Cougar Oil and Gas Canada, Inc. (OTCBB:COUGF) has requested and obtained an extension of the stay of proceedings granted pursuant to the Order of the Alberta Court of Queen's Bench dated February 3, 2012, providing creditor protection under the Companies' Creditors Arrangement Act. The Court was of the view that the company has acted diligently and in good faith and as a result, extended the stay period to May 23, 2012.
In addition to the extension of the stay period, the Court approved debtor-in-possession financing from Zentrum Energie Trust AG in the amount of CDN$1.75 million, which the Company will use to fund the LMR deposit requirements of the Energy Resources Conservation Board and ongoing operating costs and other expenses while the Company is under creditor protection.
While under CCAA protection, the Company will continue with its day to day operations with the assistance of Ernst & Young Inc. in its capacity as the Court-appointed Monitor of the Company. The Company anticipates presenting a restructuring Plan to its creditors in these CCAA proceedings and will issue a further press release on or before May 23, 2012 to provide an update regarding the status of the Plan and the CCAA proceedings generally.
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