Artisan Energy Provides Corporate Update

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Artisan Energy Provides Corporate Update

CALGARY, ALBERTA--(Marketwired - May 10, 2016) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

Artisan Energy Corporation ("Artisan" or the "Corporation") (TSX VENTURE:AEC), announces that the Corporation's principal secured lender has demanded repayment of all indebtedness owed. Artisan is not in a financial positon to make any repayment at this time. The directors of the Corporation have determined that Artisan's business is no longer a viable going concern, as its current market asset value is less than its current debt. Given the present economic environment and in Artisan's present circumstances, Artisan is unable to refinance or recapitalize its operations and the Corporation no longer has the financial capability to carry on operations. Artisan has therefore shut-in all wells and ceased field operations for both economic and safety reasons. The corporation has been suspended from trading by the TSX Venture Exchange effective May 3, 2016. Artisan's remaining management is working with its principal secured lender along with the Alberta Energy Regulator to determine a suitable path to a formal receivership or bankruptcy. 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Artisan Energy Corporation
Richard G. Young
Interim President & CEO, and COO
(403) 984-9275
[email protected]

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).