Twin Butte Energy Announces Appointment of Receiver

CALGARY, Sept. 2, 2016 /CNW/ - Twin Butte Energy Ltd. (TSX: TBE) ("Twin Butte" or the "Company") announces that the Court of Queens Bench of Alberta has granted the application of the Company's syndicate lenders, to appoint FTI Consulting Canada Inc. (the "Receiver") as receiver and manager over the assets, undertakings and property of Twin Butte. The Receiver is charged with managing the day to day affairs of the Company during the period of its appointment and should be contacted with respect to any questions concerning the assets and liabilities of Twin Butte.

Effective upon the appointment of the Receiver, all of the Company's directors have resigned as directors of the Company. Mr. Wollmann has stepped down as President & CEO of the Company and has entered into a consulting arrangement with the Receiver, to provide certain services as requested.

Reader Advisory

Certain information set forth in this news release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expects", "believes", "will" and similar expressions and statements relating to matters that are not historical facts, contain forward-looking statements, including but not limited to statements regarding: the anticipated date of the lenders' application to appoint a receiver, the identity of the receiver, the expectation that all directors will resign upon the appointment of a receiver and the pending de-listing of the Company's securities on the TSX. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Twin Butte's control, including the intentions of Twin Butte's lenders, the granting of the lenders' applications by the Court of Queen's Bench; the timing of the de-listing of Twin Butte's securities; and the timing of the resignation of the directors of Twin Butte. The foregoing list is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of Twin Butte could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Twin Butte will derive therefrom. Twin Butte disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

SOURCE Twin Butte Energy Ltd.

FTI Consulting Canada Inc., Suite 720, 440 - 2nd Avenue S.W., Calgary, Alberta, T2P 5E9, 1 [phone], [email protected]