Synstream Energy Corp. Announces Further Temporary Extension for Filing of 2019 Year-End and 2020 First Quarter Financial Information

CALGARY, AB / ACCESSWIRE / June 1, 2020 / Synstream Energy Corp. (TSXV:SHM) ("Synstream" or the "Company") reports the following regarding the timing for the filing of the 2019 Annual Financial Statements, Annual Management Discussion & Analysis and its Statement of Reserves Data and Other Oil and Gas Information, Report on Reserves ‎Data by Independent Qualified Reserves Evaluator, and Report of Management and ‎Directors on Oil and Gas Disclosure for the year ended December 31, 2019, (collectively the "Annual Documents"). Under the continuous disclosure rules of the Alberta Securities Act, the Company is required to file its Annual Documents within 120 days of the December 31, 2019 year-end. As a result of the Covid-19 pandemic, pursuant to Blanket Order 51-517, the Alberta Securities Commission will allow a temporary 45-day filing extension to June 15, 2020. In addition, in the event that an Issuer will not have it Annual Documents filed within the first extension period, a second news release must be filed to indicate that a further 30-day extension period will be relied upon by the Company pursuant to items 7(b) and 7(c) of Blanket Order 51-517. The Company gives notice that it intends to rely on the second filing extension as provided under Items 7(b) and 7(c) of Blanket order 51-517.

In addition, and as a consequence of its reliance on the provisions of the above blanket order, the Company further advises relative to the timing for the filing of its Unaudited Financial Statements required by section 4.4 of National Instrument 51-102 and Management Discussion and Analysis for the period ending March 31, 2020 as required by subsection 5.1(2) of National Instrument 51-102 (the "First Quarter Documents") that it will also rely on the provisions of Blanket Order 51-517, which allow a temporary 45-day filing extension for filing of the First Quarter Documents to July 15, 2020.

In order to comply with the temporary filing extension, the Corporation confirms the following:

it will postpone the filing of its Annual Documents and its First Quarter Documents for a further 45 days from the date hereof;
that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207;
the required filing of the Annual Documents and First Quarter Documents is expected to be completed no later than July 15, 2020;
Management reports that no material business developments have occurred since the filing of the Q3 2019 Financial Statements and Management Discussion & Analysis on November 29, 2019. However, management also warns that, as a result of the onset of the Covid-19 pandemic, the operations of the Corporation may be negatively impacted and there may be a reduction in sales volumes and revenues.

For further information, contact:

Johannes Kingma
Chief Executive Officer
(403) 612-5655

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Synstream Energy Corp.

ReleaseID: 592329