CALGARY, Nov. 29, 2016 /CNW/ - ArPetrol Ltd. ("ArPetrol" or the "Company") provides an update on the wind-up of the affairs of the Company, including the distribution of the remaining net proceeds from the sale of substantially all of its assets (the "Transaction") to a subsidiary of Empresa Nacional Del Petróleo ("ENAP"), which closed on May 19, 2016. The Company also announces its financial and operating results for the period ended September 30, 2016. The Company's interim condensed consolidated financial statements and management's discussion and analysis ("MD&A") for the reporting period have been filed on SEDAR at www.sedar.com. Update on Wind-up and Distribution The Company completed an initial distribution on its common shares ("Common Shares") of Cdn$0.40 per Common Share on September 20, 2016. The Common Shares were also delisted from the TSX Venture Exchange ("TSXV") effective as of such date. Subsequent to September 30, 2016, the Company and ENAP agreed that US$368,555 would be paid to ENAP from the US$2.25 million of proceeds held in escrow (the "Escrowed Funds"). This amount is in connection with certain Transaction costs owed by the Company, net of the final positive working capital adjustment owed to the Company, along with an agreed settlement of claims asserted by ENAP against the Escrowed Funds relating to certain indemnifiable matters and withholding tax. This amount is included in the liquidation accruals at September 30, 2016. As a result of the settlement of such claims and payment to ENAP out of the Escrowed Funds, the Company has lowered its expectation of the total distributions to be made to the holders of Common Shares ("Shareholders") to Cdn$0.58 per Common Share from Cdn$0.59 per Common Share (of which Cdn$0.40 has already been distributed). In line with the Company's prior announced plans, the Board of Directors has declared a second distribution to Shareholders in the aggregate amount of Cdn $3,598,475 or Cdn $0.16 per Common Share (the "Distribution Payment"), in advance of the liquidation and ultimate dissolution of ArPetrol. The Record Date to determine Shareholders entitled to the Distribution Payment will be December 14, 2016, with a payment date of December 19, 2016. The Company has applied to the Canadian Revenue Agency ("CRA") for a tax clearance certificate in connection with the dissolution of the Company and before the final distribution is made to Shareholders. The timing for receipt of the CRA clearance certificate and the final distribution are unknown.