Lone Pine Resources Inc. has reached agreement with holders of approximately 75% of the outstanding 10.375% Senior Notes due 2017 (the "Senior Notes") issued by Lone Pine Resources Canada Ltd. (LPR Canada) on a restructuring plan that, if successfully implemented, will significantly reduce the Company's debt obligations and materially improve the Company's overall capitalization and liquidity.

The Company has commenced proceedings in the Court of Queen's Bench of Alberta under the Companies' Creditors Arrangement Act (CCAA), and ancillary proceedings under Chapter 15 of the United States Bankruptcy Code (Chapter 15) in the United States Bankruptcy Court for the District of Delaware, to implement the restructuring. Lone Pine, LPR Canada and all other subsidiaries of the Company are parties to the CCAA and Chapter 15 proceedings.

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