amended, "CCAA"); ii) appointed FTI as the Monitor of DOGL (in such capacity, the "Monitor"); and iii) declared that all orders of the Court granted in the Proposal Proceedings continue to be in full force and effect, except to the extent that such orders are inconsistent with the terms of the Initial Order or the CCAA.

In connection with the Debtor Companies' filing of the NOI, the Debtor Companies sought and obtained an order from the Court to commence a Sale Solicitation Process for its business and property (the "SSP"). The SSP commenced early in September and on April 4, 2018, the Debtor Companies agreed to sell substantially all of its assets to Lagasco Inc. pursuant to an Agreement of Purchase and Sale (as amended from time to time, the "APA"). The APA was approved by the Ontario Superior Court of Justice (Commercial List) pursuant to the Approval and Vesting Order dated June 11, 2018 (the "Approval and Vesting Order").

Pursuant to the APA and the Approval and Vesting Order, the Agreement vests with Lagasco Inc. upon closing of the transactions contemplated in the APA (the "Closing"). The Monitor confirms that Closing occurred on November 16, 2018.

Cure cost payments for assigned contracts pursuant to section 11.3 of the CCAA and in accordance with the Approval and Vesting Order dated June 11, 2018 will be settled within 30 days of closing. The Monitor mailed cheques to cure cost creditors on December 7, 2018 which should be received during the week of December 10, 2018.

Further information with respect to these proceedings, including the SSP, are available on the Trustee's website: http://cfcanada.fticonsulting.com/Dundee/


For additional information please contact the Monitor's hotline:
Toll Free: 1 833 286 9926
Email: dundeeenergylp@fticonsulting.com

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79 Wellington Street West
Suite 2010, P.O. Box 104
Toronto, Ontario M5K 1G8

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