CALGARY, June 6, 2014 /CNW/ - Dixie Energy Trust (the "Trust") announces that its administrator, Dixie Energy Ltd. ("Dixie"), has entered into a supplemental trust indenture (the "Supplemental Trust Indenture") with Olympia Trust Company (the "Trustee") to amend the trust indenture (the "Trust Indenture") dated February 28, 2013 between Dixie and the Trustee. The purpose of the amendments is to, among other things, extend the time period required for holding the 2014 annual meeting (the "Annual Meeting") of holders of trust units of the Trust ("Unitholders"). The amendments to the Trust Indenture do not require Unitholder approval as the rights of Unitholders are not materially prejudiced by such amendments. A copy of the Supplemental Trust Indenture can be found on the SEDAR profile of the Trust at www.sedar.com.
Dixie is currently in the process of evaluating a conversion of the Trust from a trust to a corporate structure (the "Trust Conversion"). If Dixie decides to proceed with the Trust Conversion, the Trustee will be required to convene a meeting of Unitholders (the "Unitholder Meeting") to, among other things, consider, and if thought fit, approve the Trust Conversion. Dixie believes it is more cost effective and administratively efficient to convene a single meeting of Unitholders for consideration of the Trust Conversion and Annual Meeting matters rather than hold two Unitholder meetings within a short period of time. Therefore, under the Supplemental Trust Indenture, the Annual Meeting for 2014 shall be held not later than December 31, 2014, and for each successive fiscal year of the Trust, on or before the date that is 15 months from the date of the most recently held Annual Meeting.
About Dixie Energy Trust
Dixie is an energy trust created to provide investors with an oil and gas exploration focused investment. The strategy of Dixie is to acquire, exploit and develop, indirectly through its subsidiaries, long-life crude oil and gas prospects and reserves in the United States gulf coast states, primarily in Mississippi and Alabama. Additional information is available on http://www.DixieEnergyTrust.com
Forward Looking Statement Disclaimer
Certain statements included in this news release constitute forward looking statements or forward looking information under applicable securities legislation. Such forward looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward looking statements or information in this news release include, but are not limited to the potential Trust Conversion and the cost effectiveness of combining the Annual Meeting and Unitholder Meeting into a single meeting.
Forward looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. The key assumptions underlying the aforementioned forward-looking statements include assumptions regarding the potential timing and feasibility of the Trust Conversion; the rights of Unitholders; and the timing of the Annual Meeting. Although Dixie believes that the expectations reflected in such forward looking statements or information are reasonable, undue reliance should not be placed on forward looking statements or information because Dixie can give no assurance that such expectations will prove to be correct.
The risks and uncertainties which may cause actual results to differ materially from the forward looking statements or information include, among other things: the potential implications and requirements to efficiently undertake the Trust Conversion and potential delays or changes in plans with respect to implementing a Trust Conversion. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.
The forward looking statements or information contained in this news release are made as of the date hereof and Dixie undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise unless required by applicable securities laws. The forward looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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SOURCE: Dixie Energy Trust
For further information: Ian K. Atkinson, President & CEO or David G. Anderson, Chairman, T: 403 232 1010