ArPetrol Ltd. announces completion of second distribution, appointment of receiver and filing of articles of dissolution

CALGARY, Dec. 20, 2016 /CNW/ - ArPetrol Ltd. ("ArPetrol" or the "Company") announces that the Company has been formally dissolved effective today. In preparation therefore, the Company secured the voluntary appointment, effective December 20, 2016, of JHTJ Group Ltd. as its receiver (the "Receiver") under an order issued by the Alberta Court of Queen's Bench on December 9, 2016 at the request of the Company. On December 19, 2016, the Company completed a second distribution to holders of common shares  in the aggregate amount of Cdn $3,598,472.00, or Cdn $0.16 per share. The Company filed its Articles of Dissolution, and a Certificate of Dissolution was issued on December 20, 2016, after complying with all legal pre-requisites for voluntary dissolution under the Business Corporations Act (Alberta).

The Receiver has been appointed for the purpose of holding the Company's remaining funds and paying any validated creditors until such time as the final distribution of funds can be made to those persons who were shareholders of the Company at the date of dissolution (the "Shareholders"). This final distribution to Shareholders will be made through CST Trust Company at such time as the Company receives a final Tax Clearance Certificate from the Canada Revenue Agency.

A copy of the information circular of the Company dated April 14, 2016, and filed in conjunction with the meeting of shareholders of the Company held on May 13, 2016, is filed on ArPetrol's SEDAR profile and available for viewing at www.sedar.com. Shareholders are advised to review this document for more details on the background to the dissolution and winding up process.

Representatives of the Company will forthwith be filing notice with the Alberta Securities Commission and British Columbia Securities Commission advising that the Company has been formally dissolved, and requesting that the Company be removed from the list of reporting issuers. As such, it is not anticipated that any further continuous disclosure will be filed on behalf of the Company.

SOURCE ArPetrol Ltd.

Jason James, [email protected], [phone]