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August 19, 2016

Trident Recapitalization Receives Equity Support

Pursuant to its recapitalization and financing transaction announced on July 5, 2016 (the “Recapitalization”) and as described further in a management information circular dated as of July 20, 2016, Trident Exploration Corp. (“Trident” or the “Company”) announces that it has received a written consent signed by 99.9% of its parent company shareholders in favour of proceeding with the Recapitalization.

The support from the parent company shareholders is significantly above the threshold required to comply with the conditions precedent to the Recapitalization.

The Company’s meeting of the holders of its senior unsecured notes (the “Noteholders”) and the holder of its $22 million debenture (collectively with the Noteholders, the “Debtholders”) is scheduled to be held at 10:30 a.m. (Calgary time) on August 25, 2016 to seek approval from Debtholders for the Recapitalization. Debtholders who have not voted in respect of the Recapitalization may do so by following the instructions set forth on the proxy or voting instruction form provided to them and submitting completed forms to Computershare Trust Company of Canada on or before 10:30 a.m. (Calgary time) on August 23, 2016.

Assuming the requisite approvals from Debtholders are received and all other conditions precedent satisfied, the Company expects to close the Recapitalization on September 6, 2016.

The Recapitalization, provides for the equitization of the Company’s $169.3 million of senior unsecured notes and its $22.0 million debenture, elimination of the Company’s accrued interest obligations for each of the debts being equitized and a reduction of drawings under the Company’s amended revolving credit facility (an aggregate liability reduction of over $215 million) and is anticipated to reduce Trident’s cash interest payments by $16 million per annum.

Forward-Looking Information

Certain information regarding the Company contained herein constitutes forward-looking information and forward-looking statements (collectively “forward-looking statements”) under the meaning of applicable securities laws. Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including statements regarding the anticipated benefits of the Recapitalization, including the reduction in debt and interest expense, the financial position of the Company after giving effect to the Recapitalization, support from the Debtholders in respect of the Recapitalization, the anticipated timing for the meeting and completion of the Recapitalization, and other risks and uncertainties described from time to time in the Company’s reports and other disclosures to investors. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the intentions of its lenders and securityholders. Although the Company believes that the assumptions underlying, and the expectations reflected in, such forward- looking statements are reasonable, it can give no assurance that such assumptions and expectations will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties and the difference may be material. There are many factors that could cause forward-looking statements not to be correct, including, but not limited to, risks and uncertainties associated with securing the necessary approvals to implement the Recapitalization, risks associated with market conditions, the inability of Trident to complete the Recapitalization and the ability of the Company to continue as a going concern if the Recapitalization is not implemented, the risks associated with the oil and gas industry in general including operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects, capital expenditures, health and safety considerations, reserves and other estimates and projections of production, revenue and costs. The Company is subject to several influencing factors that increase the variability of potential outcomes and may impact forward-looking statements including uncertainty as to the availability of labour and services, commodity prices and exchange rate fluctuations, weather conditions, general business, economic, competitive, political and social uncertainties, capital market conditions and changes to laws and regulations.

The forward-looking statements contained herein are made as of the date of this release solely for the purpose of disclosing the above information regarding the Recapitalization and prospective activities. Trident may, as considered necessary in the circumstances, update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, however, the Company undertakes no obligation to update or revise any forward-looking statement except as required by law. Trident cautions readers that the forward-looking statements may not be appropriate for purposes other than their intended purposes and that undue reliance should not be placed on any forward-looking statement. Trident’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.

FOR FURTHER INFORMATION, PLEASE CONTACT

Trident Exploration Corp.
Alan Withey
President & CEO
403-770-0333

Trident Exploration Corp.
Jason Baird
Vice President, Finance
403-770-0333










 
 
 
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