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"This company will be disciplined and margin-focused, not simply production-driven," says Pacific Chairman Gabriel de Alba.

Pacific believes the affected common shares will be listed on the Toronto Stock Exchange on November 3

Pacific Exploration said its arrangement with Catalyst will close on October 12, "assuming satisfaction or waiver of the remaining conditions."

Despite 98% of creditors approving a Catalyst Capital restructuring plan this week, Pacific Exploration says it is still weighing an alternative proposal from a group including its largest shareholder.

More than 98% of affected creditors approved the plan, and Pacific Exploration expects to get official sign off from a Canadian court on August 23.

“EIG’s binding proposal is undeniably superior and is clearly in the best interests of creditors, the company, and its other stakeholders," said EIG CEO Blair Thomas.