Permian Resources Completes Liquidation of Lynden Energy Corp. by Making Application to Cease to be a Reporting Issuer in Canada
May 24, 2020
MIDLAND, Texas – Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) announced today that it has completed the liquidation of Lynden Energy Corp. (Lynden), a corporation organized under the laws of British Columbia. This step is part of its post-merger integration with Earthstone Energy Inc. (Earthstone) and its subsidiaries. Consequently, Permian Resources has applied to the British Columbia Securities Commission (BCSC) and the Ontario Securities Commission (OSC) for a joint order to cease being a reporting issuer in British Columbia, Alberta, and Ontario.
Lynden was a Canadian subsidiary of Earthstone, and Permian Resources aims to simplify its corporate structure and reduce future tax obligations through this liquidation. The company clarified that this administrative move will not impact its previously announced financial and operational results and guidance.
If granted by the BCSC and OSC, Permian Resources will no longer be a reporting issuer in any Canadian jurisdiction. However, the company will continue to be a reporting company under the U.S. Securities Exchange Act of 1934 and will file periodic reports with the Securities and Exchange Commission (SEC). These reports will include financial statements and other continuous disclosure materials as required by U.S. securities laws and NYSE rules.
All disclosures filed with the SEC are publicly available on www.sec.gov. Shareholders residing in Canada will continue to receive copies of any required continuous disclosure materials simultaneously with U.S.-based shareholders.
The news release also contains forward-looking information subject to risks and uncertainties. Actual outcomes may vary based on regulatory developments involving actions by the BCSC, OSC, or other regulatory bodies. The forward-looking information is provided as of the date of this release, with no obligation for updates unless required by law.
About Permian Resources:
Headquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on acquiring, optimizing, and developing high-return oil and natural gas properties primarily in the Delaware Basin.
For more information, please visit www.permianres.com.
Contact:
Hays Mabry – Vice President, Investor Relations
Mae Herrington – Engineering Advisor, Investor Relations
(832) 240-3265
ir@permianres.com