Alpine Summit Energy Partners and certain affiliates and related companies announced that, after evaluating a variety of strategic alternatives, it has filed for voluntary chapter 11 relief in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division and intends to conduct a sale of its assets pursuant to Section 363 of the U.S. Bankruptcy Code. The Company entered Chapter 11 with a commitment for $15.5 million in debtor-in-possession financing, provided by its existing bank group, to support its operations during the sale and reorganization process. The Debtors have also filed various "first day" motions with the Bankruptcy Court, providing customary relief that will enable them to continue operating in bankruptcy without meaningfully disrupting their normal course of operations.

The Company is advised in this matter by Porter Hedges LLP as counsel, Houlihan Lokey Capital Inc. as investment banker, and Huron Consulting Group, which is serving as financial advisor and providing Chief Restructuring Officer services.

Trading on the TSX Venture Exchange will be suspended during the Chapter 11 Process. The Company cautions that trading in the Company's securities during the pendency of the Chapter 11 Process is highly speculative and poses substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual value realized, if any, by holders of the Company's securities. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.

Alpine Summit is a U.S. based company that operates and develops oil and gas assets.