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August 15, 2013
19:21 EDTLPRLone Pine Resources elected not to make interest payment on senior notes
Lone Pine Resources announced that Lone Pine Resources Canada elected not to make the $10.12M semi-annual interest payment due on August 15 in respect of its outstanding 10.375% senior notes due 2017. If LPR Canada has not made the interest payment by September 16 an event of default under the indenture will occur. LPR Canada's failure to make an interest payment on the senior notes could also lead to a cross default under the credit agreement dated as of March 18, 2011. As previously disclosed, Lone Pine is focused on addressing its liquidity and leverage issues, and during the past several weeks Lone Pine has been engaged in discussions with the holders of a majority of the aggregate principal amount of the senior notes regarding a possible restructuring or refinancing of the notes and the indebtedness outstanding under its credit agreement. Those discussions with the holders are continuing, and Lone Pine also remains in active dialogue with its syndicate of lenders regarding its restructuring and refinancing efforts.
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