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Argent Energy Trust - Status Updates

August 30, 2016

On August 30, 2016 the Applicants, sought and was granted an Order which, among other things, extended the stay of proceedings to March 31, 2017, authorized the Directors of Argent Canada and Argent US to resign, terminated the CCAA Proceedings for the Trust and Argent Canada, however allowed the CCAA Proceedings to continue for Argent US. The powers of the Monitor were enhanced to assist with the completion of the Argent US CCAA Proceedings in the absence of officers and directors.

The Applicants also sought and were granted an Order ("D&O Claims Process Order") to put in place procedures to solicit and, if possible, determine and resolve any claims against the current and former directors and officers of Applicants and of Argent Energy Limited (the administrator of the Trust). If you believe you have a claim against the directors and officers please review the D&O Claims Process section in the menu to the left for timelines and procedures required to file a claim. Please be advised given the potential mail strike the Monitor would prefer communication by way of e-mail or fax. If this is a problem for you please contact the Monitor at 403-454-6036.


June 27, 2016

On June 27th, 2016 Argent sought and was granted an order which, among other things, extended the stay of proceedings to August 31, 2016, expanded the Monitor's powers, directed the Monitor to assign Argent Energy Trust into bankruptcy and approved the Monitor's intended actions to continue to make distributions in accordance with the Interim Distribution Order.


May 11, 2016

On May 4th and 5th, 2016 the Court of Queen's Bench of Alberta heard Argent's application seeking approval for the sale of its oil and gas assets, the distribution of the net proceeds from the sale and an extension to the stay of proceedings. This application had previously been made on April 26, 2016 however was adjourned at that time due to objections raised by the Ad Hoc Committee of debenture holders. On May 10th, 2016 two Orders were granted approving the sale of Argent's oil and gas ("Sale Approval Order") and the distribution of net proceeds ("Distribution Order"). On May 11th, 2016 the Sale Approval Order and the Distribution Order were recognized by the US Court within the Chapter 15 Proceedings.


April 26, 2016

On April 26, 2016 Argent made an application seeking approval for the sale of its oil and gas assets, the distribution of the net proceeds from the sale and an extension to the stay of proceedings. The Ad Hoc Committee of debenture holders objected to this application. Materials filed with respect to this application are posted in sections to the left. As a result of the objections raised by the Ad Hoc Committee of debenture holders Argent agreed to adjourn the application allowing for additional time to review documents relevant to the proceedings and complete further examinations. The application has now been re-scheduled for May 4 and 5, 2016.


March 10, 2016

On March 9, 2016 the Applicants made an application for and were granted an extension to the Stay of Proceedings to May 17, 2016. At the March 9, 2016 application counsel for an Ad Hoc Committee's of unsecured debenture holders objected to certain relief that was granted in the Initial Order. As a result of the objections raised by the Ad Hoc Committee the Initial Order was Amended and restated on March 17, 2016. The main amendment to the Initial Order was an adjustment to the Administration Charge which now provides a provision to secure the fees of the Ad Hoc Committees counsel. Additionally, on March 10, 2016 the U.S. Bankruptcy Court approved an order recognizing the CCAA as the foreign main proceedings under the Chapter 15. Details with respect to the Chapter 15 proceedings can be found at:http://www.upshotservices.com/argent


February 17, 2016

On February 17, 2016, Argent Energy Trust (the "Trust"), Argent Energy (Canada) Holdings Inc. ("Argent Canada"), and Argent Energy (US) Holdings Inc. ("Argent US", and together with the Trust and Argent Canada, the "Applicants") obtained an Initial Order (the "Initial Order") under the Companies' Creditors Arrangement Act (the "CCAA"). The Applicants sought and were granted the stay of proceedings and other relief provided under the CCAA. Pursuant to the Initial Order, FTI Consulting ("FTI" or the "Monitor") has been appointed Monitor.


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FTI Consulting
Suite 720, 440 - 2nd Avenue SW
Calgary, AB Canada T2P 5E9

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