Cequence Energy Ltd. (TSX:CQE) has commenced a strategic process to identify and pursue potential strategic options and alternatives to maximize the value for its stakeholders, which will be carried out under the Companies' Creditors Arrangement Act (CCAA). The strategic process will explore a broad range of options and alternatives that may be available to the Company to address its liquidity challenges brought on by the significant deterioration in commodity prices, driven largely by the economic impact of the COVID-19 pandemic. These options may include the sale of all or a portion of the business and assets or shares of the Company, renegotiation of certain onerous contracts, refinancing, recapitalization or other restructuring alternatives. Cequence has determined that in the current circumstances it is in the best interests of the Company and its stakeholders to implement such strategic process through a court-supervised restructuring proceeding, and has obtained an initial order (the "Initial Order") from the Court of Queen's Bench of Alberta (the "Court") commencing proceedings under the CCAA. Pursuant to the Initial Order, among other things, a 10-day stay of proceedings has been granted in respect of the Company to allow the business to continue to operate without disruption while Cequence pursues potential strategic and restructuring alternatives under Court supervision for the benefit of its stakeholders. The Company anticipates seeking one or more further orders from the Court extending the initial stay of proceedings.