Long Run gets court OK of plan of arrangement for 6.4% convertibles

By Wendy Van Sickle

Columbus, Ohio, March 2 – Long Run Exploration Ltd. received approval from the Court of Queen's Bench of Alberta of its plan of arrangement under which all of its outstanding 6.4% convertible subordinated debentures due Jan 31, 2019 will be acquired by Calgary Sinoenergy Investment Corp., according to a press release.

As previously reported, the arrangement was approved by more than 95% of the votes cast by Long Run debentureholders on Monday.

Long Run debentureholders will receive C$750 for each C$1,000 principal amount of debentures plus accrued interest through the day immediately prior to the effective date of the arrangement.

Calgary Sinoenergy will also acquire all of Long Run’s outstanding common shares under the arrangement.

Completion of the arrangement is subject to various closing conditions, including receipt of regulatory approvals.

The arrangement is expected to close in late April.

Calgary, Alta.-based Long Run is an oil and natural gas company focused on light oil and NGL development and exploration in western Canada.

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