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Solara Exploration Ltd. - Status Updates

November 11, 2014

On November 11, 2014 Madam Justice Eidsvik granted an Order (the "Receiver's Discharge Order") which, inter alia, unconditionally and absolutely discharged the Receiver as receiver and manager of the Property and relieving it of all further duties and obligations with respect to the Debtor and Property.

February 14, 2014

On February 14, 2014 Madam Justice Eidsvik granted an Order (the 'Interim Distribution Order") which, inter alia, authorized the Receiver to distribute funds as set out in the Receiver's Second Report.

November 7, 2013

On November 7, 2013 Mr. Justice Hawco granted an Order (the "Approval and Vesting Order") which, inter alia, approved the Transaction for the sale of Solara's Assets to Incipient Exploration Ltd.

April 8, 2013

The bid deadline for the Solara asset sale was February 21, 2013. FTI is currently reviewing the offers and assessing the options with respect to the sale of the assets.

December 20, 2012

On December 19, 2012, FTI Consulting Canada Inc. was appointed as Receiver pursuant to an Order of the Queen's bench of Alberta of all the assets, undertakings and properties of Solara Exploration Ltd.

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520 Fifth Avenue S.W.
Suite 1610
Calgary, AB T2P 3R7

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