Permian Resources Completes Liquidation of Lynden Energy Corp. by Making Application to Cease to be a Reporting Issuer in Canada

Rhea-AI Summary

Permian Resources (NYSE: PR) has completed the liquidation of Lynden Energy Corp., a Canadian subsidiary, as part of its post-merger integration with Earthstone Energy.

The company has applied to the British Columbia Securities Commission (BCSC) and the Ontario Securities Commission (OSC) for an order to cease being a reporting issuer in Canada.

This move aims to simplify Permian Resources' corporate structure and reduce tax obligations, with no impact on previously announced financial and operational results. Permian Resources will continue to report under U.S. securities laws and NYSE rules.

Positive

• Simplification of corporate structure post-merger.
• Reduction in future tax obligations.
• No impact on financial and operational results.
• Continued compliance with U.S. securities laws and NYSE rules.
• Availability of SEC filings to all shareholders, including those in Canada.

Negative

• Potential regulatory delays if the order to cease being a reporting issuer in Canada is not granted.
• Administrative burden of maintaining compliance with multiple regulatory bodies.

MIDLAND, Texas--(BUSINESS WIRE)-- Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) announces today that, in connection with its post-merger integration of Earthstone Energy Inc. (Earthstone) and its subsidiaries, it has completed the liquidation of Lynden Energy Corp. (Lynden), a corporation organized under the laws of British Columbia, and as a result it has applied to the British Columbia Securities Commission (BCSC), as principal regulator, and the Ontario Securities Commission (OSC) for a joint order (the Order Sought) to cease to be a reporting issuer in British Columbia, Alberta and Ontario—the provinces of Canada in which it is a reporting issuer. Lynden was a Canadian subsidiary of Earthstone, and Permian Resources is completing the liquidation to simplify its corporate structure and reduce go forward tax obligations, as contemplated at the time of the Earthstone acquisition. This liquidation is administrative in nature and has no impact on the Company’s previously announced financial and operational results and guidance.

If the Order Sought is granted by the BCSC and the OSC, Permian Resources will cease to be a reporting issuer in any jurisdiction in Canada.

Notwithstanding a decision by the BCSC and the OSC, Permian Resources continues to be a reporting company under the Securities Exchange Act of 1934, as amended, and will continue to file periodic and current reports with the Securities and Exchange Commission (SEC), which will include financial statements and other continuous disclosure materials required to be filed by it, in accordance with the applicable securities laws of the United States and the rules of the New York Stock Exchange (NYSE) under which it continues to be listed. All such periodic and current disclosures of Permian Resources filed with the SEC are publicly available to all shareholders of Permian Resources under Permian Resources’ profile at www.sec.gov. All of Permian Resources’ shareholders who reside in Canada will continue to receive copies of any continuous disclosure materials that are required to be delivered to shareholders in the United States, in the same manner and at the same time as is required under the applicable securities laws of the United States and the rules of the NYSE.

Forward-Looking Statements
This news release contains forward-looking information that involves risks and uncertainties. Actual future results, including whether the Order Sought will be granted, could vary from those expressed or implied by the forward-looking information in this news release, and depend on regulatory developments, including actions taken by the BCSC, the OSC and/or other regulatory bodies. This forward-looking information is made as of the date of this news release and, other than as required by applicable laws, Permian Resources does not assume any obligation to update or revise it to reflect new events or circumstances. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

About Permian Resources
Headquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on the responsible acquisition, optimization and development of high-return oil and natural gas properties. The Company’s assets and operations are concentrated in the core of the Delaware Basin, making it the second largest Permian Basin pure-play E&P. For more information, please visit www.permianres.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240524314016/en/

Hays Mabry – Vice President, Investor Relations

Mae Herrington – Engineering Advisor, Investor Relations

(832) 240-3265

ir@permianres.com

Source: Permian Resources Corporation

FAQ

What is the significance of Permian Resources liquidating Lynden Energy Corp.?

The liquidation aims to simplify the corporate structure and reduce tax obligations without impacting financial and operational results.

Will Permian Resources continue to be a reporting issuer?

Permian Resources has applied to cease being a reporting issuer in Canada but will continue to comply with U.S. securities laws and NYSE rules.

How does the liquidation affect Permian Resources' shareholders in Canada?

Canadian shareholders will continue to receive continuous disclosure materials as required under U.S. securities laws and NYSE rules.

What are the potential risks associated with the liquidation of Lynden Energy Corp.?

Potential regulatory delays in obtaining the order to cease being a reporting issuer in Canada could pose risks.

Why did Permian Resources liquidate Lynden Energy Corp.?

The liquidation was done to simplify the corporate structure and reduce future tax obligations post-merger with Earthstone Energy.