PETROFLOW ENERGY CORPORATION ("Petroflow") Announces Distribution to Class 5B Holders
In accordance with the Joint Chapter 11 Plan of North American Petroleum Corporation USA, which changed its name to Petroflow Energy Corporation, and its related entities, that was confirmed on September 14, 2011 and became effective on September 30, 2011 (the "Plan"), Petroflow's Board of Directors has decided to issue a cash distribution to all Plan Class 5B holders who had held greater than nine hundred and ninety-nine shares of Petroflow Energy Ltd. ("Petroflow") stock, as of September 30, 2011. The Board met on April 10, 2013, and decided to set the Determination Date, as defined in the Plan, as April 10, 2013. The Board has engaged a third party valuation firm accredited by the National Association of Certified Valuation Analysts or an equivalent nationally recognized organization to determine the value of the shares as of April 10, 2013.
"The distribution to the remaining Class 5B holders who held more than 999 shares of former Petroflow stock will provide these holders with an immediate cash recovery while allowing Petroflow to remain as a private corporation," said Petroflow's President & CEO, Richard Menchaca.
For further information, please contact: Louis G. Schott at (918) 392-4793 or LSchott@petroflowenergy.com
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