Traverse Energy Ltd. provided a corporate update. The company's lender has extended the annual review date of the company's revolving operating loan facility to July 31, 2019 in order to complete the annual borrowing base redetermination. The revolving operating loan has been amended from $9 million to $7 million, which is consistent with the company's lender having previously capped the credit facility at $7 million pending the completion of the annual review, and includes a requirement that Traverse use all of the proceeds from the potential sale of the company's Duvernay lands to permanently repay borrowings under the revolving operating loan.

The company also announced that prior to its Special and Annual Meeting of Shareholders held on May 22, 2019, Dan Kolibar withdrew his name as a director nominee as he advised the company he was not able to serve as a director during the upcoming year due to conflicting obligations. Sharon Supple, the company's Chief Financial Officer, was appointed Corporate Secretary effective May 22, 2019.