CALGARY, May 10, 2016 - Artisan Energy Corp. ("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
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Contact
Artisan Energy Corp. Richard G. Young, Interim President & CEO, and COO (403) 984-9275 Ryoung@artisanenergy.ca
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CALGARY, May 10, 2016 - Artisan Energy Corp. ("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
