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Canada : Pine Cliff Energy Ltd. Enters into a Settlement Agreement with Skope Energy Inc.

Pine Cliff Energy Ltd. ( Pine Cliff or the Company ) and Skope Energy Inc. ( Skope ) announce that further to Pine Cliff s announcement on November 12, 2012 that it had completed the purchase from a Canadian financial institution of all the obligations owing to the institution by Skope (the Debt ), and all of the security in respect of the Debt, Pine Cliff, Skope and Skope s manager, Full Cycle Energy Investment Management Inc. ( Full Cycle ) have now entered into a settlement agreement ( Settlement Agreement ).

Pursuant to the terms of the Settlement Agreement, Pine Cliff, Skope and Full Cycle will cooperate to enable Skope to file an application under the Companies Creditors Arrangement Act ( CCAA ) for proceedings aimed at maximizing the value of Skope s assets and enabling Pine Cliff to realize on the Debt. This application is expected to occur on November 27, 2012.

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Publication:Mena Report
Date:Nov 21, 2012
Words:156
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