Formation of Ad Hoc Committee of Pacific Exploration Noteholders

TORONTO, Jan. 15, 2016 /CNW/ - Canadian law firm Goodmans LLP (www.goodmans.ca) has been retained to represent an ad hoc committee (the "Ad Hoc Committee") of holders of the 5.625% notes due January 19, 2025 (the "5.625% Notes"), the 5.375% notes due January 26, 2019 (the "5.375% Notes"), the 5.125% notes due March 28, 2023 and the 7.25% notes due December 21, 2021 (collectively, the "Notes") issued by Pacific Exploration & Production Corp. (TSX: PRE) (BVC: PREC) (the "Company"). The Ad Hoc Committee holds in the aggregate approximately 40% of the approximately US$4.1 billion principal outstanding amount of the Notes, and is in regular contact with holders of a significant additional amount of the Notes. The Ad Hoc Committee is actively assessing the Company's announcement on January 14, 2016 regarding its election to utilize the 30 day grace period under the indentures governing the 5.625% Notes and the 5.375% Notes rather than making the interest payments due on January 19, 2016 and January 26, 2016 in respect of those Notes, and other matters, including the tender offer for the Notes announced on January 13, 2015 by EIG Pacific Holdings Ltd.

SOURCE Goodmans

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