Tulsa, Oklahoma (PRWEB) June 30, 2013
In accordance with the Joint Chapter 11 Plan of North American Petroleum Corporation USA, which changed its name to Petroflow Energy Corporation, and its related entities, that was confirmed on September 14, 2011 and became effective on September 30, 2011 (the "Plan"), Petroflow's Board of Directors met on April 10, 2013, and made the decision to issue a cash distribution to all Plan Class 5B holders who had held greater than nine hundred and ninety-nine shares of Petroflow Energy Ltd. ("Petroflow") stock, as of September 30, 2011. The Board set the Determination Date, as defined in the Plan of Reorganization, as April 10, 2013. In further accordance with the Plan of Reorganization the Board engaged a third party valuation firm accredited by the National Association of Certified Valuation Analysts, Woodrum Tate & Associates, to determine the value of the shares as of the Determination Date of April 10, 2013. Their report concluded that the value of one share of Petroflow stock was $0.35. In accordance with that report and pursuant to the Plan of Reorganization, the Company is making said distribution of $0.35 per share, to all Plan Class 5B Holders.
"The distribution to the remaining Plan Class 5B Holders will provide these holders with an immediate cash recovery while allowing Petroflow to be more efficient in future shareholder communications and reporting while continuing as a private corporation," said Petroflow’s President & CEO, Richard Menchaca.
For further information, please contact: Louis G. Schott at (918) 392-4793 or LSchott(at)petroflowenergy(dot)com.