At the continuing annual general meeting (“AGM”) of Matra Petroleum AB, that was held today on 13 June 2019, the following matters were addressed:
Creditors under credit agreements with Legacy Texas Bank and Melody Business Finance have demanded acceleration of Matra’s US subsidiaries’ obligations and notified these companies that all debt, in total at least USD 73.6 million, is due and immediately payable to the creditors.
On May 22, 2019, Matra Petroleum disclosed that it was evaluating a temporary restraining order and court injunction against Matra Petroleum AB’s US subsidiaries which further constrains liquidity and refinancing options.
As previously communicated on May 22 and May 23, 2019 the current directors of Matra Petroleum AB’s board have informed that they are not available for re-election and intend to resign. Eric Forss, Chairman, Ekaterina Konshina and Frank Lytle have now filed their resignations from the board of directors.
The annual general meeting (“AGM”) of Matra Petroleum AB (“Matra Petroleum” or the “Company”) was held today on 23 May 2019 and the following resolutions were passed by the meeting:
US Court issues temporary restraining order and injunction against Matra Petroleum AB’s US subsidiaries which further constrains liquidity and refinancing options
The 157th Judicial District Court in Harris County, Texas, USA has granted an application for a temporary restraining order and temporary injunction filed by one of Matra Petroleum USA Inc’s creditors. Under the court order, Matra Petroleum AB’s US subsidiaries* are restrained from transferring assets and further engaging in any activity that would restructure any of Matra’s US subsidiaries or their assets or liabilities or that would change the business form or ownership of any of Matra’s US subsidiaries. Additionally, the court has ordered Matra’s US subsidiaries to settle all intracompany debt and accounts payable with Matra Petroleum USA Inc
In the Auditor’s report, the company’s auditor issues a section regarding Material uncertainty related to going concern. The section is presented below in its entirety:
The shareholders of Matra Petroleum AB (publ), reg. no. 559082-2689, (the "Company") are hereby invited to the annual general meeting on Thursday 23 May 2019 at 16.00 pm CET at Baker & McKenzies premises at Vasagatan 7 in Stockholm. The doors to the meeting will open at 15.45 pm CET.
Fourth quarter ended 31 December 2018 (Fourth quarter ended 31 December 2017)
The net present value (PV10) of Matra Petroleum's proved net oil and gas reserves as per 31 December 2018 increased by 75% to 265 million USD (151 million USD*). Proved oil and gas reserves were estimated at 22,758 (20,964*) thousand barrels of oil equivalent ("MBOE"). The increase in value and reserves resulted from successful drilling, an acquisition and higher oil and gas prices.